v3.26.1
Business Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segment Reporting
Note 19 – Business Segment Reporting
Our business segments reflect the internal reporting that our Chief Executive Officer, whom we have determined to be our Chief Operating Decision Maker (CODM), uses to evaluate our operating and financial performance and to assess the allocation of our resources. The CODM reviews detailed segment results and key metrics, and uses pre-tax income calculated both on a GAAP basis and on a managed or adjusted basis, as internally defined, to assess the segment performance and allocate resources. The segment information presented below is prepared under GAAP, consistent with the amounts included in our consolidated financial statements. Our current reportable segments consist of Servicing, Originations, and Corporate.
Financial information for our segments prepared under GAAP is as follows:
Three Months Ended March 31, 2026
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$222.4 $— $— $222.4 
Gain on reverse loans and HMBS-related borrowings, net14.2 4.5 — 18.7 
Gain (loss) on loans held for sale, net
(2.7)36.9 — 34.1 
Other revenue, net6.5 12.6 — 19.1 
Revenue240.3 53.9 — 294.3 
MSR valuation adjustments, net
(80.5)11.5 — (69.0)
Operating expenses
 
 
 
 
Compensation and benefits23.2 20.8 25.7 69.7 
Servicing and origination 15.2 3.3 — 18.5 
Technology and communications8.3 2.8 6.4 17.5 
Professional services7.3 0.6 6.9 14.8 
Occupancy, equipment and mailing7.2 0.8 0.5 8.5 
Corporate overhead allocations14.7 5.2 (19.9)— 
Other expenses 0.2 1.5 1.4 3.1 
Operating expenses76.1 35.0 21.0 132.2 
Other income (expense):
Interest income18.0 21.8 1.2 41.0 
Interest expense (58.5)(18.6)(5.6)(82.7)
Pledged MSR liability expense(42.6)— — (42.6)
Other, net
(0.6)(0.4)0.1 (0.9)
Other income (expense), net
(83.7)2.8 (4.3)(85.2)
Income (loss) before income taxes$— $33.2 $(25.2)$7.9 
Three Months Ended March 31, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$203.3 $— $— 203.3 
Gain on reverse loans 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, net4.8 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 benefits23.1 12.4 21.9 57.4 
Servicing and origination 11.7 1.1 0.2 13.0 
Technology and communications7.4 2.1 5.5 15.0 
Professional services6.3 0.5 15.9 22.6 
Occupancy, equipment and mailing7.1 0.7 0.4 8.2 
Corporate overhead allocations12.4 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 income11.8 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 
Total AssetsServicingOriginations
Corporate
Business Segments Consolidated
March 31, 2026$15,175.1 $2,212.4 $347.7 $17,735.2 
December 31, 202514,683.5 1,252.3 234.8 16,170.6