Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the three months ended June 30, 2023:
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Origination |
|
Servicing |
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Total Segments |
|
All Other |
|
Total |
Revenue |
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|
|
|
|
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|
Loan origination fees and gain on sale of loans, net |
$ |
136,499 |
|
|
$ |
426 |
|
|
$ |
136,925 |
|
|
$ |
— |
|
|
$ |
136,925 |
|
Gain on reverse mortgage loans held for investment |
2,306 |
|
|
— |
|
|
2,306 |
|
|
— |
|
|
2,306 |
|
Loan servicing and other fees |
— |
|
|
60,249 |
|
|
60,249 |
|
|
(38) |
|
|
60,211 |
|
Valuation adjustment of mortgage servicing rights |
— |
|
|
27,890 |
|
|
27,890 |
|
|
— |
|
|
27,890 |
|
Interest income (expense) |
1,331 |
|
|
10,266 |
|
|
11,597 |
|
|
(2,342) |
|
|
9,255 |
|
Other income, net |
168 |
|
|
49 |
|
|
217 |
|
|
7 |
|
|
224 |
|
Net revenue |
140,304 |
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|
98,880 |
|
|
239,184 |
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|
(2,373) |
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|
236,811 |
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Expenses |
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|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits |
127,024 |
|
|
7,495 |
|
|
134,519 |
|
|
10,384 |
|
|
144,903 |
|
General and administrative |
15,061 |
|
|
2,240 |
|
|
17,301 |
|
|
3,147 |
|
|
20,448 |
|
Occupancy, equipment and communication |
16,187 |
|
|
1,223 |
|
|
17,410 |
|
|
992 |
|
|
18,402 |
|
Depreciation and amortization |
3,364 |
|
|
218 |
|
|
3,582 |
|
|
79 |
|
|
3,661 |
|
Reversal of foreclosure losses |
— |
|
|
(1,044) |
|
|
(1,044) |
|
|
— |
|
|
(1,044) |
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Income tax expense |
— |
|
|
— |
|
|
— |
|
|
13,505 |
|
|
13,505 |
|
Net (loss) income |
$ |
(21,332) |
|
|
$ |
88,748 |
|
|
$ |
67,416 |
|
|
$ |
(30,480) |
|
|
$ |
36,936 |
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The following table presents the financial performance and results by segment for the six months ended June 30, 2023:
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Origination |
|
Servicing |
|
Total Segments |
|
All Other |
|
Total |
Revenue |
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|
|
|
|
|
|
|
|
Loan origination fees and gain on sale of loans, net |
$ |
228,775 |
|
|
$ |
801 |
|
|
$ |
229,576 |
|
|
$ |
— |
|
|
$ |
229,576 |
|
Gain on reverse mortgage loans held for investment |
2,306 |
|
|
— |
|
|
2,306 |
|
|
— |
|
|
2,306 |
|
Loan servicing and other fees |
— |
|
|
120,336 |
|
|
120,336 |
|
|
(38) |
|
|
120,298 |
|
Valuation adjustment of mortgage servicing rights |
— |
|
|
(26,981) |
|
|
(26,981) |
|
|
— |
|
|
(26,981) |
|
Interest income (expense) |
2,631 |
|
|
17,676 |
|
|
20,307 |
|
|
(5,069) |
|
|
15,238 |
|
Other income, net |
166 |
|
|
101 |
|
|
267 |
|
|
(8) |
|
|
259 |
|
Net revenue |
233,878 |
|
|
111,933 |
|
|
345,811 |
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|
(5,115) |
|
|
340,696 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits |
220,281 |
|
|
15,069 |
|
|
235,350 |
|
|
20,673 |
|
|
256,023 |
|
General and administrative |
29,555 |
|
|
5,120 |
|
|
34,675 |
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|
6,656 |
|
|
41,331 |
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Occupancy, equipment and communication |
31,361 |
|
|
2,481 |
|
|
33,842 |
|
|
1,990 |
|
|
35,832 |
|
Depreciation and amortization |
6,763 |
|
|
360 |
|
|
7,123 |
|
|
276 |
|
|
7,399 |
|
Provision for foreclosure losses |
— |
|
|
470 |
|
|
470 |
|
|
— |
|
|
470 |
|
Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
(100) |
|
|
(100) |
|
Net (loss) income |
$ |
(54,082) |
|
|
$ |
88,433 |
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|
$ |
34,351 |
|
|
$ |
(34,610) |
|
|
$ |
(259) |
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The following table presents the financial performance and results by segment for the three months ended June 30, 2022:
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Origination |
|
Servicing |
|
Total Segments |
|
All Other |
|
Total |
Revenue |
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|
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|
|
|
|
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|
Loan origination fees and gain on sale of loans, net |
$ |
206,445 |
|
|
$ |
1,527 |
|
|
$ |
207,972 |
|
|
$ |
— |
|
|
$ |
207,972 |
|
Loan servicing and other fees |
— |
|
|
54,595 |
|
|
54,595 |
|
|
— |
|
|
54,595 |
|
Valuation adjustment of mortgage servicing rights |
— |
|
|
21,074 |
|
|
21,074 |
|
|
— |
|
|
21,074 |
|
Interest income (expense) |
5,678 |
|
|
(358) |
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|
5,320 |
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|
(1,446) |
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|
3,874 |
|
Other income, net |
(25) |
|
|
56 |
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|
31 |
|
|
(9) |
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|
22 |
|
Net revenue |
212,098 |
|
|
76,894 |
|
|
288,992 |
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|
(1,455) |
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|
287,537 |
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Expenses |
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|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits |
165,133 |
|
|
7,509 |
|
|
172,642 |
|
|
5,550 |
|
|
178,192 |
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General and administrative |
1,460 |
|
|
2,254 |
|
|
3,714 |
|
|
2,657 |
|
|
6,371 |
|
Occupancy, equipment and communication |
16,495 |
|
|
1,293 |
|
|
17,788 |
|
|
1,185 |
|
|
18,973 |
|
Depreciation and amortization |
3,395 |
|
|
162 |
|
|
3,557 |
|
|
251 |
|
|
3,808 |
|
Provision for foreclosure losses |
— |
|
|
1,796 |
|
|
1,796 |
|
|
— |
|
|
1,796 |
|
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
20,108 |
|
|
20,108 |
|
Net income (loss) |
$ |
25,615 |
|
|
$ |
63,880 |
|
|
$ |
89,495 |
|
|
$ |
(31,206) |
|
|
$ |
58,289 |
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The following table presents the financial performance and results by segment for the six months ended June 30, 2022:
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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 |
$ |
444,966 |
|
|
$ |
5,645 |
|
|
$ |
450,611 |
|
|
$ |
— |
|
|
$ |
450,611 |
|
Loan servicing and other fees |
— |
|
|
107,772 |
|
|
107,772 |
|
|
— |
|
|
107,772 |
|
Valuation adjustment of mortgage servicing rights |
— |
|
|
205,675 |
|
|
205,675 |
|
|
— |
|
|
205,675 |
|
Interest income (expense) |
12,795 |
|
|
(4,625) |
|
|
8,170 |
|
|
(3,171) |
|
|
4,999 |
|
Other income, net |
(25) |
|
|
75 |
|
|
50 |
|
|
192 |
|
|
242 |
|
Net revenue |
457,736 |
|
|
314,542 |
|
|
772,278 |
|
|
(2,979) |
|
|
769,299 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Salaries, incentive compensation and benefits |
339,459 |
|
|
14,767 |
|
|
354,226 |
|
|
11,295 |
|
|
365,521 |
|
General and administrative |
(10,251) |
|
|
4,922 |
|
|
(5,329) |
|
|
6,070 |
|
|
741 |
|
Occupancy, equipment and communication |
32,602 |
|
|
2,397 |
|
|
34,999 |
|
|
2,286 |
|
|
37,285 |
|
Depreciation and amortization |
6,876 |
|
|
324 |
|
|
7,200 |
|
|
521 |
|
|
7,721 |
|
Provision for foreclosure losses |
— |
|
|
1,475 |
|
|
1,475 |
|
|
— |
|
|
1,475 |
|
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
90,294 |
|
|
90,294 |
|
Net income (loss) |
$ |
89,050 |
|
|
$ |
290,657 |
|
|
$ |
379,707 |
|
|
$ |
(113,445) |
|
|
$ |
266,262 |
|
|