Annual report pursuant to Section 13 and 15(d)

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

v3.21.1
Segments - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenue    
Loan origination fees and gain on sale of loans, net $ 1,759,871 $ 820,814
Loan servicing and other fees 160,237 142,705
Valuation adjustment of mortgage servicing rights (296,307) (255,219)
Interest income (expense) (2,519) 3,396
Other income, net 765 1,193
Net revenue 1,622,047 712,889
Expenses    
Salaries, incentive compensation and benefits 953,758 578,170
General and administrative 101,948 63,983
Occupancy, equipment and communication 57,070 53,678
Depreciation and amortization 7,501 7,333
Provision for foreclosure losses 7,700 3,895
Income tax expense 123,493 253
Net income 370,577 5,577
Reportable Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 1,759,871 820,814
Loan servicing and other fees 160,237 142,705
Valuation adjustment of mortgage servicing rights (296,307) (255,219)
Interest income (expense) 5,925 12,376
Other income, net 158 38
Net revenue 1,629,884 720,714
Expenses    
Salaries, incentive compensation and benefits 889,397 563,594
General and administrative 94,269 53,335
Occupancy, equipment and communication 51,757 50,193
Depreciation and amortization 5,421 6,743
Provision for foreclosure losses 7,700 3,895
Net income 581,340 42,954
Reportable Segments | Origination    
Revenue    
Loan origination fees and gain on sale of loans, net 1,753,517 817,293
Interest income (expense) 13,993 9,702
Other income, net 25 38
Net revenue 1,767,535 827,033
Expenses    
Salaries, incentive compensation and benefits 864,322 548,056
General and administrative 84,999 43,028
Occupancy, equipment and communication 48,233 48,115
Depreciation and amortization 4,644 6,417
Net income 765,337 181,417
Reportable Segments | Servicing    
Revenue    
Loan origination fees and gain on sale of loans, net 6,354 3,521
Loan servicing and other fees 160,237 142,705
Valuation adjustment of mortgage servicing rights (296,307) (255,219)
Interest income (expense) (8,068) 2,674
Other income, net 133  
Net revenue (137,651) (106,319)
Expenses    
Salaries, incentive compensation and benefits 25,075 15,538
General and administrative 9,270 10,307
Occupancy, equipment and communication 3,524 2,078
Depreciation and amortization 777 326
Provision for foreclosure losses 7,700 3,895
Net income (183,997) (138,463)
All Other    
Revenue    
Interest income (expense) (8,444) (8,980)
Other income, net 607 1,155
Net revenue (7,837) (7,825)
Expenses    
Salaries, incentive compensation and benefits 64,361 14,576
General and administrative 7,679 10,648
Occupancy, equipment and communication 5,313 3,485
Depreciation and amortization 2,080 590
Income tax expense 123,493 253
Net income $ (210,763) $ (37,377)