Annual report pursuant to Section 13 and 15(d)

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

v3.22.4
SEGMENTS - Summary of Financial Performance and Results by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue    
Loan origination fees and gain on sale of loans, net $ 703,674 $ 1,480,516
Loan servicing and other fees 223,403 194,759
Valuation adjustment of mortgage servicing rights 217,551 (101,572)
Interest income (expense) 18,904 2,520
Other income, net 1,289 87
Net revenue 1,164,821 1,576,310
Expenses    
Salaries, incentive compensation and benefits 619,185 1,019,790
General and administrative 38,085 91,291
Occupancy, equipment and communication 71,707 67,328
Depreciation and amortization 15,525 11,488
Provision for (reversal of) foreclosure losses 300 (518)
Income tax expense 91,389 103,149
Net income 328,630 283,782
Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 703,674 1,480,516
Loan servicing and other fees 223,403 194,759
Valuation adjustment of mortgage servicing rights 217,551 (101,572)
Interest income (expense) 25,580 8,700
Other income, net 1,089 106
Net revenue 1,171,297 1,582,509
Expenses    
Salaries, incentive compensation and benefits 591,195 981,469
General and administrative 24,906 81,202
Occupancy, equipment and communication 67,375 61,914
Depreciation and amortization 14,543 10,061
Provision for (reversal of) foreclosure losses 300 (518)
Income tax expense 0 0
Net income 472,978 448,381
Corporate, Non-Segment    
Revenue    
Loan origination fees and gain on sale of loans, net 0 0
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense) (6,676) (6,180)
Other income, net 200 (19)
Net revenue (6,476) (6,199)
Expenses    
Salaries, incentive compensation and benefits 27,990 38,321
General and administrative 13,179 10,089
Occupancy, equipment and communication 4,332 5,414
Depreciation and amortization 982 1,427
Provision for (reversal of) foreclosure losses 0 0
Income tax expense 91,389 103,149
Net income (144,348) (164,599)
Origination | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 697,822 1,468,465
Loan servicing and other fees 0 0
Valuation adjustment of mortgage servicing rights 0 0
Interest income (expense) 20,115 16,582
Other income, net (57) (4)
Net revenue 717,880 1,485,043
Expenses    
Salaries, incentive compensation and benefits 562,194 953,772
General and administrative 15,249 71,480
Occupancy, equipment and communication 62,556 57,718
Depreciation and amortization 13,889 9,319
Provision for (reversal of) foreclosure losses 0 0
Income tax expense 0 0
Net income 63,992 392,754
Servicing | Operating Segments    
Revenue    
Loan origination fees and gain on sale of loans, net 5,852 12,051
Loan servicing and other fees 223,403 194,759
Valuation adjustment of mortgage servicing rights 217,551 (101,572)
Interest income (expense) 5,465 (7,882)
Other income, net 1,146 110
Net revenue 453,417 97,466
Expenses    
Salaries, incentive compensation and benefits 29,001 27,697
General and administrative 9,657 9,722
Occupancy, equipment and communication 4,819 4,196
Depreciation and amortization 654 742
Provision for (reversal of) foreclosure losses 300 (518)
Income tax expense 0 0
Net income $ 408,986 $ 55,627