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Business Segment Reporting (Tables)

9 Months Ended

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

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- References

No definition available.

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