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SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS
NOTE 16—SEGMENTS
ASC 280, Segment Reporting, establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments — Origination and Servicing, based on the Company’s business lines that offer different products and services, as described below.
Origination — The Company operates its loan origination business throughout the United States. Its licensed sales professionals and support staff cultivate deep relationships with referral partners and clients and provide a customized approach to the loan transaction whether it is a purchase or refinance. The origination segment is primarily responsible for loan origination, acquisition and sale activities.
Servicing — The Company services loans primarily out of its corporate office in San Diego, California. Properties of the loans serviced by the Company are disbursed throughout the United States and as of March 31, 2025 the Company serviced at least one loan in 49 different states and the District of Columbia. The servicing segment provides a steady stream of cash flow to support the origination segment, and more importantly, it allows for the Company to build long-standing client relationships that drive repeat and referral business back to the origination segment to recapture the client’s next mortgage transaction. The servicing segment is primarily responsible for the servicing activities of all loans in the Company’s servicing portfolio, which includes, but is not limited to, collection and remittance of loan payments, managing borrower’s impound accounts for taxes and insurance, loan payoffs, loss mitigation and foreclosure activities.
The Company’s chief operating decision maker (“CODM”) is the executive management team consisting of the Chief Executive Officer and the President and Chief Operating Officer. The CODM uses net income for both reportable segments as its primary measure in assessing segment performance and how to allocate resources. The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The balance sheet is managed on a consolidated basis and is not used in the context of segment reporting. The Company also does not allocate certain corporate expenses, which are represented by All Other in the tables below.
The following table presents the financial performance and results by segment for the three months ended March 31, 2025:
(in thousands)
OriginationServicingTotal
Segments		All OtherTotal
Revenue
Loan origination fees and gain on sale of loans, net$184,161 $1,052 $185,213 $— $185,213 
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net2,915 — 2,915 — 2,915 
Loan servicing and other fees— 72,751 72,751 — 72,751 
Valuation adjustment of mortgage servicing rights— (69,936)(69,936)— (69,936)
Interest income
18,478 9,967 28,445 649 29,094 
Interest expense
(15,475)(855)(16,330)(5,749)(22,079)
Other income, net522 1 523 5 528 
Net revenue190,601 12,980 203,581 (5,095)198,486 
Expenses
Salaries, incentive compensation and benefits149,921 10,172 160,093 13,119 173,212 
General and administrative21,573 3,720 25,293 3,860 29,153 
Occupancy, equipment and communication18,542 1,142 19,684 2,036 21,720 
Depreciation and amortization3,421 133 3,554 93 3,647 
Provision for foreclosure losses— 2,378 2,378 — 2,378 
Total expenses
193,457 17,545 211,002 19,108 230,110 
Income tax benefit— — — (7,665)(7,665)
Net loss$(2,856)$(4,565)$(7,421)$(16,538)$(23,959)
The following table presents the financial performance and results by segment for the three months ended March 31, 2024:
(in thousands)
OriginationServicingTotal
Segments		All OtherTotal
Revenue
Loan origination fees and gain on sale of loans, net$133,664 $396 $134,060 $— $134,060 
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net3,230 — 3,230 — 3,230 
Loan servicing and other fees— 65,788 65,788 — 65,788 
Valuation adjustment of mortgage servicing rights— 20,778 20,778 — 20,778 
Interest income
13,231 11,148 24,379 349 24,728 
Interest expense
(12,567)(692)(13,259)(3,282)(16,541)
Other income (expense), net364 22 386 (647)(261)
Net revenue137,922 97,440 235,362 (3,580)231,782 
Expenses
Salaries, incentive compensation and benefits121,105 8,145 129,250 10,817 140,067 
General and administrative20,548 3,862 24,410 4,801 29,211 
Occupancy, equipment and communication16,935 966 17,901 1,914 19,815 
Depreciation and amortization3,491 141 3,632 122 3,754 
Provision for foreclosure losses— 392 392 — 392 
Total expenses
162,079 13,506 175,585 17,654 193,239 
Income tax expense— — — 10,143 10,143 
Net (loss) income$(24,157)$83,934 $59,777 $(31,377)$28,400