Quarterly report pursuant to Section 13 or 15(d)

SEGMENTS - Summary of Financial Performance and Results by Segment (Details)

v3.23.2
SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue            
Loan origination fees and gain on sale of loans, net $ 136,925   $ 207,972   $ 229,576 $ 450,611
Gain on reverse mortgage loans held for investment 2,306       2,306  
Loan servicing and other fees 60,211   54,595   120,298 107,772
Valuation adjustment of mortgage servicing rights 27,890   21,074   (26,981) 205,675
Interest income (expense) 9,255   3,874   15,238 4,999
Other income, net 224   22   259 242
Net revenue 236,811   287,537   340,696 769,299
Expenses            
Salaries, incentive compensation and benefits 144,903   178,192   256,023 365,521
General and administrative 20,448   6,371   41,331 741
Occupancy, equipment and communication 18,402   18,973   35,832 37,285
Depreciation and amortization 3,661   3,808   7,399 7,721
Provision for (reversal of) foreclosure losses (1,044)   1,796   470 1,475
Income tax expense (benefit) 13,505   20,108   (100) 90,294
Net income (loss) 36,936 $ (37,195) 58,289 $ 207,973 (259) 266,262
Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 136,925   207,972   229,576 450,611
Gain on reverse mortgage loans held for investment 2,306       2,306  
Loan servicing and other fees 60,249   54,595   120,336 107,772
Valuation adjustment of mortgage servicing rights 27,890   21,074   (26,981) 205,675
Interest income (expense) 11,597   5,320   20,307 8,170
Other income, net 217   31   267 50
Net revenue 239,184   288,992   345,811 772,278
Expenses            
Salaries, incentive compensation and benefits 134,519   172,642   235,350 354,226
General and administrative 17,301   3,714   34,675 (5,329)
Occupancy, equipment and communication 17,410   17,788   33,842 34,999
Depreciation and amortization 3,582   3,557   7,123 7,200
Provision for (reversal of) foreclosure losses (1,044)   1,796   470 1,475
Income tax expense (benefit) 0   0   0 0
Net income (loss) 67,416   89,495   34,351 379,707
All Other            
Revenue            
Loan origination fees and gain on sale of loans, net 0   0   0 0
Gain on reverse mortgage loans held for investment 0       0  
Loan servicing and other fees (38)   0   (38) 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense) (2,342)   (1,446)   (5,069) (3,171)
Other income, net 7   (9)   (8) 192
Net revenue (2,373)   (1,455)   (5,115) (2,979)
Expenses            
Salaries, incentive compensation and benefits 10,384   5,550   20,673 11,295
General and administrative 3,147   2,657   6,656 6,070
Occupancy, equipment and communication 992   1,185   1,990 2,286
Depreciation and amortization 79   251   276 521
Provision for (reversal of) foreclosure losses 0   0   0 0
Income tax expense (benefit) 13,505   20,108   (100) 90,294
Net income (loss) (30,480)   (31,206)   (34,610) (113,445)
Origination | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 136,499   206,445   228,775 444,966
Gain on reverse mortgage loans held for investment 2,306       2,306  
Loan servicing and other fees 0   0   0 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense) 1,331   5,678   2,631 12,795
Other income, net 168   (25)   166 (25)
Net revenue 140,304   212,098   233,878 457,736
Expenses            
Salaries, incentive compensation and benefits 127,024   165,133   220,281 339,459
General and administrative 15,061   1,460   29,555 (10,251)
Occupancy, equipment and communication 16,187   16,495   31,361 32,602
Depreciation and amortization 3,364   3,395   6,763 6,876
Provision for (reversal of) foreclosure losses 0   0   0 0
Income tax expense (benefit) 0   0   0 0
Net income (loss) (21,332)   25,615   (54,082) 89,050
Servicing | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 426   1,527   801 5,645
Gain on reverse mortgage loans held for investment 0       0  
Loan servicing and other fees 60,249   54,595   120,336 107,772
Valuation adjustment of mortgage servicing rights 27,890   21,074   (26,981) 205,675
Interest income (expense) 10,266   (358)   17,676 (4,625)
Other income, net 49   56   101 75
Net revenue 98,880   76,894   111,933 314,542
Expenses            
Salaries, incentive compensation and benefits 7,495   7,509   15,069 14,767
General and administrative 2,240   2,254   5,120 4,922
Occupancy, equipment and communication 1,223   1,293   2,481 2,397
Depreciation and amortization 218   162   360 324
Provision for (reversal of) foreclosure losses (1,044)   1,796   470 1,475
Income tax expense (benefit) 0   0   0 0
Net income (loss) $ 88,748   $ 63,880   $ 88,433 $ 290,657