Quarterly report pursuant to Section 13 or 15(d)

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

v3.24.3
SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue                
Loan origination fees and gain on sale of loans, net $ 220,611     $ 158,126     $ 560,519 $ 387,702
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,367     2,755     7,731 5,061
Loan servicing and other fees 70,951     61,941     204,448 182,239
Valuation adjustment of mortgage servicing rights (145,776)     22,077     (122,864) (4,904)
Interest income (expense), net 10,469     11,954     26,228 27,192
Other income (expense), net 635     404     662 663
Net revenue 159,257     257,257     676,724 597,953
Expenses                
Salaries, incentive compensation and benefits 199,005     142,637     528,010 398,660
General and administrative 26,718     18,809     84,327 60,140
Occupancy, equipment and communication 22,001     18,536     62,164 54,368
Depreciation and amortization 3,753     3,664     11,477 11,063
Provision for foreclosure losses 613     84     509 554
Total expenses 252,090     183,730     686,487 524,785
Income tax (benefit) expense (25,882)     19,284     (8,803) 19,184
Net income (loss) (66,951) $ 37,591 $ 28,400 54,243 $ 36,936 $ (37,195) (960) 53,984
Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 220,611     158,126     560,519 387,702
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,367     2,755     7,731 5,061
Loan servicing and other fees 70,951     61,941     204,448 182,277
Valuation adjustment of mortgage servicing rights (145,776)     22,077     (122,864) (4,904)
Interest income (expense), net 15,394     14,596     38,305 34,903
Other income (expense), net 727     390     1,693 657
Net revenue 164,274     259,885     689,832 605,696
Expenses                
Salaries, incentive compensation and benefits 185,141     132,082     491,946 367,432
General and administrative 23,530     15,649     72,593 50,324
Occupancy, equipment and communication 19,712     17,401     56,224 51,243
Depreciation and amortization 3,451     3,452     10,515 10,575
Provision for foreclosure losses 613     84     509 554
Total expenses 232,447     168,668     631,787 480,128
Income tax (benefit) expense 0     0     0 0
Net income (loss) (68,173)     91,217     58,045 125,568
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     0     0 (38)
Valuation adjustment of mortgage servicing rights 0     0     0 0
Interest income (expense), net (4,925)     (2,642)     (12,077) (7,711)
Other income (expense), net (92)     14     (1,031) 6
Net revenue (5,017)     (2,628)     (13,108) (7,743)
Expenses                
Salaries, incentive compensation and benefits 13,864     10,555     36,064 31,228
General and administrative 3,188     3,160     11,734 9,816
Occupancy, equipment and communication 2,289     1,135     5,940 3,125
Depreciation and amortization 302     212     962 488
Provision for foreclosure losses 0     0     0 0
Total expenses 19,643     15,062     54,700 44,657
Income tax (benefit) expense (25,882)     19,284     (8,803) 19,184
Net income (loss) 1,222     (36,974)     (59,005) (71,584)
Origination | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 220,365     158,812     560,247 387,587
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,367     2,755     7,731 5,061
Loan servicing and other fees 0     0     0 0
Valuation adjustment of mortgage servicing rights 0     0     0 0
Interest income (expense), net 708     1,388     1,253 4,019
Other income (expense), net 657     341     1,556 507
Net revenue 224,097     163,296     570,787 397,174
Expenses                
Salaries, incentive compensation and benefits 175,922     123,978     466,064 344,259
General and administrative 19,742     12,696     62,088 42,251
Occupancy, equipment and communication 18,708     15,995     53,519 47,356
Depreciation and amortization 3,290     3,435     9,943 10,198
Provision for foreclosure losses 0     0     0 0
Total expenses 217,662     156,104     591,614 444,064
Income tax (benefit) expense 0     0     0 0
Net income (loss) 6,435     7,192     (20,827) (46,890)
Servicing | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 246     (686)     272 115
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0     0     0 0
Loan servicing and other fees 70,951     61,941     204,448 182,277
Valuation adjustment of mortgage servicing rights (145,776)     22,077     (122,864) (4,904)
Interest income (expense), net 14,686     13,208     37,052 30,884
Other income (expense), net 70     49     137 150
Net revenue (59,823)     96,589     119,045 208,522
Expenses                
Salaries, incentive compensation and benefits 9,219     8,104     25,882 23,173
General and administrative 3,788     2,953     10,505 8,073
Occupancy, equipment and communication 1,004     1,406     2,705 3,887
Depreciation and amortization 161     17     572 377
Provision for foreclosure losses 613     84     509 554
Total expenses 14,785     12,564     40,173 36,064
Income tax (benefit) expense 0     0     0 0
Net income (loss) $ (74,608)     $ 84,025     $ 78,872 $ 172,458