Quarterly report pursuant to Section 13 or 15(d)

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

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SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue    
Loan origination fees and gain on sale of loans, net $ 134,060 $ 92,651
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 3,230 0
Loan servicing and other fees 65,788 60,087
Valuation adjustment of mortgage servicing rights 20,778 (54,871)
Interest income (expense), net 8,187 5,983
Other (expense) income, net (261) 35
Net revenue 231,782 103,885
Expenses    
Salaries, incentive compensation and benefits 140,067 111,120
General and administrative 29,211 20,883
Occupancy, equipment and communication 19,815 17,430
Depreciation and amortization 3,754 3,738
Provision for foreclosure losses 392 1,514
Total expenses 193,239 154,685
Income tax expense (benefit) 10,143 (13,605)
Net income (loss) 28,400 (37,195)
Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 134,060 92,651
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 3,230  
Loan servicing and other fees 65,788 60,087
Valuation adjustment of mortgage servicing rights 20,778 (54,871)
Interest income (expense), net 11,120 8,710
Other (expense) income, net 386 50
Net revenue 235,362 106,627
Expenses    
Salaries, incentive compensation and benefits 129,250 100,831
General and administrative 24,410 17,374
Occupancy, equipment and communication 17,901 16,432
Depreciation and amortization 3,632 3,541
Provision for foreclosure losses 392 1,514
Total expenses 175,585 139,692
Income tax expense (benefit) 0 0
Net income (loss) 59,777 (33,065)
Corporate, Non-Segment    
Revenue    
Loan origination fees and gain on sale of loans, net 0 0
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0  
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense), net (2,933) (2,727)
Other (expense) income, net (647) (15)
Net revenue (3,580) (2,742)
Expenses    
Salaries, incentive compensation and benefits 10,817 10,289
General and administrative 4,801 3,509
Occupancy, equipment and communication 1,914 998
Depreciation and amortization 122 197
Provision for foreclosure losses 0 0
Total expenses 17,654 14,993
Income tax expense (benefit) 10,143 (13,605)
Net income (loss) (31,377) (4,130)
Origination | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 133,664 92,276
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense), net 664 1,300
Other (expense) income, net 364 (2)
Net revenue 137,922 93,574
Expenses    
Salaries, incentive compensation and benefits 121,105 93,257
General and administrative 20,548 14,494
Occupancy, equipment and communication 16,935 15,174
Depreciation and amortization 3,491 3,399
Provision for foreclosure losses 0 0
Total expenses 162,079 126,324
Income tax expense (benefit) 0 0
Net income (loss) (24,157) (32,750)
Servicing | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 396 375
Loan servicing and other fees 65,788 60,087
Valuation adjustment of mortgage servicing rights 20,778 (54,871)
Interest income (expense), net 10,456 7,410
Other (expense) income, net 22 52
Net revenue 97,440 13,053
Expenses    
Salaries, incentive compensation and benefits 8,145 7,574
General and administrative 3,862 2,880
Occupancy, equipment and communication 966 1,258
Depreciation and amortization 141 142
Provision for foreclosure losses 392 1,514
Total expenses 13,506 13,368
Income tax expense (benefit) 0 0
Net income (loss) 83,934 $ (315)
Origination Segment | Operating Segments    
Revenue    
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 3,230  
Servicing Segment | Operating Segments    
Revenue    
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net $ 0