v3.26.1
Business Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30, 2026
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$229.3 $— $— $229.3 
Gain on reverse loans and HMBS-related borrowings, net2.2 1.6 — 3.8 
Gain (loss) on loans held for sale, net
(3.6)33.0 — 29.4 
Other revenue, net5.7 14.7 — 20.4 
Revenue233.6 49.3 — 282.9 
MSR valuation adjustments, net
(83.1)12.6 — (70.5)
Operating expenses
 
 
 
 
Compensation and benefits21.8 21.1 26.9 69.8 
Servicing and origination 17.8 5.3 — 23.1 
Technology and communications8.2 3.1 6.6 17.9 
Professional services7.2 0.6 8.9 16.7 
Occupancy, equipment and mailing6.4 1.3 0.5 8.2 
Corporate overhead allocations14.6 5.1 (19.7)— 
Other expenses 0.2 1.2 1.9 3.3 
Operating expenses76.2 37.7 25.1 139.0 
Other income (expense):
Interest income24.9 29.6 1.0 55.5 
Interest expense (71.6)(25.7)(5.8)(103.1)
Pledged MSR liability expense(38.2)— — (38.2)
Other, net
(2.2)(0.7)0.2 (2.7)
Other income (expense), net
(87.1)3.2 (4.6)(88.5)
Income (loss) before income taxes$(12.8)$27.4 $(29.7)$(15.1)
Three Months Ended June 30, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$211.3 $— $— $211.3 
Gain on reverse loans and HMBS-related borrowings, net
5.9 6.1 — 11.9 
Gain (loss) on loans held for sale, net
(5.0)15.4 — 10.4 
Other revenue, net5.0 8.0 — 13.0 
Revenue 217.1 29.5 — 246.6 
MSR valuation adjustments, net
(31.4)4.2 — (27.3)
Operating expenses
 
 
 
 
Compensation and benefits22.9 13.8 24.2 60.9 
Servicing and origination 10.5 2.6 (0.1)13.0 
Technology and communications7.5 2.3 5.7 15.5 
Professional services1.1 0.5 6.8 8.4 
Occupancy, equipment and mailing6.9 0.8 0.4 8.1 
Corporate overhead allocations13.1 3.9 (17.0)— 
Other expenses 0.6 1.7 1.3 3.7 
Operating expenses
62.6 25.6 21.3 109.5 
Other income (expense):
Interest income11.7 19.4 1.1 32.1 
Interest expense (51.1)(18.3)(6.3)(75.6)
Pledged MSR liability expense(43.0)— — (43.0)
Other, net
(0.2)(0.1)(0.1)(0.4)
Other income (expense), net(82.7)1.0 (5.3)(87.0)
Income (loss) before income taxes$40.4 $9.0 $(26.6)$22.8 
Six Months Ended June 30, 2026
Results of Operations ServicingOriginationsCorporateBusiness Segments Consolidated
Servicing and subservicing fees$451.7 $— $— $451.7 
Gain on reverse loans and HMBS-related borrowings, net16.5 6.0 — 22.5 
Gain (loss) on loans held for sale, net
(6.3)69.8 — 63.5 
Other revenue, net12.2 27.3 — 39.5 
Revenue 474.1 103.1 — 577.2 
MSR valuation adjustments, net (163.6)24.1 — (139.5)
Operating expenses
Compensation and benefits45.0 41.9 52.6 139.5 
Servicing and origination 33.0 8.6 — 41.6 
Technology and communications16.4 5.9 13.1 35.4 
Professional services14.5 1.1 15.8 31.4 
Occupancy, equipment and mailing13.7 2.1 0.9 16.7 
Corporate overhead allocations29.3 10.3 (39.6)— 
Other expenses 0.4 2.8 3.4 6.6 
Operating expenses152.3 72.7 46.2 271.2 
Other income (expense):
Interest income42.9 51.4 2.2 96.5 
Interest expense (130.1)(44.3)(11.3)(185.7)
Pledged MSR liability expense(80.9)— 0.1 (80.8)
Other, net
(2.8)(1.1)0.3 (3.6)
Other income (expense), net
(170.9)6.0 (8.7)(173.6)
Income (loss) before income taxes$(12.7)$60.5 $(54.9)$(7.1)
Six Months Ended June 30, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$414.6 $— $— $414.6 
Gain on reverse loans and HMBS-related borrowings, net22.8 12.9 — 35.7 
Gain (loss) on loans held for sale, net (8.8)31.0 — 22.2 
Other revenue, net9.7 14.2 — 23.9 
Revenue438.3 58.1 — 496.4 
MSR valuation adjustments, net (73.3)7.2 — (66.2)
Operating expenses
Compensation and benefits46.0 26.2 46.1 118.4 
Servicing and origination 22.2 3.7 0.1 26.0 
Technology and communications14.9 4.3 11.2 30.5 
Professional services7.4 1.0 22.7 31.0 
Occupancy, equipment and mailing14.1 1.5 0.7 16.3 
Corporate overhead allocations25.5 7.8 (33.4)— 
Other expenses 1.1 3.2 2.9 7.2 
Operating expenses131.2 47.9 50.4 229.4 
Other income (expense):
Interest income23.5 32.7 2.1 58.3 
Interest expense (98.9)(31.0)(12.7)(142.7)
Pledged MSR liability expense(85.0)— 0.1 (84.9)
Other, net
0.3 (0.5)0.7 0.4 
Other income (expense), net
(160.2)1.2 (9.8)(168.8)
Income (loss) before income taxes$73.5 $18.6 $(60.2)$32.0 
Total AssetsServicingOriginations
Corporate
Business Segments Consolidated
June 30, 2026$9,880.3 $2,116.0 $354.0 $12,350.3 
December 31, 202514,683.5 1,252.3 234.8 16,170.6