Segments - Summary of Financial Performance and Results by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| 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 (expense) | (583) | 2,108 | (1,075) | 4,302 | ||
| Other income (expense) | (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 | ||
| Income tax expense (benefit) | 64,223 | (2,661) | 100,688 | (18,050) | ||
| Net income (loss) | 182,086 | 8,496 | $ 110,781 | $ (46,998) | 292,867 | (38,502) |
| Reportable Segments | ||||||
| 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 (expense) | 1,478 | 4,000 | 5,277 | 10,797 | ||
| Other income (expense) | 7 | 12 | 32 | 37 | ||
| Net revenue | 565,647 | 219,677 | 1,174,264 | 462,217 | ||
| Expenses | ||||||
| Salaries, incentive compensation and benefits | 249,800 | 170,766 | 609,060 | 408,894 | ||
| General and administrative | 25,492 | 16,698 | 69,612 | 42,054 | ||
| Occupancy, equipment and communication | 12,302 | 12,121 | 37,672 | 37,039 | ||
| Depreciation and amortization | 1,280 | 1,665 | 4,095 | 5,154 | ||
| Provision for foreclosure losses | 547 | 1,497 | 2,407 | 2,271 | ||
| Net income (loss) | 276,226 | 16,930 | 451,418 | (33,195) | ||
| Reportable Segments | Production | ||||||
| Revenue | ||||||
| Loan origination fees and gain on sale of loans, net | 563,162 | 269,382 | 1,293,621 | 594,864 | ||
| Interest income (expense) | 3,864 | 2,303 | 10,274 | 9,107 | ||
| Other income (expense) | 7 | 12 | 32 | 37 | ||
| Net revenue | 567,033 | 271,697 | 1,303,927 | 604,008 | ||
| Expenses | ||||||
| Salaries, incentive compensation and benefits | 244,787 | 166,909 | 594,830 | 397,594 | ||
| General and administrative | 22,432 | 14,527 | 59,579 | 34,805 | ||
| Occupancy, equipment and communication | 10,721 | 10,988 | 34,876 | 35,033 | ||
| Depreciation and amortization | 1,165 | 1,588 | 3,766 | 4,923 | ||
| Net income (loss) | 287,928 | 77,685 | 610,876 | 131,653 | ||
| Reportable Segments | Servicing | ||||||
| Revenue | ||||||
| Loan origination fees and gain on sale of loans, net | 1,847 | 711 | 4,681 | 2,732 | ||
| 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 (expense) | (2,386) | 1,697 | (4,997) | 1,690 | ||
| Net revenue | (1,386) | (52,020) | (129,663) | (141,791) | ||
| Expenses | ||||||
| Salaries, incentive compensation and benefits | 5,013 | 3,857 | 14,230 | 11,300 | ||
| General and administrative | 3,060 | 2,171 | 10,033 | 7,249 | ||
| Occupancy, equipment and communication | 1,581 | 1,133 | 2,796 | 2,006 | ||
| Depreciation and amortization | 115 | 77 | 329 | 231 | ||
| Provision for foreclosure losses | 547 | 1,497 | 2,407 | 2,271 | ||
| Net income (loss) | (11,702) | (60,755) | (159,458) | (164,848) | ||
| All Other | ||||||
| Revenue | ||||||
| Interest income (expense) | (2,061) | (1,892) | (6,352) | (6,495) | ||
| Other income (expense) | (42) | (7) | (71) | 1,149 | ||
| Net revenue | (2,103) | (1,899) | (6,423) | (5,346) | ||
| Expenses | ||||||
| Salaries, incentive compensation and benefits | 23,760 | 5,950 | 41,398 | 9,138 | ||
| General and administrative | 1,779 | 1,799 | 5,851 | 5,067 | ||
| Occupancy, equipment and communication | 2,015 | 1,300 | 3,600 | 3,324 | ||
| Depreciation and amortization | 260 | 147 | 591 | 482 | ||
| Income tax expense (benefit) | 64,223 | (2,661) | 100,688 | (18,050) | ||
| Net income (loss) | $ (94,140) | $ (8,434) | $ (158,551) | $ (5,307) | ||