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Business Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments prepared under GAAP is as follows:
Results of Operations |  | Servicing |  | Originations |  | Corporate |  | Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 830.5 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 832.5 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | 16.5 |  |  | 25.9 |  |  | — |  |  | — |  |  | 42.5 |
Gain on loans held for sale, net |  | 1.4 |  |  | 57.7 |  |  | — |  |  | — |  |  | 59.0 |
Other revenue, net |  | 18.2 |  |  | 23.7 |  |  | — |  |  | — |  |  | 42.0 |
Revenue |  | 866.7 |  |  | 109.3 |  |  | — |  |  | — |  |  | 976.0 |
MSR valuation adjustments, net |  | (109.7) |  |  | 13.6 |  |  | — |  |  | — |  |  | (96.2) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 100.6 |  |  | 46.4 |  |  | 85.4 |  |  | — |  |  | 232.5 |
Servicing and origination |  | 42.8 |  |  | 7.8 |  |  | 1.6 |  |  | — |  |  | 52.3 |
Technology and communications |  | 24.7 |  |  | 7.3 |  |  | 21.0 |  |  | — |  |  | 52.9 |
Professional services |  | 28.0 |  |  | 2.2 |  |  | 22.5 |  |  | — |  |  | 52.6 |
Occupancy, equipment and mailing |  | 27.3 |  |  | 2.4 |  |  | 1.7 |  |  | — |  |  | 31.4 |
Corporate overhead allocations |  | 45.8 |  |  | 16.8 |  |  | (62.6) |  |  | — |  |  | — |
Other expenses |  | 3.7 |  |  | 5.4 |  |  | 5.6 |  |  | — |  |  | 14.7 |
Operating expenses |  | 273.0 |  |  | 88.3 |  |  | 75.2 |  |  | — |  |  | 436.5 |
Other income (expense) |  |  |  |  |  |  |  |  |  |
Interest income |  | 32.9 |  |  | 54.4 |  |  | 6.0 |  |  | — |  |  | 93.3 |
Interest expense |  | (184.4) |  |  | (58.1) |  |  | (46.3) |  |  | — |  |  | (288.9) |
Pledged MSR liability expense |  | (175.6) |  |  | — |  |  | 0.1 |  |  | — |  |  | (175.4) |
Loss on extinguishment of debt |  | (0.1) |  |  | — |  |  | (49.3) |  |  | — |  |  | (49.4) |
Equity in earnings of unconsolidated entity |  | 22.9 |  |  | — |  |  | — |  |  | — |  |  | 22.9 |
Other, net |  | (6.8) |  |  | (0.4) |  |  | 0.7 |  |  | — |  |  | (6.6) |
Other expense, net |  | (311.2) |  |  | (4.2) |  |  | (88.7) |  |  | — |  |  | (404.1) |
Income (loss) before income taxes |  | $ | 172.8 |  |  | $ | 30.4 |  |  | $ | (163.9) |  |  | $ | — |  |  | $ | 39.3 |
Results of Operations |  | Servicing |  | Originations |  | Corporate |  | Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 945.2 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 947.3 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | 23.5 |  |  | 23.2 |  |  | — |  |  | — |  |  | 46.7 |
Gain on loans held for sale, net |  | 10.3 |  |  | 30.3 |  |  | — |  |  | — |  |  | 40.6 |
Other revenue, net |  | 15.5 |  |  | 16.4 |  |  | — |  |  | — |  |  | 32.0 |
Revenue |  | 994.6 |  |  | 72.1 |  |  | — |  |  | — |  |  | 1,066.7 |
MSR valuation adjustments, net | (243.9) |  |  | 11.7 |  |  | — |  |  | — |  |  | (232.2) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 107.2 |  |  | 43.0 |  |  | 79.0 |  |  | — |  |  | 229.2 |
Servicing and origination |  | 53.5 |  |  | 2.7 |  |  | 1.1 |  |  | — |  |  | 57.3 |
Technology and communications |  | 24.6 |  |  | 7.0 |  |  | 20.9 |  |  | — |  |  | 52.5 |
Professional services (2) |  | 35.1 |  |  | 1.9 |  |  | (14.7) |  |  | — |  |  | 22.3 |
Occupancy, equipment and mailing |  | 28.1 |  |  | 2.2 |  |  | 1.6 |  |  | — |  |  | 31.8 |
Corporate overhead allocations |  | 45.5 |  |  | 18.7 |  |  | (64.2) |  |  | — |  |  | — |
Other expenses |  | 7.8 |  |  | 5.3 |  |  | 5.9 |  |  | — |  |  | 19.0 |
Operating expenses |  | 301.7 |  |  | 80.8 |  |  | 29.6 |  |  | — |  |  | 412.1 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 21.7 |  |  | 51.8 |  |  | 4.5 |  |  | — |  |  | 78.0 |
Interest expense |  | (173.3) |  |  | (56.6) |  |  | (43.7) |  |  | — |  |  | (273.6) |
Pledged MSR liability expense |  | (296.4) |  |  | — |  |  | 0.1 |  |  | — |  |  | (296.3) |
Gain on extinguishment of debt |  |  |  |  |  | 1.3 |  |  |  |  | 1.3 |
Equity in earnings of unconsolidated entity |  | 7.3 |  |  |  |  |  |  |  |  | 7.3 |
Other, net |  | 1.7 |  |  | (0.2) |  |  | 1.3 |  |  | — |  |  | 2.8 |
Other expense, net |  | (439.0) |  |  | (5.0) |  |  | (36.4) |  |  | — |  |  | (480.5) |
Income (loss) before income taxes |  | $ | 9.9 |  |  | $ | (2.0) |  |  | $ | (66.1) |  |  | $ | — |  |  | $ | (58.1) |
Results of Operations |  | Servicing |  | Originations |  | Corporate |  | Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 860.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 862.6 |
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net |  | (25.1) |  |  | 61.2 |  |  | — |  |  | — |  |  | 36.1 |
Gain (loss) on loans held for sale, net |  | (15.1) |  |  | 52.9 |  |  | — |  |  | (15.7) |  |  | 22.0 |
Other revenue, net |  | 8.3 |  |  | 24.9 |  |  | — |  |  | — |  |  | 33.2 |
Revenue |  | 828.5 |  |  | 141.1 |  |  | — |  |  | (15.7) |  |  | 953.9 |
MSR valuation adjustments, net |  | (36.0) |  |  | 9.9 |  |  | — |  |  | 15.7 |  |  | (10.4) |
Operating expenses |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 126.2 |  |  | 85.1 |  |  | 78.1 |  |  | — |  |  | 289.4 |
Servicing and origination |  | 53.1 |  |  | 11.1 |  |  | 0.7 |  |  | — |  |  | 64.9 |
Technology and communications |  | 24.7 |  |  | 9.2 |  |  | 23.9 |  |  | — |  |  | 57.9 |
Professional services (2) |  | 26.6 |  |  | 4.8 |  |  | 17.9 |  |  | — |  |  | 49.3 |
Occupancy, equipment and mailing |  | 31.2 |  |  | 4.5 |  |  | 6.0 |  |  | — |  |  | 41.8 |
Corporate overhead allocations |  | 46.2 |  |  | 21.6 |  |  | (67.8) |  |  | — |  |  | — |
Other expenses |  | 7.6 |  |  | 12.2 |  |  | 9.5 |  |  | — |  |  | 29.1 |
Operating expenses |  | 315.6 |  |  | 148.5 |  |  | 68.3 |  |  | — |  |  | 532.4 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 12.9 |  |  | 31.2 |  |  | 1.5 |  |  | — |  |  | 45.6 |
Interest expense |  | (114.8) |  |  | (29.0) |  |  | (42.2) |  |  | — |  |  | (186.0) |
Pledged MSR liability expense |  | (255.0) |  |  | — |  |  | — |  |  | — |  |  | (255.0) |
Loss on extinguishment of debt |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Equity in earnings of unconsolidated entity |  | 18.5 |  |  | — |  |  | — |  |  | — |  |  | 18.5 |
Other, net |  | (10.8) |  |  | (1.8) |  |  | 2.4 |  |  | — |  |  | (10.2) |
Other income (expense), net |  | (349.2) |  |  | 0.4 |  |  | (37.4) |  |  | — |  |  | (386.2) |
Income (loss) before income taxes |  | $ | 127.7 |  |  | $ | 2.9 |  |  | $ | (105.7) |  |  | $ | — |  |  | $ | 24.9 |
(1)Eliminations for 2022 includes inter-segment derivatives eliminations of $15.7 million reported as Gain on loans held for sale, net with a corresponding offset in MSR valuation adjustments, net in Servicing. No such derivatives eliminations were recognized during 2024 and 2023. (2)Professional services expense for 2023 includes the reversal of accruals following the resolution of litigation matters within Corporate. Included in Professional services expense for 2022 are reimbursements received from mortgage loan investors related to prior years legal expenses and payments received following resolution of legacy litigation matters of $27.6 million ($19.8 million Servicing and $7.8 million Corporate).
Total Assets |  | Servicing |  | Originations |  | Corporate |  |  |  | Business Segments Consolidated
December 31, 2024 |  | $ | 15,242.5 |  |  | $ | 945.0 |  |  | $ | 247.9 |  |  |  |  | $ | 16,435.4 |
December 31, 2023 |  | 11,687.6 |  |  | 551.9 |  |  | 274.3 |  |  |  |  | 12,513.7 |
December 31, 2022 |  | 11,537.7 |  |  | 570.5 |  |  | 291.1 |  |  |  |  | 12,399.2 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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