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Business Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Reporting
Note 19 – Business Segment Reporting
Our business segments reflect the internal reporting that our Chief Executive Officer, whom we have determined to be our Chief Operating Decision Maker (CODM), uses to evaluate our operating and financial performance and to assess the allocation of our resources. The CODM uses pre-tax income calculated both on a GAAP basis and on a managed or adjusted basis, as internally defined, to assess the segment performance and allocate resources. The segment information presented below is prepared under GAAP, consistent with the amounts included in our consolidated financial statements. Our current reportable business segments consist of Servicing, Originations, and Corporate.
Financial information for our segments prepared under GAAP is as follows:
Three Months Ended September 30, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$217.5 $— $— $217.5 
Gain on reverse loans held for investment and HMBS-related borrowings, net
6.6 6.4 — 13.0 
Gain (loss) on loans held for sale, net
3.4 30.7 — 34.1 
Other revenue, net5.6 10.1 — 15.7 
Revenue233.2 47.1 — 280.3 
MSR valuation adjustments, net
(48.6)3.6 — (45.0)
Operating expenses
 
 
 
 
Compensation and benefits23.4 15.1 24.7 63.3 
Servicing and origination 12.1 3.6 (0.1)15.6 
Technology and communications7.5 2.5 5.9 15.9 
Professional services9.2 0.4 8.7 18.3 
Occupancy, equipment and mailing7.8 0.9 0.4 9.1 
Corporate overhead allocations14.2 4.2 (18.4)— 
Other expenses 0.5 1.5 1.6 3.6 
Operating expenses74.7 28.2 22.8 125.8 
Other income (expense):
Interest income13.3 23.3 1.0 37.6 
Interest expense (56.8)(20.8)(5.4)(82.9)
Pledged MSR liability expense(41.7)— — (41.7)
Other, net
0.5 (0.1)0.1 0.5 
Other income (expense), net
(84.6)2.4 (4.3)(86.5)
Income (loss) before income taxes$25.2 $24.9 $(27.1)$23.1 
Three Months Ended September 30, 2024
Results of Operations ServicingOriginations
Corporate
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, net4.7 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 benefits26.0 11.8 21.7 59.5 
Servicing and origination 8.9 1.8 0.4 11.1 
Technology and communications6.0 1.9 5.3 13.2 
Professional services9.6 0.6 7.2 17.3 
Occupancy, equipment and mailing6.7 0.7 0.5 7.9 
Corporate overhead allocations11.5 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 income8.4 14.8 1.3 24.5 
Interest expense (46.6)(16.2)(11.4)(74.2)
Pledged MSR liability expense(42.3)— — (42.3)
Gain on extinguishment of debt
— — 0.3 0.3 
Earnings of equity method investee0.8 — — 0.8 
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 
Nine Months Ended September 30, 2025
Results of Operations ServicingOriginationsCorporateBusiness Segments Consolidated
Servicing and subservicing fees$632.0 $— $— $632.1 
Gain on reverse loans held for investment and HMBS-related borrowings, net29.4 19.3 — 48.7 
Gain (loss) on loans held for sale, net
(5.4)61.7 — 56.3 
Other revenue, net15.4 24.3 — 39.6 
Revenue 671.4 105.2 — 776.7 
MSR valuation adjustments, net
(121.9)10.8 — (111.1)
Operating expenses
Compensation and benefits69.5 41.4 70.8 181.7 
Servicing and origination 34.3 7.3 — 41.6 
Technology and communications22.4 6.8 17.1 46.4 
Professional services16.5 1.4 31.4 49.3 
Occupancy, equipment and mailing21.9 2.4 1.2 25.4 
Corporate overhead allocations39.8 12.0 (51.8)— 
Other expenses 1.6 4.7 4.5 10.8 
Operating expenses206.0 76.0 73.2 355.2 
Other income (expense):
Interest income36.8 56.1 3.1 96.0 
Interest expense (155.7)(51.8)(18.1)(225.6)
Pledged MSR liability expense(126.7)— 0.1 (126.6)
Other, net
0.8 (0.7)0.8 0.9 
Other income (expense), net
(244.8)3.6 (14.1)(255.3)
Income (loss) before income taxes$98.7 $43.5 $(87.3)$55.0 
Nine Months Ended September 30, 2024
Results of Operations ServicingOriginations
Corporate
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, net13.5 16.1 — 29.6 
Revenue672.3 78.9 — 751.2 
MSR valuation adjustments, net
(83.9)8.1 — (75.8)
Operating expenses
Compensation and benefits75.8 33.3 59.1 168.1 
Servicing and origination 33.3 5.5 1.2 40.0 
Technology and communications18.4 5.3 15.3 38.9 
Professional services19.5 1.4 19.1 40.1 
Occupancy, equipment and mailing20.2 1.7 1.3 23.1 
Corporate overhead allocations33.2 12.4 (45.6)— 
Other expenses 2.9 3.7 4.0 10.6 
Operating expenses203.3 63.2 54.3 320.8 
Other income (expense):
Interest income22.3 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)
Gain on extinguishment of debt— — 1.8 1.8 
Earnings of equity method investee6.7 — — 6.7 
Other, net
(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 
Total AssetsServicingOriginations
Corporate
Business Segments Consolidated
September 30, 2025$14,506.3 $1,384.7 $216.4 $16,107.4 
December 31, 202415,242.5 945.0 247.9 16,435.4