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v3.23.3

Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
| Three Months Ended September 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 236.9 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 237.8 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net | (6.1) |  |  | 5.7 |  |  | — |  |  | — |  |  | (0.4) |
Gain on loans held for sale, net (1) | (0.8) |  |  | 9.0 |  |  | — |  |  | — |  |  | 8.2 |
Other revenue, net | 1.2 |  |  | 5.5 |  |  | 3.2 |  |  | — |  |  | 10.0 |
Revenue | 231.3 |  |  | 21.0 |  |  | 3.2 |  |  | — |  |  | 255.5 |
MSR valuation adjustments, net (1) | (21.0) |  |  | 4.6 |  |  | — |  |  | — |  |  | (16.4) |
Operating expenses | 71.2 |  |  | 22.3 |  |  | 16.5 |  |  | — |  |  | 110.0 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 5.9 |  |  | 18.7 |  |  | 1.2 |  |  | — |  |  | 25.9 |
Interest expense | (43.3) |  |  | (20.0) |  |  | (11.0) |  |  | — |  |  | (74.3) |
Pledged MSR liability expense | (76.5) |  |  | — |  |  | — |  |  | — |  |  | (76.5) |
Earnings of equity method investee | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Other | 1.2 |  |  | (0.1) |  |  | 0.2 |  |  | — |  |  | 1.3 |
Other expense, net | (109.9) |  |  | (1.5) |  |  | (8.3) |  |  | — |  |  | (119.7) |
Income (loss) before income taxes | $ | 29.3 |  |  | $ | 1.9 |  |  | $ | (21.6) |  |  | $ | — |  |  | $ | 9.5 |
| Three Months Ended September 30, 2022
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 215.0 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | 215.6 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net | (3.6) |  |  | 10.5 |  |  | — |  |  | — |  |  | 6.9 |
Gain (loss) on loans held for sale, net (1) | 0.2 |  |  | 20.7 |  |  | — |  |  | (2.0) |  |  | 18.9 |
Other revenue, net | 0.3 |  |  | 6.5 |  |  | 1.5 |  |  | — |  |  | 8.3 |
Revenue | 211.8 |  |  | 38.3 |  |  | 1.5 |  |  | (2.0) |  |  | 249.7 |
MSR valuation adjustments, net (1) | 22.3 |  |  | 3.6 |  |  | — |  |  | 2.0 |  |  | 27.9 |
Operating expenses (2) | 86.1 |  |  | 33.3 |  |  | 22.1 |  |  | — |  |  | 141.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 2.9 |  |  | 10.4 |  |  | 0.5 |  |  | — |  |  | 13.7 |
Interest expense | (30.9) |  |  | (8.9) |  |  | (10.6) |  |  | — |  |  | (50.4) |
Pledged MSR liability expense | (65.7) |  |  | — |  |  | — |  |  | — |  |  | (65.6) |
Earnings of equity method investee | 3.3 |  |  | — |  |  | — |  |  | — |  |  | 3.3 |
Gain (loss) on extinguishment of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | (2.7) |  |  | (0.6) |  |  | (0.9) |  |  | — |  |  | (4.3) |
Other income (expense), net | (93.1) |  |  | 0.8 |  |  | (11.0) |  |  | — |  |  | (103.2) |
Income (loss) before income taxes | $ | 55.0 |  |  | $ | 9.5 |  |  | $ | (31.5) |  |  | $ | — |  |  | $ | 33.0 |
| Nine Months Ended September 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 705.9 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 707.5 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 3.9 |  |  | 17.7 |  |  | — |  |  | — |  |  | 21.5 |
Gain on loans held for sale, net (1) | 13.0 |  |  | 23.3 |  |  | — |  |  | — |  |  | 36.3 |
Other revenue, net | 2.0 |  |  | 12.6 |  |  | 9.4 |  |  | — |  |  | 24.0 |
Revenue | 724.8 |  |  | 55.2 |  |  | 9.4 |  |  | — |  |  | 789.4 |
MSR valuation adjustments, net (1) | (142.4) |  |  | 8.2 |  |  | — |  |  | — |  |  | (134.2) |
Operating expenses | 230.5 |  |  | 62.1 |  |  | 15.8 |  |  | — |  |  | 308.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 16.0 |  |  | 40.8 |  |  | 3.4 |  |  | — |  |  | 60.2 |
Interest expense | (128.2) |  |  | (44.0) |  |  | (32.6) |  |  | — |  |  | (204.8) |
Pledged MSR liability expense | (219.9) |  |  | — |  |  | 0.1 |  |  | — |  |  | (219.8) |
Earnings of equity method investee | 5.9 |  |  | — |  |  | — |  |  | — |  |  | 5.9 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.2 |  |  | — |  |  | 1.2 |
Other | (2.2) |  |  | (0.1) |  |  | 0.5 |  |  | — |  |  | (1.9) |
Other expense, net | (328.4) |  |  | (3.4) |  |  | (27.4) |  |  | — |  |  | (359.2) |
Income (loss) before income taxes | $ | 23.5 |  |  | $ | (2.2) |  |  | $ | (33.8) |  |  | $ | — |  |  | $ | (12.5) |
| Nine months ended September 30, 2022
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 641.7 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 643.3 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net | (34.5) |  |  | 51.9 |  |  | — |  |  | — |  |  | 17.4 |
Gain (loss) on loans held for sale, net (1) | (14.0) |  |  | 46.1 |  |  | — |  |  | (15.4) |  |  | 16.7 |
Other revenue, net | 1.1 |  |  | 20.0 |  |  | 5.0 |  |  | — |  |  | 26.1 |
Revenue | 594.3 |  |  | 119.6 |  |  | 5.0 |  |  | (15.4) |  |  | 703.4 |
MSR valuation adjustments, net (1) | 62.7 |  |  | 7.3 |  |  | — |  |  | 15.4 |  |  | 85.4 |
Operating expenses (2) | 242.9 |  |  | 122.0 |  |  | 47.9 |  |  | — |  |  | 412.8 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 9.9 |  |  | 19.9 |  |  | 0.7 |  |  | — |  |  | 30.6 |
Interest expense | (76.3) |  |  | (18.3) |  |  | (31.5) |  |  | — |  |  | (126.1) |
Pledged MSR liability expense | (188.4) |  |  | — |  |  | 0.1 |  |  | — |  |  | (188.3) |
Earnings of equity method investee | 19.3 |  |  | — |  |  | — |  |  | — |  |  | 19.3 |
Gain on extinguishment of debt | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Other | (6.3) |  |  | (1.7) |  |  | (0.6) |  |  | — |  |  | (8.6) |
Other expense, net | (241.8) |  |  | (0.1) |  |  | (30.5) |  |  | — |  |  | (272.3) |
Income (loss) before income taxes | $ | 172.3 |  |  | $ | 4.8 |  |  | $ | (73.4) |  |  | $ | — |  |  | $ | 103.7 |
(1)Corporate Eliminations includes inter-segment derivatives eliminations of $2.0 million and $15.4 million for the three and nine months ended September 30, 2022, respectively, reported as Gain on loans held for sale, net in Originations with a corresponding offset in MSR valuation adjustments, net in Servicing. No such derivatives eliminations were recognized during the three and nine months ended September 30, 2023. (2)Included in Professional services expense are reimbursements received from mortgage loan investors related to prior year legal expenses and payments received following resolution of legacy litigation matters of $4.3 million (Servicing) and $25.3 million ($18.4 million Servicing and $6.9 million Corporate) during the three and nine months ended September 30, 2022, respectively.
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
September 30, 2023 | $ | 11,900.5 |  |  | $ | 842.5 |  |  | $ | 268.7 |  |  |  |  | $ | 13,011.7 |
December 31, 2022 | $ | 11,535.0 |  |  | $ | 570.5 |  |  | $ | 293.7 |  |  |  |  | $ | 12,399.2 |
September 30, 2022 | $ | 11,322.6 |  |  | $ | 731.1 |  |  | $ | 306.4 |  |  |  |  | $ | 12,360.1 |
Depreciation and Amortization Expense | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Three months ended September 30, 2023
Depreciation expense | $ | 0.2 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 1.5 |
Amortization of debt issuance costs and discount | 3.1 |  |  | — |  |  | 2.8 |  |  | 5.9 |
Amortization of intangibles | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Three months ended September 30, 2022
Depreciation expense | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | 2.5 |
Amortization of debt issuance costs and discount | 0.2 |  |  | — |  |  | 2.2 |  |  | 2.4 |
Amortization of intangibles | 1.2 |  |  | — |  |  | — |  |  | 1.2 |
Nine months ended September 30, 2023
Depreciation expense | $ | 0.6 |  |  | $ | 0.2 |  |  | $ | 4.1 |  |  | $ | 4.9 |
Amortization of debt issuance costs and discount | 3.8 |  |  | — |  |  | 8.2 |  |  | 12.0 |
Amortization of intangibles | 4.2 |  |  | — |  |  | — |  |  | 4.2 |
Nine months ended September 30, 2022
Depreciation expense | $ | 0.7 |  |  | $ | 0.3 |  |  | $ | 6.7 |  |  | $ | 7.6 |
Amortization of debt issuance costs and discount | 0.6 |  |  | — |  |  | 6.9 |  |  | 7.5 |
Amortization of intangibles | 3.3 |  |  | — |  |  | — |  |  | 3.3 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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