| Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the three months ended September 30, 2020:
|
|
|
Production
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
563,162
|
|
|
$
|
1,847
|
|
|
$
|
565,009
|
|
|
$
|
—
|
|
|
$
|
565,009
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
40,159
|
|
|
|
40,159
|
|
|
|
—
|
|
|
|
40,159
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(41,006
|
)
|
|
|
(41,006
|
)
|
|
|
—
|
|
|
|
(41,006
|
)
|
|
Interest income (expense)
|
|
|
3,864
|
|
|
|
(2,386
|
)
|
|
|
1,478
|
|
|
|
(2,061
|
)
|
|
|
(583
|
)
|
|
Other income (expense)
|
|
|
7
|
|
|
|
—
|
|
|
|
7
|
|
|
|
(42
|
)
|
|
|
(35
|
)
|
|
Net revenue
|
|
|
567,033
|
|
|
|
(1,386
|
)
|
|
|
565,647
|
|
|
|
(2,103
|
)
|
|
|
563,544
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
244,787
|
|
|
|
5,013
|
|
|
|
249,800
|
|
|
|
23,760
|
|
|
|
273,560
|
|
|
General and administrative
|
|
|
22,432
|
|
|
|
3,060
|
|
|
|
25,492
|
|
|
|
1,779
|
|
|
|
27,271
|
|
|
Occupancy, equipment and communication
|
|
|
10,721
|
|
|
|
1,581
|
|
|
|
12,302
|
|
|
|
2,015
|
|
|
|
14,317
|
|
|
Depreciation and amortization
|
|
|
1,165
|
|
|
|
115
|
|
|
|
1,280
|
|
|
|
260
|
|
|
|
1,540
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
547
|
|
|
|
547
|
|
|
|
—
|
|
|
|
547
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
64,223
|
|
|
|
64,223
|
|
|
Net income (loss) allocated to segments
|
|
$
|
287,928
|
|
|
$
|
(11,702
|
)
|
|
$
|
276,226
|
|
|
$
|
(94,140
|
)
|
|
$
|
182,086
|
|
The following table presents the financial performance and results by segment for the three months ended September 30, 2019:
|
|
|
Production
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
269,382
|
|
|
$
|
711
|
|
|
$
|
270,093
|
|
|
$
|
—
|
|
|
$
|
270,093
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
36,540
|
|
|
|
36,540
|
|
|
|
—
|
|
|
|
36,540
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(90,968
|
)
|
|
|
(90,968
|
)
|
|
|
—
|
|
|
|
(90,968
|
)
|
|
Interest income (expense)
|
|
|
2,303
|
|
|
|
1,697
|
|
|
|
4,000
|
|
|
|
(1,892
|
)
|
|
|
2,108
|
|
|
Other income
|
|
|
12
|
|
|
|
—
|
|
|
|
12
|
|
|
|
(7
|
)
|
|
|
5
|
|
|
Net revenue
|
|
|
271,697
|
|
|
|
(52,020
|
)
|
|
|
219,677
|
|
|
|
(1,899
|
)
|
|
|
217,778
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
166,909
|
|
|
|
3,857
|
|
|
|
170,766
|
|
|
|
5,950
|
|
|
|
176,716
|
|
|
General and administrative
|
|
|
14,527
|
|
|
|
2,171
|
|
|
|
16,698
|
|
|
|
1,799
|
|
|
|
18,497
|
|
|
Occupancy, equipment and communication
|
|
|
10,988
|
|
|
|
1,133
|
|
|
|
12,121
|
|
|
|
1,300
|
|
|
|
13,421
|
|
|
Depreciation and amortization
|
|
|
1,588
|
|
|
|
77
|
|
|
|
1,665
|
|
|
|
147
|
|
|
|
1,812
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
1,497
|
|
|
|
1,497
|
|
|
|
—
|
|
|
|
1,497
|
|
|
Income tax benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,661
|
)
|
|
|
(2,661
|
)
|
|
Net income (loss) allocated to segments
|
|
$
|
77,685
|
|
|
$
|
(60,755
|
)
|
|
$
|
16,930
|
|
|
$
|
(8,434
|
)
|
|
$
|
8,496
|
|
The following table presents the financial performance and results by segment for the nine months ended September 30, 2020:
|
|
|
Production
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
1,293,621
|
|
|
$
|
4,681
|
|
|
$
|
1,298,302
|
|
|
$
|
—
|
|
|
$
|
1,298,302
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
116,469
|
|
|
|
116,469
|
|
|
|
—
|
|
|
|
116,469
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(245,816
|
)
|
|
|
(245,816
|
)
|
|
|
—
|
|
|
|
(245,816
|
)
|
|
Interest income (expense)
|
|
|
10,274
|
|
|
|
(4,997
|
)
|
|
|
5,277
|
|
|
|
(6,352
|
)
|
|
|
(1,075
|
)
|
|
Other income
|
|
|
32
|
|
|
|
—
|
|
|
|
32
|
|
|
|
(71
|
)
|
|
|
(39
|
)
|
|
Net revenue
|
|
|
1,303,927
|
|
|
|
(129,663
|
)
|
|
|
1,174,264
|
|
|
|
(6,423
|
)
|
|
|
1,167,841
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
594,830
|
|
|
|
14,230
|
|
|
|
609,060
|
|
|
|
41,398
|
|
|
|
650,458
|
|
|
General and administrative
|
|
|
59,579
|
|
|
|
10,033
|
|
|
|
69,612
|
|
|
|
5,851
|
|
|
|
75,463
|
|
|
Occupancy, equipment and communication
|
|
|
34,876
|
|
|
|
2,796
|
|
|
|
37,672
|
|
|
|
3,600
|
|
|
|
41,272
|
|
|
Depreciation and amortization
|
|
|
3,766
|
|
|
|
329
|
|
|
|
4,095
|
|
|
|
591
|
|
|
|
4,686
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
2,407
|
|
|
|
2,407
|
|
|
|
—
|
|
|
|
2,407
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
100,688
|
|
|
|
100,688
|
|
|
Net income (loss) allocated to segments
|
|
$
|
610,876
|
|
|
$
|
(159,458
|
)
|
|
$
|
451,418
|
|
|
$
|
(158,551
|
)
|
|
$
|
292,867
|
|
The following table presents the financial performance and results by segment for the nine months ended September 30, 2019:
|
|
|
Production
|
|
|
Servicing
|
|
|
Total
Segments
|
|
|
All Other
|
|
|
Total
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net
|
|
$
|
594,864
|
|
|
$
|
2,732
|
|
|
$
|
597,596
|
|
|
$
|
—
|
|
|
$
|
597,596
|
|
|
Loan servicing and other fees
|
|
|
—
|
|
|
|
104,977
|
|
|
|
104,977
|
|
|
|
—
|
|
|
|
104,977
|
|
|
Valuation adjustment of mortgage servicing rights
|
|
|
—
|
|
|
|
(251,190
|
)
|
|
|
(251,190
|
)
|
|
|
—
|
|
|
|
(251,190
|
)
|
|
Interest income (expense)
|
|
|
9,107
|
|
|
|
1,690
|
|
|
|
10,797
|
|
|
|
(6,495
|
)
|
|
|
4,302
|
|
|
Other income
|
|
|
37
|
|
|
|
—
|
|
|
|
37
|
|
|
|
1,149
|
|
|
|
1,186
|
|
|
Net revenue
|
|
|
604,008
|
|
|
|
(141,791
|
)
|
|
|
462,217
|
|
|
|
(5,346
|
)
|
|
|
456,871
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits
|
|
|
397,594
|
|
|
|
11,300
|
|
|
|
408,894
|
|
|
|
9,138
|
|
|
|
418,032
|
|
|
General and administrative
|
|
|
34,805
|
|
|
|
7,249
|
|
|
|
42,054
|
|
|
|
5,067
|
|
|
|
47,121
|
|
|
Occupancy, equipment and communication
|
|
|
35,033
|
|
|
|
2,006
|
|
|
|
37,039
|
|
|
|
3,324
|
|
|
|
40,363
|
|
|
Depreciation and amortization
|
|
|
4,923
|
|
|
|
231
|
|
|
|
5,154
|
|
|
|
482
|
|
|
|
5,636
|
|
|
Provision for foreclosure losses
|
|
|
—
|
|
|
|
2,271
|
|
|
|
2,271
|
|
|
|
—
|
|
|
|
2,271
|
|
|
Income tax benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,050
|
)
|
|
|
(18,050
|
)
|
|
Net income (loss) allocated to segments
|
|
$
|
131,653
|
|
|
$
|
(164,848
|
)
|
|
$
|
(33,195
|
)
|
|
$
|
(5,307
|
)
|
|
$
|
(38,502
|
)
|
|