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Business Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segment Reporting
Note 18 – Business Segment Reporting
Our business segments reflect the internal reporting that our Chief Executive Officer uses to evaluate our operating and financial performance and to assess the allocation of our resources. Our current reportable business segments consist of Servicing, Originations, and Corporate Items and Other. During the three months ended March 31, 2024, there have been no changes to our business segments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. Effective in the fourth quarter of 2023, the Servicing segment includes CR Limited (CRL), our wholly-owned captive reinsurance subsidiary previously included in the Corporate Items and Other segment. Segment results for the three months ended March 31, 2023 have been recast to conform to the current segment presentation.
Financial information for our segments is as follows:
Three Months Ended March 31, 2024
Results of Operations ServicingOriginationsCorporate Items and OtherBusiness 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, net4.5 3.8 — 8.3 
Revenue219.1 20.0 — 239.1 
MSR valuation adjustments, net
(12.5)0.9 — (11.6)
Operating expenses
 
 
 
 
Compensation and benefits25.3 10.2 18.1 53.6 
Servicing and origination 13.3 1.4 0.3 15.0 
Technology and communications6.1 1.7 4.9 12.7 
Professional services7.1 0.3 4.6 12.0 
Occupancy, equipment and mailing6.8 0.5 0.4 7.7 
Corporate overhead allocations10.9 3.9 (14.8)— 
Other expenses 1.1 1.0 1.3 3.4 
Operating expenses70.6 19.0 14.8 104.4 
Other income (expense):
Interest income6.7 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 investee2.7 — — 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 ServicingOriginationsCorporate Items and OtherBusiness 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, net2.5 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 benefits29.4 9.6 19.0 58.0 
Servicing and origination 15.2 0.2 0.3 15.7 
Technology and communications6.3 1.7 5.4 13.4 
Professional services7.9 0.4 4.9 13.3 
Occupancy, equipment and mailing7.7 0.5 0.6 8.8 
Corporate overhead allocations11.5 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 income4.1 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 investee0.3 — — 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 AssetsServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
March 31, 2024$12,003.9 $835.2 $250.9 $13,090.1 
December 31, 202311,687.6 551.9 274.3 12,513.7