| 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, 2024:
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(in thousands) |
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Origination |
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Servicing |
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Total
Segments |
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All Other |
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Total |
| Revenue |
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| Loan origination fees and gain on sale of loans, net |
|
$ |
762,939 |
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|
$ |
852 |
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|
$ |
763,791 |
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|
$ |
— |
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|
$ |
763,791 |
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| Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |
|
11,043 |
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|
— |
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|
11,043 |
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|
— |
|
|
11,043 |
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| Loan servicing and other fees |
|
— |
|
|
275,324 |
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|
275,324 |
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— |
|
|
275,324 |
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| Valuation adjustment of mortgage servicing rights |
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— |
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|
(38,545) |
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|
(38,545) |
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— |
|
|
(38,545) |
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Interest income |
|
91,013 |
|
|
53,389 |
|
|
144,402 |
|
|
2,047 |
|
|
146,449 |
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Interest expense |
|
(86,824) |
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|
(4,070) |
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|
(90,894) |
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|
(18,949) |
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|
(109,843) |
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| Other income (expense), net |
|
2,321 |
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|
186 |
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|
2,507 |
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|
(1,015) |
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|
1,492 |
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| Net revenue |
|
780,492 |
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|
287,136 |
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|
1,067,628 |
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(17,917) |
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|
1,049,711 |
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| Expenses |
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|
|
|
|
|
|
|
|
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| Salaries, incentive compensation and benefits |
|
639,151 |
|
|
35,705 |
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|
674,856 |
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|
49,400 |
|
|
724,256 |
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| General and administrative |
|
76,977 |
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|
14,075 |
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|
91,052 |
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|
16,052 |
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|
107,104 |
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| Occupancy, equipment and communication |
|
70,929 |
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|
3,825 |
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|
74,754 |
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|
7,785 |
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|
82,539 |
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| Depreciation and amortization |
|
13,420 |
|
|
680 |
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|
14,100 |
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|
1,038 |
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|
15,138 |
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| Provision for foreclosure losses |
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— |
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|
1,617 |
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|
1,617 |
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— |
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|
1,617 |
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Total expenses |
|
800,477 |
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|
55,902 |
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|
856,379 |
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|
74,275 |
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|
930,654 |
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| Income tax expense |
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— |
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— |
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— |
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|
22,125 |
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|
22,125 |
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| Net (loss) income |
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$ |
(19,985) |
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|
$ |
231,234 |
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|
$ |
211,249 |
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|
$ |
(114,317) |
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|
$ |
96,932 |
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The following table presents the financial performance and results by segment for the year ended December 31, 2023:
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(in thousands) |
|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
|
|
|
|
|
|
|
|
|
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| Loan origination fees and gain on sale of loans, net |
|
$ |
501,789 |
|
|
$ |
(486) |
|
|
$ |
501,303 |
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|
$ |
— |
|
|
$ |
501,303 |
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| 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 |
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— |
|
|
246,144 |
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|
246,144 |
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— |
|
|
246,144 |
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| Valuation adjustment of mortgage servicing rights |
|
— |
|
|
(139,560) |
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|
(139,560) |
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— |
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|
(139,560) |
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Interest income |
|
57,384 |
|
|
45,932 |
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|
103,316 |
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|
1,088 |
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|
104,404 |
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Interest expense |
|
(51,840) |
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|
(2,908) |
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|
(54,748) |
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|
(11,616) |
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|
(66,364) |
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| Other income, net |
|
805 |
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|
199 |
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|
1,004 |
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|
23 |
|
|
1,027 |
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| Net revenue |
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516,371 |
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|
149,321 |
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|
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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| Salaries, incentive compensation and benefits |
|
456,059 |
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|
31,298 |
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|
487,357 |
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|
42,504 |
|
|
529,861 |
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| General and administrative |
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57,683 |
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|
11,191 |
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|
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 |
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|
4,892 |
|
|
72,476 |
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| Depreciation and amortization |
|
13,485 |
|
|
496 |
|
|
13,981 |
|
|
599 |
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|
14,580 |
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| Provision for foreclosure losses |
|
— |
|
|
1,188 |
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|
1,188 |
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|
— |
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|
1,188 |
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Total expenses |
|
590,026 |
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|
48,958 |
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|
638,984 |
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|
62,334 |
|
|
701,318 |
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| Income tax benefit |
|
— |
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|
— |
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|
— |
|
|
(6,994) |
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|
(6,994) |
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| Net (loss) income |
|
$ |
(73,655) |
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|
$ |
100,363 |
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|
$ |
26,708 |
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|
$ |
(65,845) |
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$ |
(39,137) |
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