SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

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, 2025:


(in thousands)						Origination						Servicing						Total Segments						All Other						Total
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, net						2,915						—						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, net						522						1						523						5						528
Net revenue						190,601						12,980						203,581						(5,095)						198,486
Expenses
Salaries, incentive compensation and benefits						149,921						10,172						160,093						13,119						173,212
General and administrative						21,573						3,720						25,293						3,860						29,153
Occupancy, equipment and communication						18,542						1,142						19,684						2,036						21,720
Depreciation and amortization						3,421						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)						Origination						Servicing						Total Segments						All Other						Total
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, net						3,230						—						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), net						364						22						386						(647)						(261)
Net revenue						137,922						97,440						235,362						(3,580)						231,782
Expenses
Salaries, incentive compensation and benefits						121,105						8,145						129,250						10,817						140,067
General and administrative						20,548						3,862						24,410						4,801						29,211
Occupancy, equipment and communication						16,935						966						17,901						1,914						19,815
Depreciation and amortization						3,491						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