| Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the year ended December 31, 2023:
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|
Origination |
|
Servicing |
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Total
Segments |
|
All Other |
|
Total |
| Revenue |
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| Loan origination fees and gain on sale of loans, net |
$ |
501,789 |
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|
$ |
(486) |
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|
$ |
501,303 |
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|
$ |
— |
|
|
$ |
501,303 |
|
| Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |
8,233 |
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|
— |
|
|
8,233 |
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|
— |
|
|
8,233 |
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| Loan servicing and other fees |
— |
|
|
246,144 |
|
|
246,144 |
|
|
— |
|
|
246,144 |
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| Valuation adjustment of mortgage servicing rights |
— |
|
|
(139,560) |
|
|
(139,560) |
|
|
— |
|
|
(139,560) |
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| Interest income (expense) |
5,544 |
|
|
43,024 |
|
|
48,568 |
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|
(10,528) |
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|
38,040 |
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| Other income, net |
805 |
|
|
199 |
|
|
1,004 |
|
|
23 |
|
|
1,027 |
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| Net revenue |
516,371 |
|
|
149,321 |
|
|
665,692 |
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|
(10,505) |
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|
655,187 |
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| Expenses |
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|
|
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|
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| Salaries, incentive compensation and benefits |
456,059 |
|
|
31,298 |
|
|
487,357 |
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|
42,504 |
|
|
529,861 |
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| General and administrative |
57,683 |
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|
11,191 |
|
|
68,874 |
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|
14,339 |
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|
83,213 |
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| Occupancy, equipment and communication |
62,799 |
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|
4,785 |
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|
67,584 |
|
|
4,892 |
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|
72,476 |
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| Depreciation and amortization |
13,485 |
|
|
496 |
|
|
13,981 |
|
|
599 |
|
|
14,580 |
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| Provision for foreclosure losses |
— |
|
|
1,188 |
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|
1,188 |
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|
— |
|
|
1,188 |
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Income tax benefit |
— |
|
|
— |
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|
— |
|
|
(6,994) |
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|
(6,994) |
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| Net income (loss) |
$ |
(73,655) |
|
|
$ |
100,363 |
|
|
$ |
26,708 |
|
|
$ |
(65,845) |
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|
$ |
(39,137) |
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The following table presents the financial performance and results by segment for the year ended December 31, 2022:
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|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
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|
|
|
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| Loan origination fees and gain on sale of loans, net |
$ |
697,822 |
|
|
$ |
5,852 |
|
|
$ |
703,674 |
|
|
$ |
— |
|
|
$ |
703,674 |
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| Loan servicing and other fees |
— |
|
|
223,403 |
|
|
223,403 |
|
|
— |
|
|
223,403 |
|
| Valuation adjustment of mortgage servicing rights |
— |
|
|
217,551 |
|
|
217,551 |
|
|
— |
|
|
217,551 |
|
| Interest income (expense) |
20,115 |
|
|
5,465 |
|
|
25,580 |
|
|
(6,676) |
|
|
18,904 |
|
| Other income, net |
(57) |
|
|
1,146 |
|
|
1,089 |
|
|
200 |
|
|
1,289 |
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| Net revenue |
717,880 |
|
|
453,417 |
|
|
1,171,297 |
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|
(6,476) |
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|
1,164,821 |
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| Expenses |
|
|
|
|
|
|
|
|
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| Salaries, incentive compensation and benefits |
562,194 |
|
|
29,001 |
|
|
591,195 |
|
|
27,990 |
|
|
619,185 |
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| General and administrative |
15,249 |
|
|
9,657 |
|
|
24,906 |
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|
13,179 |
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|
38,085 |
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| Occupancy, equipment and communication |
62,556 |
|
|
4,819 |
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|
67,375 |
|
|
4,332 |
|
|
71,707 |
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| Depreciation and amortization |
13,889 |
|
|
654 |
|
|
14,543 |
|
|
982 |
|
|
15,525 |
|
Provision for foreclosure losses |
— |
|
|
300 |
|
|
300 |
|
|
— |
|
|
300 |
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| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
91,389 |
|
|
91,389 |
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| Net income (loss) |
$ |
63,992 |
|
|
$ |
408,986 |
|
|
$ |
472,978 |
|
|
$ |
(144,348) |
|
|
$ |
328,630 |
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