| Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the three months ended March 31, 2023:
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|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
|
|
|
|
|
|
|
|
|
| Loan origination fees and gain on sale of loans, net |
$ |
92,276 |
|
|
$ |
375 |
|
|
$ |
92,651 |
|
|
$ |
— |
|
|
$ |
92,651 |
|
| Loan servicing and other fees |
— |
|
|
60,087 |
|
|
60,087 |
|
|
— |
|
|
60,087 |
|
| Valuation adjustment of mortgage servicing rights |
— |
|
|
(54,871) |
|
|
(54,871) |
|
|
— |
|
|
(54,871) |
|
| Interest income (expense) |
1,300 |
|
|
7,410 |
|
|
8,710 |
|
|
(2,727) |
|
|
5,983 |
|
| Other income, net |
(2) |
|
|
52 |
|
|
50 |
|
|
(15) |
|
|
35 |
|
| Net revenue |
93,574 |
|
|
13,053 |
|
|
106,627 |
|
|
(2,742) |
|
|
103,885 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Salaries, incentive compensation and benefits |
93,257 |
|
|
7,574 |
|
|
100,831 |
|
|
10,289 |
|
|
111,120 |
|
| General and administrative |
14,494 |
|
|
2,880 |
|
|
17,374 |
|
|
3,509 |
|
|
20,883 |
|
| Occupancy, equipment and communication |
15,174 |
|
|
1,258 |
|
|
16,432 |
|
|
998 |
|
|
17,430 |
|
| Depreciation and amortization |
3,399 |
|
|
142 |
|
|
3,541 |
|
|
197 |
|
|
3,738 |
|
| Provision for foreclosure losses |
— |
|
|
1,514 |
|
|
1,514 |
|
|
— |
|
|
1,514 |
|
| Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
(13,605) |
|
|
(13,605) |
|
| Net loss |
$ |
(32,750) |
|
|
$ |
(315) |
|
|
$ |
(33,065) |
|
|
$ |
(4,130) |
|
|
$ |
(37,195) |
|
The following table presents the financial performance and results by segment for the three months ended March 31, 2022:
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|
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|
|
|
|
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|
|
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|
|
|
|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
|
|
|
|
|
|
|
|
|
| Loan origination fees and gain on sale of loans, net |
$ |
238,521 |
|
|
$ |
4,118 |
|
|
$ |
242,639 |
|
|
$ |
— |
|
|
$ |
242,639 |
|
| Loan servicing and other fees |
— |
|
|
53,177 |
|
|
53,177 |
|
|
— |
|
|
53,177 |
|
| Valuation adjustment of mortgage servicing rights |
— |
|
|
184,601 |
|
|
184,601 |
|
|
— |
|
|
184,601 |
|
| Interest income (expense) |
7,117 |
|
|
(4,267) |
|
|
2,850 |
|
|
(1,725) |
|
|
1,125 |
|
| Other income, net |
— |
|
|
19 |
|
|
19 |
|
|
201 |
|
|
220 |
|
| Net revenue |
245,638 |
|
|
237,648 |
|
|
483,286 |
|
|
(1,524) |
|
|
481,762 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Salaries, incentive compensation and benefits |
174,326 |
|
|
7,258 |
|
|
181,584 |
|
|
5,745 |
|
|
187,329 |
|
| General and administrative |
(11,711) |
|
|
2,668 |
|
|
(9,043) |
|
|
3,413 |
|
|
(5,630) |
|
| Occupancy, equipment and communication |
16,107 |
|
|
1,104 |
|
|
17,211 |
|
|
1,101 |
|
|
18,312 |
|
| Depreciation and amortization |
3,481 |
|
|
162 |
|
|
3,643 |
|
|
270 |
|
|
3,913 |
|
| Reversal of provision for foreclosure losses |
— |
|
|
(321) |
|
|
(321) |
|
|
— |
|
|
(321) |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
70,186 |
|
|
70,186 |
|
| Net income (loss) |
$ |
63,435 |
|
|
$ |
226,777 |
|
|
$ |
290,212 |
|
|
$ |
(82,239) |
|
|
$ |
207,973 |
|
|