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Business Segment Reporting (Tables)

12 Months Ended

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

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 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

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X

- References

No definition available.

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