XML 82 R59.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Segment Reporting (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 945.2 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 947.3 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | 23.5 |  |  | 23.2 |  |  | — |  |  | — |  |  | 46.7 |
Gain (loss) on loans held for sale, net (1) |  | 10.3 |  |  | 30.3 |  |  | — |  |  | — |  |  | 40.6 |
Other revenue, net |  | 15.5 |  |  | 16.4 |  |  | — |  |  | — |  |  | 32.0 |
Revenue |  | 994.6 |  |  | 72.1 |  |  | — |  |  | — |  |  | 1,066.7 |
MSR valuation adjustments, net (1) |  | (243.9) |  |  | 11.7 |  |  | — |  |  | — |  |  | (232.2) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 107.2 |  |  | 43.0 |  |  | 79.0 |  |  | — |  |  | 229.2 |
Servicing and origination |  | 53.5 |  |  | 2.7 |  |  | 1.1 |  |  | — |  |  | 57.3 |
Technology and communications |  | 24.6 |  |  | 7.0 |  |  | 20.9 |  |  | — |  |  | 52.5 |
Professional services (2) |  | 35.1 |  |  | 1.9 |  |  | (14.7) |  |  | — |  |  | 22.3 |
Occupancy, equipment and mailing |  | 28.1 |  |  | 2.2 |  |  | 1.6 |  |  | — |  |  | 31.8 |
Corporate overhead allocations |  | 45.5 |  |  | 18.7 |  |  | (64.2) |  |  | — |  |  | — |
Other expenses |  | 7.8 |  |  | 5.3 |  |  | 5.9 |  |  | — |  |  | 19.0 |
Operating expenses |  | 301.7 |  |  | 80.8 |  |  | 29.6 |  |  | — |  |  | 412.1 |
Other income (expense) |  |  |  |  |  |  |  |  |  |
Interest income |  | 21.7 |  |  | 51.8 |  |  | 4.5 |  |  | — |  |  | 78.0 |
Interest expense |  | (173.3) |  |  | (56.6) |  |  | (43.7) |  |  | — |  |  | (273.6) |
Pledged MSR liability expense |  | (296.4) |  |  | — |  |  | 0.1 |  |  | — |  |  | (296.3) |
Gain on extinguishment of debt |  | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Equity in earnings of unconsolidated entity |  | 7.3 |  |  | — |  |  | — |  |  | — |  |  | 7.3 |
Other, net |  | 1.7 |  |  | (0.2) |  |  | 1.3 |  |  | — |  |  | 2.8 |
Other income (expense), net |  | (439.0) |  |  | (5.0) |  |  | (36.4) |  |  | — |  |  | (480.5) |
Income (loss) before income taxes |  | $ | 9.9 |  |  | $ | (2.0) |  |  | $ | (66.1) |  |  | $ | — |  |  | $ | (58.1) |
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 860.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 862.6 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | (25.1) |  |  | 61.2 |  |  | — |  |  | — |  |  | 36.1 |
Gain on loans held for sale, net (1) |  | (15.1) |  |  | 52.9 |  |  | — |  |  | (15.7) |  |  | 22.0 |
Other revenue, net |  | 8.3 |  |  | 24.9 |  |  | — |  |  | — |  |  | 33.2 |
Revenue |  | 828.5 |  |  | 141.1 |  |  | — |  |  | (15.7) |  |  | 953.9 |
MSR valuation adjustments, net (1) | (36.0) |  |  | 9.9 |  |  | — |  |  | 15.7 |  |  | (10.4) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 126.2 |  |  | 85.1 |  |  | 78.1 |  |  | — |  |  | 289.4 |
Servicing and origination |  | 53.1 |  |  | 11.1 |  |  | 0.7 |  |  | — |  |  | 64.9 |
Technology and communications |  | 24.7 |  |  | 9.2 |  |  | 23.9 |  |  | — |  |  | 57.9 |
Professional services (2) |  | 26.6 |  |  | 4.8 |  |  | 17.9 |  |  | — |  |  | 49.3 |
Occupancy, equipment and mailing |  | 31.2 |  |  | 4.5 |  |  | 6.0 |  |  | — |  |  | 41.8 |
Corporate overhead allocations |  | 46.2 |  |  | 21.6 |  |  | (67.8) |  |  | — |  |  | — |
Other expenses |  | 7.6 |  |  | 12.2 |  |  | 9.5 |  |  | — |  |  | 29.1 |
Operating expenses |  | 315.6 |  |  | 148.5 |  |  | 68.3 |  |  | — |  |  | 532.4 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 12.9 |  |  | 31.2 |  |  | 1.5 |  |  | — |  |  | 45.6 |
Interest expense |  | (114.8) |  |  | (29.0) |  |  | (42.2) |  |  | — |  |  | (186.0) |
Pledged MSR liability expense |  | (255.0) |  |  | — |  |  | — |  |  | — |  |  | (255.0) |
Gain on extinguishment of debt |  |  |  |  |  | 0.9 |  |  |  |  | 0.9 |
Equity in earnings of unconsolidated entity |  | 18.5 |  |  |  |  |  |  |  |  | 18.5 |
Other, net |  | (10.8) |  |  | (1.8) |  |  | 2.4 |  |  | — |  |  | (10.2) |
Other expense, net |  | (349.2) |  |  | 0.4 |  |  | (37.4) |  |  | — |  |  | (386.2) |
Income (loss) before income taxes |  | $ | 127.7 |  |  | $ | 2.9 |  |  | $ | (105.7) |  |  | $ | — |  |  | $ | 24.9 |
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 773.5 |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 781.9 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | (2.3) |  |  | 82.0 |  |  | — |  |  | — |  |  | 79.7 |
Gain on loans held for sale, net (1) |  | 46.6 |  |  | 124.5 |  |  | — |  |  | (25.3) |  |  | 145.8 |
Other revenue, net |  | 7.8 |  |  | 34.9 |  |  | — |  |  | — |  |  | 42.7 |
Revenue |  | 825.5 |  |  | 249.9 |  |  | — |  |  | (25.3) |  |  | 1,050.1 |
MSR valuation adjustments, net (1) |  | (143.4) |  |  | 19.6 |  |  | — |  |  | 25.3 |  |  | (98.5) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 108.2 |  |  | 101.6 |  |  | 88.1 |  |  | — |  |  | 297.9 |
Servicing and origination |  | 98.8 |  |  | 15.0 |  |  | (0.1) |  |  | — |  |  | 113.6 |
Technology and communications |  | 23.8 |  |  | 9.8 |  |  | 22.5 |  |  | — |  |  | 56.0 |
Professional services |  | 31.9 |  |  | 10.2 |  |  | 39.8 |  |  | — |  |  | 81.9 |
Occupancy, equipment and mailing |  | 26.6 |  |  | 6.9 |  |  | 3.0 |  |  | — |  |  | 36.5 |
Corporate overhead allocations |  | 47.7 |  |  | 20.0 |  |  | (67.7) |  |  | — |  |  | — |
Other expenses |  | 6.7 |  |  | 9.4 |  |  | 7.3 |  |  | — |  |  | 23.3 |
Operating expenses |  | 343.7 |  |  | 172.8 |  |  | 92.8 |  |  | — |  |  | 609.3 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 8.2 |  |  | 17.7 |  |  | 0.4 |  |  | — |  |  | 26.4 |
Interest expense |  | (80.8) |  |  | (22.3) |  |  | (40.9) |  |  | — |  |  | (144.0) |
Pledged MSR liability expense |  | (221.3) |  |  | — |  |  | — |  |  | — |  |  | (221.3) |
Loss on extinguishment of debt |  | — |  |  | — |  |  | (15.5) |  |  | — |  |  | (15.5) |
Equity in earnings of unconsolidated entity |  | 3.6 |  |  | — |  |  | — |  |  | — |  |  | 3.6 |
Other, net |  | 4.1 |  |  | (2.3) |  |  | 2.3 |  |  | — |  |  | 4.1 |
Other expense, net |  | (286.2) |  |  | (6.9) |  |  | (53.6) |  |  | — |  |  | (346.7) |
Income (loss) before income taxes |  | $ | 52.2 |  |  | $ | 89.8 |  |  | $ | (146.3) |  |  | $ | — |  |  | $ | (4.4) |
(1)Corporate Eliminations for 2022 and 2021 includes inter-segment derivatives eliminations of $15.7 million and $25.3 million reported as Gain on loans held for sale, net, respectively, with a corresponding offset in MSR valuation adjustments, net in Servicing. No such derivatives eliminations were recognized during 2023. (2)Professional services expense for 2023 includes the reversal of accruals following the resolution of litigation matters within Corporate Items and Other. Included in Professional services expense for 2022 are reimbursements received from mortgage loan investors related to prior years legal expenses and payments received following resolution of legacy litigation matters of $27.6 million ($19.8 million Servicing and $7.8 million Corporate Items and Other).
Total Assets |  | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
December 31, 2023 |  | $ | 11,687.6 |  |  | $ | 551.9 |  |  | $ | 274.3 |  |  |  |  | $ | 12,513.7 |
December 31, 2022 |  | 11,537.7 |  |  | 570.5 |  |  | 291.1 |  |  |  |  | 12,399.2 |
December 31, 2021 |  | 11,001.5 |  |  | 823.5 |  |  | 322.1 |  |  |  |  | 12,147.1 |

X
- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration