| Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the year ended December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
|
|
|
|
|
|
|
|
|
| Loan origination fees and gain on sale of loans, net |
$ |
697,822 |
|
|
$ |
5,852 |
|
|
$ |
703,674 |
|
|
$ |
— |
|
|
$ |
703,674 |
|
| Loan servicing and other fees |
— |
|
|
223,403 |
|
|
223,403 |
|
|
— |
|
|
223,403 |
|
| Valuation adjustment of mortgage servicing rights |
— |
|
|
217,551 |
|
|
217,551 |
|
|
— |
|
|
217,551 |
|
| Interest income (expense) |
20,115 |
|
|
5,465 |
|
|
25,580 |
|
|
(6,676) |
|
|
18,904 |
|
| Other income, net |
(57) |
|
|
1,146 |
|
|
1,089 |
|
|
200 |
|
|
1,289 |
|
| Net revenue |
717,880 |
|
|
453,417 |
|
|
1,171,297 |
|
|
(6,476) |
|
|
1,164,821 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Salaries, incentive compensation and benefits |
562,194 |
|
|
29,001 |
|
|
591,195 |
|
|
27,990 |
|
|
619,185 |
|
| General and administrative |
15,249 |
|
|
9,657 |
|
|
24,906 |
|
|
13,179 |
|
|
38,085 |
|
| Occupancy, equipment and communication |
62,556 |
|
|
4,819 |
|
|
67,375 |
|
|
4,332 |
|
|
71,707 |
|
| Depreciation and amortization |
13,889 |
|
|
654 |
|
|
14,543 |
|
|
982 |
|
|
15,525 |
|
| Provision for foreclosure losses |
— |
|
|
300 |
|
|
300 |
|
|
— |
|
|
300 |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
91,389 |
|
|
91,389 |
|
| Net income (loss) |
$ |
63,992 |
|
|
$ |
408,986 |
|
|
$ |
472,978 |
|
|
$ |
(144,348) |
|
|
$ |
328,630 |
|
The following table presents the financial performance and results by segment for the year ended December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
|
|
|
|
|
|
|
|
|
| Loan origination fees and gain on sale of loans, net |
$ |
1,468,465 |
|
|
$ |
12,051 |
|
|
$ |
1,480,516 |
|
|
$ |
— |
|
|
$ |
1,480,516 |
|
| Loan servicing and other fees |
— |
|
|
194,759 |
|
|
194,759 |
|
|
— |
|
|
194,759 |
|
| Valuation adjustment of mortgage servicing rights |
— |
|
|
(101,572) |
|
|
(101,572) |
|
|
— |
|
|
(101,572) |
|
| Interest income (expense) |
16,582 |
|
|
(7,882) |
|
|
8,700 |
|
|
(6,180) |
|
|
2,520 |
|
| Other income, net |
(4) |
|
|
110 |
|
|
106 |
|
|
(19) |
|
|
87 |
|
| Net revenue |
1,485,043 |
|
|
97,466 |
|
|
1,582,509 |
|
|
(6,199) |
|
|
1,576,310 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Salaries, incentive compensation and benefits |
953,772 |
|
|
27,697 |
|
|
981,469 |
|
|
38,321 |
|
|
1,019,790 |
|
| General and administrative |
71,480 |
|
|
9,722 |
|
|
81,202 |
|
|
10,089 |
|
|
91,291 |
|
| Occupancy, equipment and communication |
57,718 |
|
|
4,196 |
|
|
61,914 |
|
|
5,414 |
|
|
67,328 |
|
| Depreciation and amortization |
9,319 |
|
|
742 |
|
|
10,061 |
|
|
1,427 |
|
|
11,488 |
|
| Reversal of provision for foreclosure losses |
— |
|
|
(518) |
|
|
(518) |
|
|
— |
|
|
(518) |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
103,149 |
|
|
103,149 |
|
| Net income (loss) |
$ |
392,754 |
|
|
$ |
55,627 |
|
|
$ |
448,381 |
|
|
$ |
(164,599) |
|
|
$ |
283,782 |
|
|