Quarterly report [Sections 13 or 15(d)]

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

v3.25.2
SEGMENTS - Schedule of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue            
Loan origination fees and gain on sale of loans, net $ 236,001   $ 205,848   $ 421,214 $ 339,908
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,591   2,134   5,506 5,364
Loan servicing and other fees 72,745   67,709   145,496 133,497
Valuation adjustment of mortgage servicing rights (41,313)   2,134   (111,249) 22,912
Interest income 38,714   36,219   67,808 60,947
Interest expense (28,963)   (28,647)   (51,042) (45,188)
Other (expense) income, net (330)   288   198 27
Net revenue 279,445   285,685   477,931 517,467
Expenses            
Salaries, incentive compensation and benefits 202,838   188,938   376,050 329,005
General and administrative 31,426   28,398   60,579 57,609
Occupancy, equipment and communication 19,913   20,348   41,633 40,163
Depreciation and amortization 3,611   3,970   7,258 7,724
Provision for (reversal of) foreclosure losses 1,115   (496)   3,493 (104)
Total expenses 258,903   241,158   489,013 434,397
Income tax expense (benefit) 1,879   6,936   (5,786) 17,079
Net income (loss) 18,663 $ (23,959) 37,591 $ 28,400 (5,296) 65,991
Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 236,001   205,848   421,214 339,908
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,591   2,134   5,506 5,364
Loan servicing and other fees 72,745   67,709   145,496 133,497
Valuation adjustment of mortgage servicing rights (41,313)   2,134   (111,249) 22,912
Interest income 38,713   35,690   67,158 60,069
Interest expense (22,594)   (23,899)   (38,924) (37,158)
Other (expense) income, net (267)   580   256 966
Net revenue 285,876   290,196   489,457 525,558
Expenses            
Salaries, incentive compensation and benefits 188,786   177,555   348,879 306,805
General and administrative 23,957   24,653   49,250 49,063
Occupancy, equipment and communication 17,785   18,611   37,469 36,512
Depreciation and amortization 3,498   3,432   7,052 7,064
Provision for (reversal of) foreclosure losses 1,115   (496)   3,493 (104)
Total expenses 235,141   223,755   446,143 399,340
Income tax expense (benefit) 0   0   0 0
Net income (loss) 50,735   66,441   43,314 126,218
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 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income 1   529   650 878
Interest expense (6,369)   (4,748)   (12,118) (8,030)
Other (expense) income, net (63)   (292)   (58) (939)
Net revenue (6,431)   (4,511)   (11,526) (8,091)
Expenses            
Salaries, incentive compensation and benefits 14,052   11,383   27,171 22,200
General and administrative 7,469   3,745   11,329 8,546
Occupancy, equipment and communication 2,128   1,737   4,164 3,651
Depreciation and amortization 113   538   206 660
Provision for (reversal of) foreclosure losses 0   0   0 0
Total expenses 23,762   17,403   42,870 35,057
Income tax expense (benefit) 1,879   6,936   (5,786) 17,079
Net income (loss) (32,072)   (28,850)   (48,610) (60,227)
Origination | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 235,132   206,218   419,293 339,882
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 2,591   2,134   5,506 5,364
Loan servicing and other fees 0   0   0 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income 26,124   22,817   44,602 36,048
Interest expense (21,035)   (22,936)   (36,510) (35,503)
Other (expense) income, net (268)   535   254 899
Net revenue 242,544   208,768   433,145 346,690
Expenses            
Salaries, incentive compensation and benefits 178,482   169,037   328,403 290,142
General and administrative 20,729   21,798   42,302 42,346
Occupancy, equipment and communication 16,652   17,876   35,194 34,811
Depreciation and amortization 3,291   3,162   6,712 6,653
Provision for (reversal of) foreclosure losses 0   0   0 0
Total expenses 219,154   211,873   412,611 373,952
Income tax expense (benefit) 0   0   0 0
Net income (loss) 23,390   (3,105)   20,534 (27,262)
Servicing | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 869   (370)   1,921 26
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0   0   0 0
Loan servicing and other fees 72,745   67,709   145,496 133,497
Valuation adjustment of mortgage servicing rights (41,313)   2,134   (111,249) 22,912
Interest income 12,589   12,873   22,556 24,021
Interest expense (1,559)   (963)   (2,414) (1,655)
Other (expense) income, net 1   45   2 67
Net revenue 43,332   81,428   56,312 178,868
Expenses            
Salaries, incentive compensation and benefits 10,304   8,518   20,476 16,663
General and administrative 3,228   2,855   6,948 6,717
Occupancy, equipment and communication 1,133   735   2,275 1,701
Depreciation and amortization 207   270   340 411
Provision for (reversal of) foreclosure losses 1,115   (496)   3,493 (104)
Total expenses 15,987   11,882   33,532 25,388
Income tax expense (benefit) 0   0   0 0
Net income (loss) $ 27,345   $ 69,546   $ 22,780 $ 153,480