CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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| Revenue | ||||
| Loan origination fees and gain on sale of loans, net | $ 565,009 | $ 270,093 | $ 1,298,302 | $ 597,596 |
| Loan servicing and other fees | 40,159 | 36,540 | 116,469 | 104,977 |
| Valuation adjustment of mortgage servicing rights | (41,006) | (90,968) | (245,816) | (251,190) |
| Interest income | 14,905 | 18,846 | 41,854 | 44,173 |
| Interest expense | (15,488) | (16,738) | (42,929) | (39,871) |
| Other (expense) income | (35) | 5 | (39) | 1,186 |
| Net revenue | 563,544 | 217,778 | 1,167,841 | 456,871 |
| Expenses | ||||
| Salaries, incentive compensation and benefits | 273,560 | 176,716 | 650,458 | 418,032 |
| General and administrative | 27,271 | 18,497 | 75,463 | 47,121 |
| Occupancy, equipment and communication | 14,317 | 13,421 | 41,272 | 40,363 |
| Depreciation and amortization | 1,540 | 1,812 | 4,686 | 5,636 |
| Provision for foreclosure losses | 547 | 1,497 | 2,407 | 2,271 |
| Total expenses | 317,235 | 211,943 | 774,286 | 513,423 |
| Income (loss) before income tax expense (benefit) | 246,309 | 5,835 | 393,555 | (56,552) |
| Income tax expense (benefit) | 64,223 | (2,661) | 100,688 | (18,050) |
| Net income (loss) | $ 182,086 | $ 8,496 | $ 292,867 | $ (38,502) |
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- Definition Loan origination fees and gain on sale of loans, net. No definition available.
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- Definition Provision for foreclosure losses. No definition available.
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- Definition Revenue excluding interest expense and valuation adjustment. No definition available.
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- Definition The aggregate amount of communications, data processing and occupancy expenses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Income from mortgage banking activities (fees and commissions) and servicing real estate mortgages, credit cards, and other financial assets held by others net of any related impairment of capitalized service costs. Also includes any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. No definition available.
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The adjustment to the carrying value of the rights retained or purchased to service mortgages. These adjustments are made when the estimate of the fair value is changed. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations. No definition available.
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- References No definition available.
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