Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Segments - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue            
Loan origination fees and gain on sale of loans, net $ 330,759   $ 493,432   $ 777,347 $ 733,293
Loan servicing and other fees 47,652   37,778   92,851 76,310
Valuation adjustment of mortgage servicing rights (84,789)   (96,161)   (49,046) (204,810)
Interest income (expense) 426   (560)   (986) (493)
Other income, net 61   608   130 997
Net revenue 294,109   435,097   820,296 605,297
Expenses            
Salaries, incentive compensation and benefits 232,563   229,885   499,287 377,898
General and administrative 31,794   25,967   58,701 48,192
Occupancy, equipment and communication 14,662   13,882   29,494 27,200
Depreciation and amortization 1,608   1,806   3,262 3,693
Provision for foreclosure losses (442)   (64)   2,019 1,860
Income tax expense 4,986   40,646   57,991 36,465
Net income (loss) 8,938 $ 160,604 122,975 $ (12,986) 169,542 109,989
Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 330,759   493,432   777,347 733,293
Loan servicing and other fees 47,652   37,778   92,851 76,310
Valuation adjustment of mortgage servicing rights (84,789)   (96,161)   (49,046) (204,810)
Interest income (expense) 2,018   1,569   2,003 3,826
Other income, net 50   14   72 20
Net revenue 295,690   436,632   823,227 608,639
Expenses            
Salaries, incentive compensation and benefits 222,136   211,817   480,164 357,509
General and administrative 28,971   24,478   53,465 45,758
Occupancy, equipment and communication 13,784   13,032   28,065 25,214
Depreciation and amortization 1,318   1,308   2,401 2,749
Provision for foreclosure losses (442)   (64)   2,019 1,860
Income tax expense 0   0   0 0
Net income (loss) 29,923   186,061   257,113 175,549
Corporate, Non-Segment            
Revenue            
Loan origination fees and gain on sale of loans, 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 (expense) (1,592)   (2,129)   (2,989) (4,319)
Other income, net 11   594   58 977
Net revenue (1,581)   (1,535)   (2,931) (3,342)
Expenses            
Salaries, incentive compensation and benefits 10,427   18,068   19,123 20,389
General and administrative 2,823   1,489   5,236 2,434
Occupancy, equipment and communication 878   850   1,429 1,986
Depreciation and amortization 290   498   861 944
Provision for foreclosure losses 0   0   0 0
Income tax expense 4,986   40,646   57,991 36,465
Net income (loss) (20,985)   (63,086)   (87,571) (65,560)
Origination | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 329,157   491,657   773,954 730,459
Loan servicing and other fees 0   0   0 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense) 3,655   4,214   6,501 6,434
Other income, net 32   12   32 17
Net revenue 332,844   495,883   780,487 736,910
Expenses            
Salaries, incentive compensation and benefits 215,061   205,427   465,876 345,433
General and administrative 25,156   22,493   47,794 42,017
Occupancy, equipment and communication 12,758   12,184   25,931 23,563
Depreciation and amortization 1,096   1,153   1,989 2,438
Provision for foreclosure losses 0   0   0 0
Income tax expense 0   0   0 0
Net income (loss) 78,773   254,626   238,897 323,459
Servicing | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 1,602   1,775   3,393 2,834
Loan servicing and other fees 47,652   37,778   92,851 76,310
Valuation adjustment of mortgage servicing rights (84,789)   (96,161)   (49,046) (204,810)
Interest income (expense) (1,637)   (2,645)   (4,498) (2,608)
Other income, net 18   2   40 3
Net revenue (37,154)   (59,251)   42,740 (128,271)
Expenses            
Salaries, incentive compensation and benefits 7,075   6,390   14,288 12,076
General and administrative 3,815   1,985   5,671 3,741
Occupancy, equipment and communication 1,026   848   2,134 1,651
Depreciation and amortization 222   155   412 311
Provision for foreclosure losses (442)   (64)   2,019 1,860
Income tax expense 0   0   0 0
Net income (loss) $ (48,850)   $ (68,565)   $ 18,216 $ (147,910)