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v3.24.3

Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
Financial information for our segments is as follows: |  |  |  |  |  |  |  |
| Three Months Ended September 30, 2024
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 210.2 |  |  | $ | 1.0 |  |  | $ | — |  |  |  |  | $ | 211.1 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 11.9 |  |  | 6.2 |  |  | — |  |  |  |  | 18.0 |
Gain on loans held for sale, net | 9.4 |  |  | 16.4 |  |  | — |  |  |  |  | 25.8 |
Other revenue, net | 4.7 |  |  | 6.1 |  |  | — |  |  |  |  | 10.8 |
Revenue | 236.1 |  |  | 29.6 |  |  | — |  |  |  |  | 265.7 |
MSR valuation adjustments, net | (35.6) |  |  | 4.1 |  |  | — |  |  |  |  | (31.5) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 26.0 |  |  | 11.8 |  |  | 21.7 |  |  |  |  | 59.5 |
Servicing and origination | 8.9 |  |  | 1.8 |  |  | 0.4 |  |  |  |  | 11.1 |
Technology and communications | 6.0 |  |  | 1.9 |  |  | 5.3 |  |  |  |  | 13.2 |
Professional services | 9.6 |  |  | 0.6 |  |  | 7.2 |  |  |  |  | 17.3 |
Occupancy, equipment and mailing | 6.7 |  |  | 0.7 |  |  | 0.5 |  |  |  |  | 7.9 |
Corporate overhead allocations | 11.5 |  |  | 4.2 |  |  | (15.7) |  |  |  |  | — |
Other expenses | 0.9 |  |  | 1.3 |  |  | 1.2 |  |  |  |  | 3.4 |
Operating expenses | 69.6 |  |  | 22.2 |  |  | 20.6 |  |  |  |  | 112.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 8.4 |  |  | 14.8 |  |  | 1.3 |  |  |  |  | 24.5 |
Interest expense | (46.6) |  |  | (16.2) |  |  | (11.4) |  |  |  |  | (74.2) |
Pledged MSR liability expense | (42.3) |  |  | — |  |  | — |  |  |  |  | (42.3) |
Earnings of equity method investee | 0.8 |  |  | — |  |  | — |  |  |  |  | 0.8 |
Gain on extinguishment of debt | — |  |  | — |  |  | 0.3 |  |  |  |  | 0.3 |
Other, net | (3.4) |  |  | — |  |  | 0.2 |  |  |  |  | (3.3) |
Other income (expense), net | (83.2) |  |  | (1.4) |  |  | (9.6) |  |  |  |  | (94.1) |
Income (loss) before income taxes | $ | 47.7 |  |  | $ | 10.2 |  |  | $ | (30.2) |  |  |  |  | $ | 27.6 |
| Three Months Ended September 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 236.9 |  |  | $ | 0.8 |  |  | $ | — |  |  |  |  | 237.8 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | (6.1) |  |  | 5.7 |  |  | — |  |  |  |  | (0.4) |
Gain (loss) on loans held for sale, net | (0.8) |  |  | 9.0 |  |  | — |  |  |  |  | 8.2 |
Other revenue, net | 4.4 |  |  | 5.5 |  |  | — |  |  |  |  | 10.0 |
Revenue | 234.5 |  |  | 21.0 |  |  | — |  |  |  |  | 255.5 |
MSR valuation adjustments, net | (21.0) |  |  | 4.6 |  |  | — |  |  |  |  | (16.4) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 25.2 |  |  | 11.6 |  |  | 18.9 |  |  |  |  | 55.7 |
Servicing and origination | 13.2 |  |  | 2.0 |  |  | 0.3 |  |  |  |  | 15.5 |
Technology and communications | 6.1 |  |  | 1.9 |  |  | 5.0 |  |  |  |  | 13.1 |
Professional services | 8.2 |  |  | 0.7 |  |  | 4.7 |  |  |  |  | 13.5 |
Occupancy, equipment and mailing | 6.8 |  |  | 0.6 |  |  | 0.3 |  |  |  |  | 7.7 |
Corporate overhead allocations | 11.4 |  |  | 4.5 |  |  | (15.9) |  |  |  |  | — |
Other expenses | 1.9 |  |  | 1.1 |  |  | 1.5 |  |  |  |  | 4.6 |
Operating expenses | 72.9 |  |  | 22.3 |  |  | 14.8 |  |  |  |  | 110.0 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 5.9 |  |  | 18.7 |  |  | 1.2 |  |  |  |  | 25.9 |
Interest expense | (43.3) |  |  | (20.0) |  |  | (11.0) |  |  |  |  | (74.3) |
Pledged MSR liability expense | (76.5) |  |  | — |  |  | — |  |  |  |  | (76.5) |
Earnings of equity method investee | 2.8 |  |  | — |  |  | — |  |  |  |  | 2.8 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.2 |  |  |  |  | 1.2 |
Other, net | 1.2 |  |  | (0.1) |  |  | 0.2 |  |  |  |  | 1.3 |
Other income (expense), net | (109.9) |  |  | (1.5) |  |  | (8.3) |  |  |  |  | (119.7) |
Income (loss) before income taxes | $ | 30.7 |  |  | $ | 1.9 |  |  | $ | (23.1) |  |  |  |  | $ | 9.5 |
| Nine Months Ended September 30, 2024
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 624.5 |  |  | $ | 2.0 |  |  | $ | — |  |  |  |  | $ | 626.5 |
Gain on reverse loans held for investment and HMBS-related borrowings, net | 23.2 |  |  | 18.7 |  |  | — |  |  |  |  | 41.9 |
Gain on loans held for sale, net | 11.0 |  |  | 42.2 |  |  | — |  |  |  |  | 53.2 |
Other revenue, net | 13.5 |  |  | 16.1 |  |  | — |  |  |  |  | 29.6 |
Revenue | 672.3 |  |  | 78.9 |  |  | — |  |  |  |  | 751.2 |
MSR valuation adjustments, net | (83.9) |  |  | 8.1 |  |  | — |  |  |  |  | (75.8) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 75.8 |  |  | 33.3 |  |  | 59.1 |  |  |  |  | 168.1 |
Servicing and origination | 33.3 |  |  | 5.5 |  |  | 1.2 |  |  |  |  | 40.0 |
Technology and communications | 18.4 |  |  | 5.3 |  |  | 15.3 |  |  |  |  | 38.9 |
Professional services | 19.5 |  |  | 1.4 |  |  | 19.1 |  |  |  |  | 40.1 |
Occupancy, equipment and mailing | 20.2 |  |  | 1.7 |  |  | 1.3 |  |  |  |  | 23.1 |
Corporate overhead allocations | 33.2 |  |  | 12.4 |  |  | (45.6) |  |  |  |  | — |
Other expenses | 2.9 |  |  | 3.7 |  |  | 4.0 |  |  |  |  | 10.6 |
Operating expenses | 203.3 |  |  | 63.2 |  |  | 54.3 |  |  |  |  | 320.8 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 22.3 |  |  | 38.6 |  |  | 3.6 |  |  |  |  | 64.5 |
Interest expense | (139.4) |  |  | (41.4) |  |  | (33.8) |  |  |  |  | (214.6) |
Pledged MSR liability expense | (133.4) |  |  | — |  |  | 0.1 |  |  |  |  | (133.3) |
Earnings of equity method investee | 6.7 |  |  | — |  |  | — |  |  |  |  | 6.7 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.8 |  |  |  |  | 1.8 |
Other | (6.9) |  |  | (0.3) |  |  | 0.5 |  |  |  |  | (6.7) |
Other income (expense), net | (250.8) |  |  | (3.1) |  |  | (27.8) |  |  |  |  | (281.7) |
Income (loss) before income taxes | $ | 134.3 |  |  | $ | 20.7 |  |  | $ | (82.1) |  |  |  |  | $ | 72.9 |
| Nine Months Ended September 30, 2023
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 705.9 |  |  | $ | 1.6 |  |  | $ | — |  |  |  |  | $ | 707.5 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net | 3.9 |  |  | 17.7 |  |  | — |  |  |  |  | 21.5 |
Gain (loss) on loans held for sale, net | 13.0 |  |  | 23.3 |  |  | — |  |  |  |  | 36.3 |
Other revenue, net | 11.4 |  |  | 12.6 |  |  | — |  |  |  |  | 24.0 |
Revenue | 734.3 |  |  | 55.2 |  |  | — |  |  |  |  | 789.4 |
MSR valuation adjustments, net | (142.4) |  |  | 8.2 |  |  | — |  |  |  |  | (134.2) |
Operating expenses |  |  |  |  |  |  |  |  |
Compensation and benefits | 81.3 |  |  | 32.1 |  |  | 58.0 |  |  |  |  | 171.4 |
Servicing and origination | 44.8 |  |  | 3.1 |  |  | 0.8 |  |  |  |  | 48.8 |
Technology and communications | 18.6 |  |  | 5.4 |  |  | 15.5 |  |  |  |  | 39.5 |
Professional services | 27.5 |  |  | 1.4 |  |  | (19.0) |  |  |  |  | 9.9 |
Occupancy, equipment and mailing | 21.7 |  |  | 1.6 |  |  | 0.9 |  |  |  |  | 24.2 |
Corporate overhead allocations | 34.0 |  |  | 14.4 |  |  | (48.4) |  |  |  |  | — |
Other expenses | 6.4 |  |  | 4.1 |  |  | 4.2 |  |  |  |  | 14.7 |
Operating expenses | 234.2 |  |  | 62.1 |  |  | 12.1 |  |  |  |  | 308.4 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 16.0 |  |  | 40.8 |  |  | 3.4 |  |  |  |  | 60.2 |
Interest expense | (128.2) |  |  | (44.0) |  |  | (32.6) |  |  |  |  | (204.8) |
Pledged MSR liability expense | (219.9) |  |  | — |  |  | 0.1 |  |  |  |  | (219.8) |
Earnings of equity method investee | 5.9 |  |  | — |  |  | — |  |  |  |  | 5.9 |
Gain on extinguishment of debt | — |  |  | — |  |  | 1.2 |  |  |  |  | 1.2 |
Other | (3.8) |  |  | (0.1) |  |  | 2.0 |  |  |  |  | (1.9) |
Other income (expense), net | (329.9) |  |  | (3.4) |  |  | (26.0) |  |  |  |  | (359.2) |
Income (loss) before income taxes | $ | 27.7 |  |  | $ | (2.2) |  |  | $ | (38.0) |  |  |  |  | $ | (12.5) |
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
September 30, 2024 | $ | 12,110.2 |  |  | $ | 856.6 |  |  | $ | 259.9 |  |  |  |  | $ | 13,226.7 |
December 31, 2023 | 11,687.6 |  |  | 551.9 |  |  | 274.3 |  |  |  |  | 12,513.7 |

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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 + Details
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