Quarterly report [Sections 13 or 15(d)]

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

v3.25.1
SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Loan origination fees and gain on sale of loans, net $ 185,213 $ 134,060
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,915 3,230
Loan servicing and other fees 72,751 65,788
Valuation adjustment of mortgage servicing rights (69,936) 20,778
Interest income 29,094 24,728
Interest expense (22,079) (16,541)
Other income (expense), net 528 (261)
Net revenue 198,486 231,782
Expenses    
Salaries, incentive compensation and benefits 173,212 140,067
General and administrative 29,153 29,211
Occupancy, equipment and communication 21,720 19,815
Depreciation and amortization 3,647 3,754
Provision for foreclosure losses 2,378 392
Total expenses 230,110 193,239
Income tax (benefit) expense (7,665) 10,143
Net (loss) income (23,959) 28,400
Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 185,213 134,060
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,915 3,230
Loan servicing and other fees 72,751 65,788
Valuation adjustment of mortgage servicing rights (69,936) 20,778
Interest income 28,445 24,379
Interest expense (16,330) (13,259)
Other income (expense), net 523 386
Net revenue 203,581 235,362
Expenses    
Salaries, incentive compensation and benefits 160,093 129,250
General and administrative 25,293 24,410
Occupancy, equipment and communication 19,684 17,901
Depreciation and amortization 3,554 3,632
Provision for foreclosure losses 2,378 392
Total expenses 211,002 175,585
Income tax (benefit) expense 0 0
Net (loss) income (7,421) 59,777
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 649 349
Interest expense (5,749) (3,282)
Other income (expense), net 5 (647)
Net revenue (5,095) (3,580)
Expenses    
Salaries, incentive compensation and benefits 13,119 10,817
General and administrative 3,860 4,801
Occupancy, equipment and communication 2,036 1,914
Depreciation and amortization 93 122
Provision for foreclosure losses 0 0
Total expenses 19,108 17,654
Income tax (benefit) expense (7,665) 10,143
Net (loss) income (16,538) (31,377)
Origination | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 184,161 133,664
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,915 3,230
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income 18,478 13,231
Interest expense (15,475) (12,567)
Other income (expense), net 522 364
Net revenue 190,601 137,922
Expenses    
Salaries, incentive compensation and benefits 149,921 121,105
General and administrative 21,573 20,548
Occupancy, equipment and communication 18,542 16,935
Depreciation and amortization 3,421 3,491
Provision for foreclosure losses 0 0
Total expenses 193,457 162,079
Income tax (benefit) expense 0 0
Net (loss) income (2,856) (24,157)
Servicing | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 1,052 396
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0 0
Loan servicing and other fees 72,751 65,788
Valuation adjustment of mortgage servicing rights (69,936) 20,778
Interest income 9,967 11,148
Interest expense (855) (692)
Other income (expense), net 1 22
Net revenue 12,980 97,440
Expenses    
Salaries, incentive compensation and benefits 10,172 8,145
General and administrative 3,720 3,862
Occupancy, equipment and communication 1,142 966
Depreciation and amortization 133 141
Provision for foreclosure losses 2,378 392
Total expenses 17,545 13,506
Income tax (benefit) expense 0 0
Net (loss) income $ (4,565) $ 83,934