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 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue            
Loan origination fees and gain on sale of loans, net $ 205,848   $ 136,925   $ 339,908 $ 229,576
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,134   2,306   5,364 2,306
Loan servicing and other fees 67,709   60,211   133,497 120,298
Valuation adjustment of mortgage servicing rights 2,134   27,890   22,912 (26,981)
Interest income (expense), net 7,572   9,255   15,759 15,238
Other income, net 288   224   27 259
Net revenue 285,685   236,811   517,467 340,696
Expenses            
Salaries, incentive compensation and benefits 188,938   144,903   329,005 256,023
General and administrative 28,398   20,448   57,609 41,331
Occupancy, equipment and communication 20,348   18,402   40,163 35,832
Depreciation and amortization 3,970   3,661   7,724 7,399
(Reversal of) provision for foreclosure losses (496)   (1,044)   (104) 470
Total expenses 241,158   186,370   434,397 341,055
Income tax expense (benefit) 6,936   13,505   17,079 (100)
Net income (loss) 37,591 $ 28,400 36,936 $ (37,195) 65,991 (259)
Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 205,848   136,925   339,908 229,576
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,134   2,306   5,364 2,306
Loan servicing and other fees 67,709   60,249   133,497 120,336
Valuation adjustment of mortgage servicing rights 2,134   27,890   22,912 (26,981)
Interest income (expense), net 11,791   11,597   22,911 20,307
Other income, net 580   217   966 267
Net revenue 290,196   239,184   525,558 345,811
Expenses            
Salaries, incentive compensation and benefits 177,555   134,519   306,805 235,350
General and administrative 24,653   17,301   49,063 34,675
Occupancy, equipment and communication 18,611   17,410   36,512 33,842
Depreciation and amortization 3,432   3,582   7,064 7,123
(Reversal of) provision for foreclosure losses (496)   (1,044)   (104) 470
Total expenses 223,755   171,768   399,340 311,460
Income tax expense (benefit) 0   0   0 0
Net income (loss) 66,441   67,416   126,218 34,351
Corporate, Non-Segment            
Revenue            
Loan origination fees and gain on sale of loans, net 0   0   0 0
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0   0   0 0
Loan servicing and other fees 0   (38)   0 (38)
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense), net (4,219)   (2,342)   (7,152) (5,069)
Other income, net (292)   7   (939) (8)
Net revenue (4,511)   (2,373)   (8,091) (5,115)
Expenses            
Salaries, incentive compensation and benefits 11,383   10,384   22,200 20,673
General and administrative 3,745   3,147   8,546 6,656
Occupancy, equipment and communication 1,737   992   3,651 1,990
Depreciation and amortization 538   79   660 276
(Reversal of) provision for foreclosure losses 0   0   0 0
Total expenses 17,403   14,602   35,057 29,595
Income tax expense (benefit) 6,936   13,505   17,079 (100)
Net income (loss) (28,850)   (30,480)   (60,227) (34,610)
Origination | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 206,218   136,499   339,882 228,775
Loan servicing and other fees 0   0   0 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense), net (119)   1,331   545 2,631
Other income, net 535   168   899 166
Net revenue 208,768   140,304   346,690 233,878
Expenses            
Salaries, incentive compensation and benefits 169,037   127,024   290,142 220,281
General and administrative 21,798   15,061   42,346 29,555
Occupancy, equipment and communication 17,876   16,187   34,811 31,361
Depreciation and amortization 3,162   3,364   6,653 6,763
(Reversal of) provision for foreclosure losses 0   0   0 0
Total expenses 211,873   161,636   373,952 287,960
Income tax expense (benefit) 0   0   0 0
Net income (loss) (3,105)   (21,332)   (27,262) (54,082)
Servicing | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net (370)   426   26 801
Loan servicing and other fees 67,709   60,249   133,497 120,336
Valuation adjustment of mortgage servicing rights 2,134   27,890   22,912 (26,981)
Interest income (expense), net 11,910   10,266   22,366 17,676
Other income, net 45   49   67 101
Net revenue 81,428   98,880   178,868 111,933
Expenses            
Salaries, incentive compensation and benefits 8,518   7,495   16,663 15,069
General and administrative 2,855   2,240   6,717 5,120
Occupancy, equipment and communication 735   1,223   1,701 2,481
Depreciation and amortization 270   218   411 360
(Reversal of) provision for foreclosure losses (496)   (1,044)   (104) 470
Total expenses 11,882   10,132   25,388 23,500
Income tax expense (benefit) 0   0   0 0
Net income (loss) 69,546   88,748   153,480 88,433
Origination Segment | Operating Segments            
Revenue            
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,134   2,306   5,364 2,306
Servicing Segment | Operating Segments            
Revenue            
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net $ 0   $ 0   $ 0 $ 0