Quarterly report pursuant to Section 13 or 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
 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 (expense) (1,413) 67
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
Income tax expense (benefit) 53,005 (4,181)
Net income (loss) 160,604 (12,986)
Operating Segments    
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 (expense) (15) 2,257
Other income, net 22 6
Net revenue 527,538 172,007
Expenses    
Salaries, incentive compensation and benefits 258,028 145,692
General and administrative 24,494 21,280
Occupancy, equipment and communication 14,281 12,182
Depreciation and amortization 1,083 1,441
Provision for foreclosure losses 2,462 1,924
Income tax expense (benefit) 0 0
Net income (loss) 227,190 (10,512)
Corporate, Non-Segment    
Revenue    
Loan origination fees and gain on sale of loans, net 0 0
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense) (1,398) (2,190)
Other income, net 47 383
Net revenue (1,351) (1,807)
Expenses    
Salaries, incentive compensation and benefits 8,696 2,321
General and administrative 2,412 945
Occupancy, equipment and communication 551 1,136
Depreciation and amortization 571 446
Provision for foreclosure losses 0 0
Income tax expense (benefit) 53,005 (4,181)
Net income (loss) (66,586) (2,474)
Origination | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 444,797 238,802
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense) 2,846 2,220
Other income, net 0 5
Net revenue 447,643 241,027
Expenses    
Salaries, incentive compensation and benefits 250,815 140,006
General and administrative 22,638 19,524
Occupancy, equipment and communication 13,173 11,379
Depreciation and amortization 893 1,285
Provision for foreclosure losses 0 0
Income tax expense (benefit) 0 0
Net income (loss) 160,124 68,833
Servicing | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 1,792 1,059
Loan servicing and other fees 45,199 38,532
Valuation adjustment of mortgage servicing rights 35,743 (108,649)
Interest income (expense) (2,861) 37
Other income, net 22 1
Net revenue 79,895 (69,020)
Expenses    
Salaries, incentive compensation and benefits 7,213 5,686
General and administrative 1,856 1,756
Occupancy, equipment and communication 1,108 803
Depreciation and amortization 190 156
Provision for foreclosure losses 2,462 1,924
Income tax expense (benefit) 0 0
Net income (loss) $ 67,066 $ (79,345)