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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

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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
-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

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