Quarterly report [Sections 13 or 15(d)]

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

v3.25.3
SEGMENTS - Schedule of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue                
Loan origination fees and gain on sale of loans, net $ 243,850     $ 220,611     $ 665,064 $ 560,519
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 4,018     2,367     9,524 7,731
Loan servicing and other fees 73,931     70,951     219,427 204,448
Valuation adjustment of mortgage servicing rights (29,009)     (145,776)     (140,258) (122,864)
Interest income 43,350     43,808     111,158 104,755
Interest expense (29,215)     (33,339)     (80,257) (78,527)
Other income (expense), net 512     635     710 662
Net revenue 307,437     159,257     785,368 676,724
Expenses                
Salaries, incentive compensation and benefits 207,901     199,005     583,951 528,010
General and administrative 29,339     26,718     89,918 84,327
Occupancy, equipment and communication 19,542     22,001     61,175 62,164
Depreciation and amortization 3,528     3,753     10,786 11,477
Provision for (reversal of) foreclosure losses 1,148     613     4,641 509
Total expenses 261,458     252,090     750,471 686,487
Income tax expense (benefit) 12,636     (25,882)     6,850 (8,803)
Net income (loss) 33,343 $ 18,663 $ (23,959) (66,951) $ 37,591 $ 28,400 28,047 (960)
Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 243,850     220,611     665,064 560,519
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 4,018     2,367     9,524 7,731
Loan servicing and other fees 73,931     70,951     219,427 204,448
Valuation adjustment of mortgage servicing rights (29,009)     (145,776)     (140,258) (122,864)
Interest income 43,350     43,237     110,508 103,306
Interest expense (22,492)     (27,843)     (61,416) (65,001)
Other income (expense), net 513     727     769 1,693
Net revenue 314,161     164,274     803,618 689,832
Expenses                
Salaries, incentive compensation and benefits 189,701     185,141     538,580 491,946
General and administrative 22,834     23,530     72,084 72,593
Occupancy, equipment and communication 17,618     19,712     55,087 56,224
Depreciation and amortization 3,402     3,451     10,454 10,515
Provision for (reversal of) foreclosure losses 1,148     613     4,641 509
Total expenses 234,703     232,447     680,846 631,787
Income tax expense (benefit) 0     0     0 0
Net income (loss) 79,458     (68,173)     122,772 58,045
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 0     571     650 1,449
Interest expense (6,723)     (5,496)     (18,841) (13,526)
Other income (expense), net (1)     (92)     (59) (1,031)
Net revenue (6,724)     (5,017)     (18,250) (13,108)
Expenses                
Salaries, incentive compensation and benefits 18,200     13,864     45,371 36,064
General and administrative 6,505     3,188     17,834 11,734
Occupancy, equipment and communication 1,924     2,289     6,088 5,940
Depreciation and amortization 126     302     332 962
Provision for (reversal of) foreclosure losses 0     0     0 0
Total expenses 26,755     19,643     69,625 54,700
Income tax expense (benefit) 12,636     (25,882)     6,850 (8,803)
Net income (loss) (46,115)     1,222     (94,725) (59,005)
Origination | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 242,020     220,365     661,313 560,247
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 4,018     2,367     9,524 7,731
Loan servicing and other fees 0     0     0 0
Valuation adjustment of mortgage servicing rights 0     0     0 0
Interest income 28,363     27,438     72,965 63,486
Interest expense (21,029)     (26,730)     (57,539) (62,233)
Other income (expense), net 513     657     767 1,556
Net revenue 253,885     224,097     687,030 570,787
Expenses                
Salaries, incentive compensation and benefits 179,185     175,922     507,588 466,064
General and administrative 20,139     19,742     62,441 62,088
Occupancy, equipment and communication 16,476     18,708     51,670 53,519
Depreciation and amortization 3,103     3,290     9,815 9,943
Provision for (reversal of) foreclosure losses 0     0     0 0
Total expenses 218,903     217,662     631,514 591,614
Income tax expense (benefit) 0     0     0 0
Net income (loss) 34,982     6,435     55,516 (20,827)
Servicing | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 1,830     246     3,751 272
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net 0     0     0 0
Loan servicing and other fees 73,931     70,951     219,427 204,448
Valuation adjustment of mortgage servicing rights (29,009)     (145,776)     (140,258) (122,864)
Interest income 14,987     15,799     37,543 39,820
Interest expense (1,463)     (1,113)     (3,877) (2,768)
Other income (expense), net 0     70     2 137
Net revenue 60,276     (59,823)     116,588 119,045
Expenses                
Salaries, incentive compensation and benefits 10,516     9,219     30,992 25,882
General and administrative 2,695     3,788     9,643 10,505
Occupancy, equipment and communication 1,142     1,004     3,417 2,705
Depreciation and amortization 299     161     639 572
Provision for (reversal of) foreclosure losses 1,148     613     4,641 509
Total expenses 15,800     14,785     49,332 40,173
Income tax expense (benefit) 0     0     0 0
Net income (loss) $ 44,476     $ (74,608)     $ 67,256 $ 78,872