| 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, 2020:
|
|
|
Origination
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
1,753,517
|
|
|
$
|
6,354
|
|
|
$
|
1,759,871
|
|
|
$
|
—
|
|
|
$
|
1,759,871
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
160,237
|
|
|
|
160,237
|
|
|
|
—
|
|
|
|
160,237
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(296,307
|
)
|
|
|
(296,307
|
)
|
|
|
—
|
|
|
|
(296,307
|
)
|
|
Interest income (expense)
|
|
|
13,993
|
|
|
|
(8,068
|
)
|
|
|
5,925
|
|
|
|
(8,444
|
)
|
|
|
(2,519
|
)
|
|
Other income, net
|
|
|
25
|
|
|
|
133
|
|
|
|
158
|
|
|
|
607
|
|
|
|
765
|
|
|
Net revenue
|
|
|
1,767,535
|
|
|
|
(137,651
|
)
|
|
|
1,629,884
|
|
|
|
(7,837
|
)
|
|
|
1,622,047
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
864,322
|
|
|
|
25,075
|
|
|
|
889,397
|
|
|
|
64,361
|
|
|
|
953,758
|
|
|
General and administrative
|
|
|
84,999
|
|
|
|
9,270
|
|
|
|
94,269
|
|
|
|
7,679
|
|
|
|
101,948
|
|
|
Occupancy, equipment and communication
|
|
|
48,233
|
|
|
|
3,524
|
|
|
|
51,757
|
|
|
|
5,313
|
|
|
|
57,070
|
|
|
Depreciation and amortization
|
|
|
4,644
|
|
|
|
777
|
|
|
|
5,421
|
|
|
|
2,080
|
|
|
|
7,501
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
7,700
|
|
|
|
7,700
|
|
|
|
—
|
|
|
|
7,700
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
123,493
|
|
|
|
123,493
|
|
|
Net income (loss)
|
|
$
|
765,337
|
|
|
$
|
(183,997
|
)
|
|
$
|
581,340
|
|
|
$
|
(210,763
|
)
|
|
$
|
370,577
|
|
The following table presents the financial performance and results by segment for the year ended December 31, 2019:
|
|
|
Origination
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
817,293
|
|
|
$
|
3,521
|
|
|
$
|
820,814
|
|
|
$
|
—
|
|
|
$
|
820,814
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
142,705
|
|
|
|
142,705
|
|
|
|
—
|
|
|
|
142,705
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(255,219
|
)
|
|
|
(255,219
|
)
|
|
|
—
|
|
|
|
(255,219
|
)
|
|
Interest income (expense)
|
|
|
9,702
|
|
|
|
2,674
|
|
|
|
12,376
|
|
|
|
(8,980
|
)
|
|
|
3,396
|
|
|
Other income, net
|
|
|
38
|
|
|
|
—
|
|
|
|
38
|
|
|
|
1,155
|
|
|
|
1,193
|
|
|
Net revenue
|
|
|
827,033
|
|
|
|
(106,319
|
)
|
|
|
720,714
|
|
|
|
(7,825
|
)
|
|
|
712,889
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
548,056
|
|
|
|
15,538
|
|
|
|
563,594
|
|
|
|
14,576
|
|
|
|
578,170
|
|
|
General and administrative
|
|
|
43,028
|
|
|
|
10,307
|
|
|
|
53,335
|
|
|
|
10,648
|
|
|
|
63,983
|
|
|
Occupancy, equipment and communication
|
|
|
48,115
|
|
|
|
2,078
|
|
|
|
50,193
|
|
|
|
3,485
|
|
|
|
53,678
|
|
|
Depreciation and amortization
|
|
|
6,417
|
|
|
|
326
|
|
|
|
6,743
|
|
|
|
590
|
|
|
|
7,333
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
3,895
|
|
|
|
3,895
|
|
|
|
—
|
|
|
|
3,895
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
253
|
|
|
|
253
|
|
|
Net income (loss)
|
|
$
|
181,417
|
|
|
$
|
(138,463
|
)
|
|
|
42,954
|
|
|
$
|
(37,377
|
)
|
|
$
|
5,577
|
|
|