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Business Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
| Three Months Ended June 30, 2024
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 210.1 |  |  | $ | 0.7 |  |  | $ | — |  |  |  |  | $ | 210.8 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 2.8 |  |  | 5.7 |  |  | — |  |  |  |  | 8.5 |
Gain on loans held for sale, net | (0.2) |  |  | 16.7 |  |  | — |  |  |  |  | 16.5 |
Other revenue, net | 4.4 |  |  | 6.2 |  |  | — |  |  |  |  | 10.6 |
Revenue | 217.2 |  |  | 29.2 |  |  | — |  |  |  |  | 246.4 |
MSR valuation adjustments, net | (35.8) |  |  | 3.1 |  |  | — |  |  |  |  | (32.7) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 24.5 |  |  | 11.3 |  |  | 19.2 |  |  |  |  | 55.0 |
Servicing and origination | 11.2 |  |  | 2.3 |  |  | 0.5 |  |  |  |  | 13.9 |
Technology and communications | 6.2 |  |  | 1.7 |  |  | 5.0 |  |  |  |  | 13.0 |
Professional services | 2.8 |  |  | 0.5 |  |  | 7.4 |  |  |  |  | 10.7 |
Occupancy, equipment and mailing | 6.6 |  |  | 0.5 |  |  | 0.4 |  |  |  |  | 7.5 |
Corporate overhead allocations | 10.8 |  |  | 4.3 |  |  | (15.0) |  |  |  |  | — |
Other expenses | 0.9 |  |  | 1.4 |  |  | 1.5 |  |  |  |  | 3.9 |
Operating expenses | 63.1 |  |  | 22.0 |  |  | 18.9 |  |  |  |  | 104.0 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 7.2 |  |  | 14.2 |  |  | 1.1 |  |  |  |  | 22.5 |
Interest expense | (47.0) |  |  | (14.9) |  |  | (11.2) |  |  |  |  | (73.1) |
Pledged MSR liability expense | (46.1) |  |  | — |  |  | — |  |  |  |  | (46.1) |
Earnings of equity method investee | 3.1 |  |  | — |  |  | — |  |  |  |  | 3.1 |
Gain on extinguishment of debt | — |  |  | — |  |  | — |  |  |  |  | — |
Other, net | (2.9) |  |  | (0.2) |  |  | 0.4 |  |  |  |  | (2.7) |
Other income (expense), net | (85.7) |  |  | (0.9) |  |  | (9.6) |  |  |  |  | (96.2) |
Income (loss) before income taxes | $ | 32.6 |  |  | $ | 9.4 |  |  | $ | (28.5) |  |  |  |  | $ | 13.5 |
| Three Months Ended June 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 237.2 |  |  | $ | 0.4 |  |  | $ | — |  |  |  |  | 237.6 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | (4.1) |  |  | 4.8 |  |  | — |  |  |  |  | 0.7 |
Gain (loss) on loans held for sale, net | 15.1 |  |  | 10.2 |  |  | — |  |  |  |  | 25.3 |
Other revenue, net | 4.5 |  |  | 4.0 |  |  | — |  |  |  |  | 8.5 |
Revenue | 252.7 |  |  | 19.3 |  |  | — |  |  |  |  | 272.0 |
MSR valuation adjustments, net | (50.5) |  |  | 1.6 |  |  | — |  |  |  |  | (48.9) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 26.7 |  |  | 10.9 |  |  | 20.1 |  |  |  |  | 57.7 |
Servicing and origination | 16.4 |  |  | 1.0 |  |  | 0.2 |  |  |  |  | 17.6 |
Technology and communications | 6.1 |  |  | 1.8 |  |  | 5.1 |  |  |  |  | 13.0 |
Professional services | 11.3 |  |  | 0.4 |  |  | (28.6) |  |  |  |  | (16.9) |
Occupancy, equipment and mailing | 7.2 |  |  | 0.5 |  |  | — |  |  |  |  | 7.7 |
Corporate overhead allocations | 11.1 |  |  | 5.0 |  |  | (16.2) |  |  |  |  | — |
Other expenses | 2.2 |  |  | 1.5 |  |  | 1.4 |  |  |  |  | 5.1 |
Operating expenses | 81.1 |  |  | 21.1 |  |  | (17.8) |  |  |  |  | 84.3 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 5.9 |  |  | 13.1 |  |  | 1.2 |  |  |  |  | 20.3 |
Interest expense | (43.3) |  |  | (14.1) |  |  | (10.9) |  |  |  |  | (68.3) |
Pledged MSR liability expense | (73.1) |  |  | — |  |  | — |  |  |  |  | (73.0) |
Earnings of equity method investee | 2.9 |  |  | — |  |  | — |  |  |  |  | 2.9 |
Gain on extinguishment of debt | — |  |  | — |  |  | — |  |  |  |  | — |
Other, net | (4.5) |  |  | (0.2) |  |  | 0.4 |  |  |  |  | (4.4) |
Other income (expense), net | (112.1) |  |  | (1.2) |  |  | (9.2) |  |  |  |  | (122.5) |
Income (loss) before income taxes | $ | 9.0 |  |  | $ | (1.3) |  |  | $ | 8.7 |  |  |  |  | $ | 16.3 |
| Six Months Ended June 30, 2024
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 414.3 |  |  | $ | 1.0 |  |  | $ | — |  |  |  |  | $ | 415.3 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 11.4 |  |  | 12.5 |  |  | — |  |  |  |  | 23.9 |
Gain on loans held for sale, net (1) | 1.7 |  |  | 25.7 |  |  | — |  |  |  |  | 27.4 |
Other revenue, net | 8.8 |  |  | 10.0 |  |  | — |  |  |  |  | 18.8 |
Revenue | 436.2 |  |  | 49.3 |  |  | — |  |  |  |  | 485.5 |
MSR valuation adjustments, net (1) | (48.3) |  |  | 4.0 |  |  | — |  |  |  |  | (44.3) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 49.8 |  |  | 21.5 |  |  | 37.3 |  |  |  |  | 108.6 |
Servicing and origination | 24.4 |  |  | 3.7 |  |  | 0.8 |  |  |  |  | 29.0 |
Technology and communications | 12.3 |  |  | 3.4 |  |  | 9.9 |  |  |  |  | 25.7 |
Professional services | 9.9 |  |  | 0.8 |  |  | 12.0 |  |  |  |  | 22.8 |
Occupancy, equipment and mailing | 13.5 |  |  | 1.0 |  |  | 0.8 |  |  |  |  | 15.2 |
Corporate overhead allocations | 21.7 |  |  | 8.2 |  |  | (29.9) |  |  |  |  | — |
Other expenses | 2.0 |  |  | 2.4 |  |  | 2.8 |  |  |  |  | 7.2 |
Operating expenses | 133.6 |  |  | 41.0 |  |  | 33.7 |  |  |  |  | 208.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 13.9 |  |  | 23.8 |  |  | 2.3 |  |  |  |  | 40.0 |
Interest expense | (92.8) |  |  | (25.3) |  |  | (22.4) |  |  |  |  | (140.5) |
Pledged MSR liability expense | (91.1) |  |  | — |  |  | 0.1 |  |  |  |  | (91.0) |
Earnings of equity method investee | 5.8 |  |  | — |  |  | — |  |  |  |  | 5.8 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.4 |  |  |  |  | 1.4 |
Other | (3.4) |  |  | (0.3) |  |  | 0.4 |  |  |  |  | (3.4) |
Other income (expense), net | (167.6) |  |  | (1.7) |  |  | (18.2) |  |  |  |  | (187.5) |
Income (loss) before income taxes | $ | 86.7 |  |  | $ | 10.5 |  |  | $ | (51.9) |  |  |  |  | $ | 45.3 |
| Six months ended June 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 469.0 |  |  | $ | 0.8 |  |  | $ | — |  |  |  |  | $ | 469.7 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net | 9.9 |  |  | 12.0 |  |  | — |  |  |  |  | 21.9 |
Gain (loss) on loans held for sale, net (1) | 13.8 |  |  | 14.3 |  |  | — |  |  |  |  | 28.1 |
Other revenue, net | 7.0 |  |  | 7.1 |  |  | — |  |  |  |  | 14.1 |
Revenue | 499.8 |  |  | 34.1 |  |  | — |  |  |  |  | 533.9 |
MSR valuation adjustments, net (1) | (121.4) |  |  | 3.5 |  |  | — |  |  |  |  | (117.9) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 56.1 |  |  | 20.5 |  |  | 39.2 |  |  |  |  | 115.7 |
Servicing and origination | 31.6 |  |  | 1.1 |  |  | 0.5 |  |  |  |  | 33.3 |
Technology and communications | 12.5 |  |  | 3.5 |  |  | 10.5 |  |  |  |  | 26.4 |
Professional services | 19.3 |  |  | 0.8 |  |  | (23.7) |  |  |  |  | (3.6) |
Occupancy, equipment and mailing | 14.9 |  |  | 1.0 |  |  | 0.6 |  |  |  |  | 16.5 |
Corporate overhead allocations | 22.6 |  |  | 9.9 |  |  | (32.4) |  |  |  |  | — |
Other expenses | 4.5 |  |  | 3.0 |  |  | 2.7 |  |  |  |  | 10.1 |
Operating expenses | 161.4 |  |  | 39.8 |  |  | (2.7) |  |  |  |  | 198.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 10.1 |  |  | 22.1 |  |  | 2.2 |  |  |  |  | 34.4 |
Interest expense | (84.8) |  |  | (24.0) |  |  | (21.7) |  |  |  |  | (130.5) |
Pledged MSR liability expense | (143.4) |  |  | — |  |  | 0.1 |  |  |  |  | (143.3) |
Earnings of equity method investee | 3.1 |  |  | — |  |  | — |  |  |  |  | 3.1 |
Gain on extinguishment of debt | — |  |  | — |  |  | — |  |  |  |  | — |
Other | (4.9) |  |  | — |  |  | 1.8 |  |  |  |  | (3.2) |
Other income (expense), net | (220.0) |  |  | (1.9) |  |  | (17.6) |  |  |  |  | (239.5) |
Income (loss) before income taxes | $ | (3.0) |  |  | $ | (4.0) |  |  | $ | (15.0) |  |  |  |  | $ | (22.0) |
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
June 30, 2024 | $ | 11,904.4 |  |  | $ | 913.5 |  |  | $ | 266.8 |  |  |  |  | $ | 13,084.7 |
December 31, 2023 | 11,687.6 |  |  | 551.9 |  |  | 274.3 |  |  |  |  | 12,513.7 |

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