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 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue                
Loan origination fees and gain on sale of loans, net $ 396,961     $ 565,009     $ 1,174,308 $ 1,298,302
Loan servicing and other fees 50,248     40,159     143,099 116,469
Valuation adjustment of mortgage servicing rights (35,535)     (41,006)     (84,581) (245,816)
Interest income (expense) 1,342     (583)     356 (1,075)
Other income, net (59)     (35)     71 (39)
Net revenue 412,957     563,544     1,233,253 1,167,841
Expenses                
Salaries, incentive compensation and benefits 270,894     273,560     770,181 650,458
General and administrative 24,807     27,255     83,508 75,447
Occupancy, equipment and communication 18,014     14,315     47,508 41,515
Depreciation and amortization 4,107     1,822     7,369 5,515
Provision for foreclosure losses (2,325)     547     (306) 2,407
Income tax expense 25,364     64,223     83,355 100,688
Net income (loss) 72,096 $ 8,938 $ 160,604 181,822 $ 122,975 $ (12,986) 241,638 291,811
Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 396,961     565,009     1,174,308 1,298,302
Loan servicing and other fees 50,248     40,159     143,099 116,469
Valuation adjustment of mortgage servicing rights (35,535)     (41,006)     (84,581) (245,816)
Interest income (expense) 2,927     1,451     4,930 5,277
Other income, net (25)     12     47 32
Net revenue 414,576     565,625     1,237,803 1,174,264
Expenses                
Salaries, incentive compensation and benefits 263,071     250,702     743,235 608,211
General and administrative 23,448     24,703     76,913 70,461
Occupancy, equipment and communication 16,066     12,458     44,131 37,672
Depreciation and amortization 3,730     1,346     6,131 4,095
Provision for foreclosure losses (2,325)     547     (306) 2,407
Income tax expense 0     0     0 0
Net income (loss) 110,586     275,869     367,699 451,418
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) (1,585)     (2,034)     (4,574) (6,352)
Other income, net (34)     (47)     24 (71)
Net revenue (1,619)     (2,081)     (4,550) (6,423)
Expenses                
Salaries, incentive compensation and benefits 7,823     22,858     26,946 42,247
General and administrative 1,359     2,552     6,595 4,986
Occupancy, equipment and communication 1,948     1,857     3,377 3,843
Depreciation and amortization 377     476     1,238 1,420
Provision for foreclosure losses 0     0     0 0
Income tax expense 25,364     64,223     83,355 100,688
Net income (loss) (38,490)     (94,047)     (126,061) (159,607)
Origination | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 392,672     563,162     1,166,626 1,293,621
Loan servicing and other fees 0     0     0 0
Valuation adjustment of mortgage servicing rights 0     0     0 0
Interest income (expense) 4,746     3,840     11,247 10,274
Other income, net (32)     15     0 32
Net revenue 397,386     567,017     1,177,873 1,303,927
Expenses                
Salaries, incentive compensation and benefits 256,728     244,442     722,604 589,875
General and administrative 21,507     22,517     69,301 64,534
Occupancy, equipment and communication 15,107     11,313     41,038 34,876
Depreciation and amortization 3,564     1,328     5,553 3,766
Provision for foreclosure losses 0     0     0 0
Income tax expense 0     0     0 0
Net income (loss) 100,480     287,417     339,377 610,876
Servicing | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 4,289     1,847     7,682 4,681
Loan servicing and other fees 50,248     40,159     143,099 116,469
Valuation adjustment of mortgage servicing rights (35,535)     (41,006)     (84,581) (245,816)
Interest income (expense) (1,819)     (2,389)     (6,317) (4,997)
Other income, net 7     (3)     47 0
Net revenue 17,190     (1,392)     59,930 (129,663)
Expenses                
Salaries, incentive compensation and benefits 6,343     6,260     20,631 18,336
General and administrative 1,941     2,186     7,612 5,927
Occupancy, equipment and communication 959     1,145     3,093 2,796
Depreciation and amortization 166     18     578 329
Provision for foreclosure losses (2,325)     547     (306) 2,407
Income tax expense 0     0     0 0
Net income (loss) $ 10,106     $ (11,548)     $ 28,322 $ (159,458)