Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Loss)

v3.21.1
Condensed Consolidated Statements of Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue    
Loan origination fees and gain on sale of loans, net $ 446,589 $ 239,861
Loan servicing and other fees 45,199 38,532
Valuation adjustment of mortgage servicing rights 35,743 (108,649)
Interest income 15,098 13,001
Interest expense (16,511) (12,934)
Other income, net 69 389
Net revenue 526,187 170,200
Expenses    
Salaries, incentive compensation and benefits 266,724 148,013
General and administrative 26,906 22,225
Occupancy, equipment and communication 14,832 13,318
Depreciation and amortization 1,654 1,887
Provision for foreclosure losses 2,462 1,924
Total expenses 312,578 187,367
Income (loss) before income tax expense (benefit) 213,609 (17,167)
Income tax expense (benefit) 53,005 (4,181)
Net income (loss) $ 160,604 $ (12,986)
Net income per share attributable to Class A and Class B Common Stock:    
Basic (in dollars per share) $ 2.68  
Diluted (in dollars per share) $ 2.67  
Weighted average shares outstanding of Class A and Class B Common Stock:    
Basic (in shares) 60,000  
Diluted (in shares) 60,211