Annual report [Section 13 and 15(d), not S-K Item 405]

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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue    
Loan origination fees and gain on sale of loans, net $ 763,791 $ 501,303
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 11,043 8,233
Loan servicing and other fees 275,324 246,144
Valuation adjustment of mortgage servicing rights (38,545) (139,560)
Interest income 146,449 104,404
Interest expense (109,843) (66,364)
Other income (expense), net 1,492 1,027
Net revenue 1,049,711 655,187
Expenses    
Salaries, incentive compensation and benefits 724,256 529,861
General and administrative 107,104 83,213
Occupancy, equipment and communication 82,539 72,476
Depreciation and amortization 15,138 14,580
Provision for foreclosure losses 1,617 1,188
Total expenses 930,654 701,318
Income tax expense (benefit) 22,125 (6,994)
Net income (loss) 96,932 (39,137)
Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 763,791 501,303
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 11,043 8,233
Loan servicing and other fees 275,324 246,144
Valuation adjustment of mortgage servicing rights (38,545) (139,560)
Interest income 144,402 103,316
Interest expense (90,894) (54,748)
Other income (expense), net 2,507 1,004
Net revenue 1,067,628 665,692
Expenses    
Salaries, incentive compensation and benefits 674,856 487,357
General and administrative 91,052 68,874
Occupancy, equipment and communication 74,754 67,584
Depreciation and amortization 14,100 13,981
Provision for foreclosure losses 1,617 1,188
Total expenses 856,379 638,984
Income tax expense (benefit) 0 0
Net income (loss) 211,249 26,708
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 0
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income 2,047 1,088
Interest expense (18,949) (11,616)
Other income (expense), net (1,015) 23
Net revenue (17,917) (10,505)
Expenses    
Salaries, incentive compensation and benefits 49,400 42,504
General and administrative 16,052 14,339
Occupancy, equipment and communication 7,785 4,892
Depreciation and amortization 1,038 599
Provision for foreclosure losses 0 0
Total expenses 74,275 62,334
Income tax expense (benefit) 22,125 (6,994)
Net income (loss) (114,317) (65,845)
Origination | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 762,939 501,789
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 11,043 8,233
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income 91,013 57,384
Interest expense (86,824) (51,840)
Other income (expense), net 2,321 805
Net revenue 780,492 516,371
Expenses    
Salaries, incentive compensation and benefits 639,151 456,059
General and administrative 76,977 57,683
Occupancy, equipment and communication 70,929 62,799
Depreciation and amortization 13,420 13,485
Provision for foreclosure losses 0 0
Total expenses 800,477 590,026
Income tax expense (benefit) 0 0
Net income (loss) (19,985) (73,655)
Servicing | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 852 (486)
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0 0
Loan servicing and other fees 275,324 246,144
Valuation adjustment of mortgage servicing rights (38,545) (139,560)
Interest income 53,389 45,932
Interest expense (4,070) (2,908)
Other income (expense), net 186 199
Net revenue 287,136 149,321
Expenses    
Salaries, incentive compensation and benefits 35,705 31,298
General and administrative 14,075 11,191
Occupancy, equipment and communication 3,825 4,785
Depreciation and amortization 680 496
Provision for foreclosure losses 1,617 1,188
Total expenses 55,902 48,958
Income tax expense (benefit) 0 0
Net income (loss) $ 231,234 $ 100,363