Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2
Segments - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue            
Loan origination fees and gain on sale of loans, net $ 207,972   $ 330,759   $ 450,611 $ 777,347
Loan servicing and other fees 54,595   47,652   107,772 92,851
Valuation adjustment of mortgage servicing rights 21,074   (84,789)   205,675 (49,046)
Interest income (expense) 3,874   426   4,999 (986)
Other income, net 22   61   242 130
Net revenue 287,537   294,109   769,299 820,296
Expenses            
Salaries, incentive compensation and benefits 178,192   232,563   365,521 499,287
General and administrative 6,371   31,794   741 58,701
Occupancy, equipment and communication 18,973   14,662   37,285 29,494
Depreciation and amortization 3,808   1,608   7,721 3,262
Provision (relief) for foreclosure losses 1,796   (442)   1,475 2,019
Income tax expense 20,108   4,986   90,294 57,991
Net income 58,289 $ 207,973 8,938 $ 160,604 266,262 169,542
Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 207,972   330,759   450,611 777,347
Loan servicing and other fees 54,595   47,652   107,772 92,851
Valuation adjustment of mortgage servicing rights 21,074   (84,789)   205,675 (49,046)
Interest income (expense) 5,320   2,018   8,170 2,003
Other income, net 31   50   50 72
Net revenue 288,992   295,690   772,278 823,227
Expenses            
Salaries, incentive compensation and benefits 172,642   222,136   354,226 480,164
General and administrative 3,714   28,971   (5,329) 53,465
Occupancy, equipment and communication 17,788   13,784   34,999 28,065
Depreciation and amortization 3,557   1,318   7,200 2,401
Provision (relief) for foreclosure losses 1,796   (442)   1,475 2,019
Income tax expense 0   0   0 0
Net income 89,495   29,923   379,707 257,113
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) (1,446)   (1,592)   (3,171) (2,989)
Other income, net (9)   11   192 58
Net revenue (1,455)   (1,581)   (2,979) (2,931)
Expenses            
Salaries, incentive compensation and benefits 5,550   10,427   11,295 19,123
General and administrative 2,657   2,823   6,070 5,236
Occupancy, equipment and communication 1,185   878   2,286 1,429
Depreciation and amortization 251   290   521 861
Provision (relief) for foreclosure losses 0   0   0 0
Income tax expense 20,108   4,986   90,294 57,991
Net income (31,206)   (20,985)   (113,445) (87,571)
Origination | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 206,445   329,157   444,966 773,954
Loan servicing and other fees 0   0   0 0
Valuation adjustment of mortgage servicing rights 0   0   0 0
Interest income (expense) 5,678   3,655   12,795 6,501
Other income, net (25)   32   (25) 32
Net revenue 212,098   332,844   457,736 780,487
Expenses            
Salaries, incentive compensation and benefits 165,133   215,061   339,459 465,876
General and administrative 1,460   25,156   (10,251) 47,794
Occupancy, equipment and communication 16,495   12,758   32,602 25,931
Depreciation and amortization 3,395   1,096   6,876 1,989
Provision (relief) for foreclosure losses 0   0   0 0
Income tax expense 0   0   0 0
Net income 25,615   78,773   89,050 238,897
Servicing | Operating Segments            
Revenue            
Loan origination fees and gain on sale of loans, net 1,527   1,602   5,645 3,393
Loan servicing and other fees 54,595   47,652   107,772 92,851
Valuation adjustment of mortgage servicing rights 21,074   (84,789)   205,675 (49,046)
Interest income (expense) (358)   (1,637)   (4,625) (4,498)
Other income, net 56   18   75 40
Net revenue 76,894   (37,154)   314,542 42,740
Expenses            
Salaries, incentive compensation and benefits 7,509   7,075   14,767 14,288
General and administrative 2,254   3,815   4,922 5,671
Occupancy, equipment and communication 1,293   1,026   2,397 2,134
Depreciation and amortization 162   222   324 412
Provision (relief) for foreclosure losses 1,796   (442)   1,475 2,019
Income tax expense 0   0   0 0
Net income $ 63,880   $ (48,850)   $ 290,657 $ 18,216