Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue                
Loan origination fees and gain on sale of loans, net $ 154,618     $ 396,961     $ 605,229 $ 1,174,308
Loan servicing and other fees 57,647     50,248     165,419 143,099
Valuation adjustment of mortgage servicing rights 41,764     (35,535)     247,439 (84,581)
Interest income (expense) 6,251     1,342     11,250 356
Other income, net 940     (59)     1,182 71
Net revenue 261,220     412,957     1,030,519 1,233,253
Expenses                
Salaries, incentive compensation and benefits 137,372     270,894     502,893 770,181
General and administrative 19,412     24,807     20,153 83,508
Occupancy, equipment and communication 17,302     18,014     54,587 47,508
Depreciation and amortization 3,895     4,107     11,616 7,369
Reversal of provision for foreclosure losses (3,449)     (2,325)     (1,974) (306)
Income tax expense 9,321     25,364     99,615 83,355
Net income (loss) 77,367 $ 58,289 $ 207,973 72,096 $ 8,938 $ 160,604 343,629 241,638
Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 154,618     396,961     605,229 1,174,308
Loan servicing and other fees 57,647     50,248     165,419 143,099
Valuation adjustment of mortgage servicing rights 41,764     (35,535)     247,439 (84,581)
Interest income (expense) 7,780     2,927     15,950 4,930
Other income, net 947     (25)     997 47
Net revenue 262,756     414,576     1,035,034 1,237,803
Expenses                
Salaries, incentive compensation and benefits 131,864     263,071     486,090 743,235
General and administrative 16,126     23,448     10,797 76,913
Occupancy, equipment and communication 16,245     16,066     51,244 44,131
Depreciation and amortization 3,657     3,730     10,857 6,131
Reversal of provision for foreclosure losses (3,449)     (2,325)     (1,974) (306)
Income tax expense 0     0     0 0
Net income (loss) 98,313     110,586     478,020 367,699
All Other                
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) (1,529)     (1,585)     (4,700) (4,574)
Other income, net (7)     (34)     185 24
Net revenue (1,536)     (1,619)     (4,515) (4,550)
Expenses                
Salaries, incentive compensation and benefits 5,508     7,823     16,803 26,946
General and administrative 3,286     1,359     9,356 6,595
Occupancy, equipment and communication 1,057     1,948     3,343 3,377
Depreciation and amortization 238     377     759 1,238
Reversal of provision for foreclosure losses 0     0     0 0
Income tax expense 9,321     25,364     99,615 83,355
Net income (loss) (20,946)     (38,490)     (134,391) (126,061)
Origination | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 154,319     392,672     599,285 1,166,626
Loan servicing and other fees 0     0     0 0
Valuation adjustment of mortgage servicing rights 0     0     0 0
Interest income (expense) 4,388     4,746     17,183 11,247
Other income, net (32)     (32)     (57) 0
Net revenue 158,675     397,386     616,411 1,177,873
Expenses                
Salaries, incentive compensation and benefits 124,909     256,728     464,368 722,604
General and administrative 13,706     21,507     3,455 69,301
Occupancy, equipment and communication 15,043     15,107     47,645 41,038
Depreciation and amortization 3,498     3,564     10,374 5,553
Reversal of provision for foreclosure losses 0     0     0 0
Income tax expense 0     0     0 0
Net income (loss) 1,519     100,480     90,569 339,377
Servicing | Operating Segments                
Revenue                
Loan origination fees and gain on sale of loans, net 299     4,289     5,944 7,682
Loan servicing and other fees 57,647     50,248     165,419 143,099
Valuation adjustment of mortgage servicing rights 41,764     (35,535)     247,439 (84,581)
Interest income (expense) 3,392     (1,819)     (1,233) (6,317)
Other income, net 979     7     1,054 47
Net revenue 104,081     17,190     418,623 59,930
Expenses                
Salaries, incentive compensation and benefits 6,955     6,343     21,722 20,631
General and administrative 2,420     1,941     7,342 7,612
Occupancy, equipment and communication 1,202     959     3,599 3,093
Depreciation and amortization 159     166     483 578
Reversal of provision for foreclosure losses (3,449)     (2,325)     (1,974) (306)
Income tax expense 0     0     0 0
Net income (loss) $ 96,794     $ 10,106     $ 387,451 $ 28,322