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Business Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
| Three Months Ended March 31, 2024
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 204.2 |  |  | $ | 0.3 |  |  | $ | — |  |  |  |  | $ | 204.5 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 8.6 |  |  | 6.8 |  |  | — |  |  |  |  | 15.4 |
Gain on loans held for sale, net | 1.8 |  |  | 9.1 |  |  | — |  |  |  |  | 10.9 |
Other revenue, net | 4.5 |  |  | 3.8 |  |  | — |  |  |  |  | 8.3 |
Revenue | 219.1 |  |  | 20.0 |  |  | — |  |  |  |  | 239.1 |
MSR valuation adjustments, net | (12.5) |  |  | 0.9 |  |  | — |  |  |  |  | (11.6) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 25.3 |  |  | 10.2 |  |  | 18.1 |  |  |  |  | 53.6 |
Servicing and origination | 13.3 |  |  | 1.4 |  |  | 0.3 |  |  |  |  | 15.0 |
Technology and communications | 6.1 |  |  | 1.7 |  |  | 4.9 |  |  |  |  | 12.7 |
Professional services | 7.1 |  |  | 0.3 |  |  | 4.6 |  |  |  |  | 12.0 |
Occupancy, equipment and mailing | 6.8 |  |  | 0.5 |  |  | 0.4 |  |  |  |  | 7.7 |
Corporate overhead allocations | 10.9 |  |  | 3.9 |  |  | (14.8) |  |  |  |  | — |
Other expenses | 1.1 |  |  | 1.0 |  |  | 1.3 |  |  |  |  | 3.4 |
Operating expenses | 70.6 |  |  | 19.0 |  |  | 14.8 |  |  |  |  | 104.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 6.7 |  |  | 9.7 |  |  | 1.1 |  |  |  |  | 17.5 |
Interest expense | (45.8) |  |  | (10.4) |  |  | (11.2) |  |  |  |  | (67.4) |
Pledged MSR liability expense | (44.9) |  |  | — |  |  | — |  |  |  |  | (44.9) |
Earnings of equity method investee | 2.7 |  |  | — |  |  | — |  |  |  |  | 2.7 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.4 |  |  |  |  | 1.4 |
Other, net | (0.5) |  |  | (0.1) |  |  | — |  |  |  |  | (0.6) |
Other income (expense), net | (81.8) |  |  | (0.8) |  |  | (8.6) |  |  |  |  | (91.3) |
Income (loss) before income taxes | $ | 54.2 |  |  | $ | 1.1 |  |  | $ | (23.4) |  |  |  |  | $ | 31.8 |
| Three Months Ended March 31, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 231.8 |  |  | $ | 0.4 |  |  | $ | — |  |  |  |  | 232.2 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 14.0 |  |  | 7.2 |  |  | — |  |  |  |  | 21.2 |
Gain (loss) on loans held for sale, net | (1.3) |  |  | 4.1 |  |  | — |  |  |  |  | 2.8 |
Other revenue, net | 2.5 |  |  | 3.1 |  |  | — |  |  |  |  | 5.6 |
Revenue | 247.0 |  |  | 14.8 |  |  | — |  |  |  |  | 261.8 |
MSR valuation adjustments, net | (70.9) |  |  | 1.9 |  |  | — |  |  |  |  | (69.0) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 29.4 |  |  | 9.6 |  |  | 19.0 |  |  |  |  | 58.0 |
Servicing and origination | 15.2 |  |  | 0.2 |  |  | 0.3 |  |  |  |  | 15.7 |
Technology and communications | 6.3 |  |  | 1.7 |  |  | 5.4 |  |  |  |  | 13.4 |
Professional services | 7.9 |  |  | 0.4 |  |  | 4.9 |  |  |  |  | 13.3 |
Occupancy, equipment and mailing | 7.7 |  |  | 0.5 |  |  | 0.6 |  |  |  |  | 8.8 |
Corporate overhead allocations | 11.5 |  |  | 4.8 |  |  | (16.3) |  |  |  |  | — |
Other expenses | 2.3 |  |  | 1.5 |  |  | 1.2 |  |  |  |  | 4.9 |
Operating expenses | 80.3 |  |  | 18.7 |  |  | 15.1 |  |  |  |  | 114.1 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 4.1 |  |  | 9.0 |  |  | 1.0 |  |  |  |  | 14.1 |
Interest expense | (41.6) |  |  | (9.9) |  |  | (10.8) |  |  |  |  | (62.3) |
Pledged MSR liability expense | (70.3) |  |  | — |  |  | — |  |  |  |  | (70.3) |
Earnings of equity method investee | 0.3 |  |  | — |  |  | — |  |  |  |  | 0.3 |
Gain on extinguishment of debt | — |  |  | — |  |  | — |  |  |  |  | — |
Other, net | (0.4) |  |  | 0.2 |  |  | 1.4 |  |  |  |  | 1.2 |
Other income (expense), net | (107.9) |  |  | (0.7) |  |  | (8.4) |  |  |  |  | (117.0) |
Income (loss) before income taxes | $ | (12.0) |  |  | $ | (2.7) |  |  | $ | (23.6) |  |  |  |  | $ | (38.3) |
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
March 31, 2024 | $ | 12,003.9 |  |  | $ | 835.2 |  |  | $ | 250.9 |  |  |  |  | $ | 13,090.1 |
December 31, 2023 | 11,687.6 |  |  | 551.9 |  |  | 274.3 |  |  |  |  | 12,513.7 |

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