XML 61 R47.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Business Segment Reporting (Tables)

6 Months Ended

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

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