Business Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


Financial information for our segments prepared under GAAP is as follows:
			Three Months Ended March 31, 2025
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	203.3					$	—					$	—											$	203.3
Gain on reverse loans held for investment and HMBS-related borrowings, net			16.9						6.9						—												23.8
Gain (loss) on loans held for sale, net			(3.8)						15.6						—												11.8
Other revenue, net			4.8						6.2						—												10.9
Revenue			221.2						28.6						—												249.8

MSR valuation adjustments, net			(41.9)						3.0						—												(38.9)

Operating expenses
Compensation and benefits			23.1						12.4						21.9												57.4
Servicing and origination			11.7						1.1						0.2												13.0
Technology and communications			7.4						2.1						5.5												15.0
Professional services			6.3						0.5						15.9												22.6
Occupancy, equipment and mailing			7.1						0.7						0.4												8.2
Corporate overhead allocations			12.4						3.9						(16.4)												—
Other expenses			0.5						1.5						1.6												3.6
Operating expenses			68.6						22.2						29.1												119.9

Other income (expense):
Interest income			11.8						13.3						1.1												26.2
Interest expense			(47.9)						(12.7)						(6.4)												(67.0)
Pledged MSR liability expense			(41.9)						—						—												(41.9)




Other, net			0.5						(0.4)						0.8												0.9
Other income (expense), net			(77.5)						0.2						(4.5)												(81.9)


Income (loss) before income taxes			$	33.1					$	9.6					$	(33.6)											$	9.1


			Three Months Ended March 31, 2024
Results of Operations			Servicing						Originations						Corporate												Business Segments Consolidated
Servicing and subservicing fees			$	204.2					$	0.3					$	—											204.5
Gain on reverse loans held for investment and HMBS-related borrowings, net			8.6						6.8						—												15.4
Gain on loans held for sale, net			1.8						9.1						—												10.9
Other revenue, net			4.5						3.8						—												8.3
Revenue			219.1						20.0						—												239.1

MSR valuation adjustments, net			(12.5)						0.9						—												(11.6)

Operating expenses
Compensation and benefits			25.3						10.2						18.1												53.6
Servicing and origination			13.3						1.4						0.3												15.0
Technology and communications			6.1						1.7						4.9												12.7
Professional services			7.1						0.3						4.6												12.0
Occupancy, equipment and mailing			6.8						0.5						0.4												7.7
Corporate overhead allocations			10.9						3.9						(14.8)												—
Other expenses			1.1						1.0						1.3												3.4
Operating expenses			70.6						19.0						14.8												104.4

Other income (expense):
Interest income			6.7						9.7						1.1												17.5
Interest expense			(45.8)						(10.4)						(11.2)												(67.4)
Pledged MSR liability expense			(44.9)						—						—												(44.8)
Gain on extinguishment of debt			—						—						1.4												1.4
Earnings of equity method investee			2.7						—						—												2.7



Other, net			(0.5)						(0.1)						—												(0.7)
Other income (expense), net			(81.8)						(0.8)						(8.6)												(91.3)

Income (loss) before income taxes			$	54.2					$	1.1					$	(23.4)											$	31.8


Total Assets			Servicing						Originations						Corporate												Business Segments Consolidated
March 31, 2025			$	15,013.1					$	1,009.6					$	236.6											$	16,259.3
December 31, 2024			15,242.5						945.0						247.9												16,435.4