v3.26.3
Business Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2026
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$224.7 $— $— $224.7 
Gain on reverse loans and HMBS-related borrowings, net6.9 — — 6.9 
Gain on loans held for sale, net2.1 24.5 — 26.6 
Other revenue, net4.0 15.9 — 19.9 
Revenue237.7 40.4 — 278.1 
MSR valuation adjustments, net
(77.9)10.6 — (67.3)
Operating expenses
 
 
 
 
Compensation and benefits19.5 16.4 19.6 55.5 
Servicing and origination 10.9 5.0 — 15.9 
Technology and communications8.7 3.3 6.5 18.5 
Professional services7.5 0.6 8.3 16.4 
Occupancy, equipment and mailing6.5 1.2 0.5 8.2 
Corporate overhead allocations14.4 4.7 (19.1)— 
Other expenses 0.6 1.2 1.6 3.4 
Operating expenses68.1 32.4 17.4 117.9 
Other income (expense):
Interest income28.3 34.1 0.9 63.3 
Interest expense (81.3)(28.2)(6.0)(115.5)
Pledged MSR liability expense(29.9)— — (29.9)
Other, net
(1.6)(0.5)0.6 (1.5)
Other income (expense), net
(84.5)5.4 (4.5)(83.6)
Income (loss) before income taxes$7.2 $24.0 $(21.9)$9.3 
Three Months Ended September 30, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$217.5 $— $— $217.5 
Gain on reverse loans and HMBS-related borrowings, net
6.6 6.4 — 13.0 
Gain on loans held for sale, net3.4 30.7 — 34.1 
Other revenue, net5.6 10.1 — 15.7 
Revenue 233.2 47.1 — 280.3 
MSR valuation adjustments, net
(48.6)3.6 — (45.0)
Operating expenses
 
 
 
 
Compensation and benefits23.4 15.1 24.7 63.3 
Servicing and origination 12.1 3.6 (0.1)15.6 
Technology and communications7.5 2.5 5.9 15.9 
Professional services9.2 0.4 8.7 18.3 
Occupancy, equipment and mailing7.8 0.9 0.4 9.1 
Corporate overhead allocations14.2 4.2 (18.4)— 
Other expenses 0.5 1.5 1.6 3.6 
Operating expenses
74.7 28.2 22.8 125.8 
Other income (expense):
Interest income13.3 23.3 1.0 37.6 
Interest expense (56.8)(20.8)(5.4)(82.9)
Pledged MSR liability expense(41.7)— — (41.7)
Other, net
0.5 (0.1)0.1 0.5 
Other income (expense), net(84.6)2.4 (4.3)(86.5)
Income (loss) before income taxes$25.2 $24.9 $(27.1)$23.1 
Nine Months Ended September 30, 2026
Results of Operations ServicingOriginationsCorporateBusiness Segments Consolidated
Servicing and subservicing fees$676.4 $— $— $676.4 
Gain on reverse loans and HMBS-related borrowings, net23.4 6.0 — 29.4 
Gain (loss) on loans held for sale, net
(4.2)94.4 — 90.2 
Other revenue, net16.2 43.2 — 59.4 
Revenue 711.8 143.6 — 855.4 
MSR valuation adjustments, net (241.5)34.7 — (206.8)
Operating expenses
Compensation and benefits64.5 58.2 72.2 194.9 
Servicing and origination 43.9 13.6 — 57.5 
Technology and communications25.2 9.2 19.5 53.9 
Professional services21.9 1.7 24.2 47.8 
Occupancy, equipment and mailing20.2 3.3 1.4 24.9 
Corporate overhead allocations43.8 14.9 (58.7)— 
Other expenses 1.0 4.0 5.1 10.1 
Operating expenses220.5 104.9 63.7 389.1 
Other income (expense):
Interest income71.2 85.5 3.1 159.8 
Interest expense (211.2)(72.6)(17.4)(301.2)
Pledged MSR liability expense(110.8)— 0.1 (110.7)
Other, net
(4.4)(1.6)0.9 (5.1)
Other income (expense), net
(255.2)11.3 (13.3)(257.2)
Income (loss) before income taxes$(5.4)$84.7 $(77.0)$2.3 
Nine Months Ended September 30, 2025
Results of Operations ServicingOriginations
Corporate
Business Segments Consolidated
Servicing and subservicing fees$632.0 $— $— $632.1 
Gain on reverse loans and HMBS-related borrowings, net29.4 19.3 — 48.7 
Gain (loss) on loans held for sale, net (5.4)61.7 — 56.3 
Other revenue, net15.4 24.3 — 39.6 
Revenue671.4 105.2 — 776.7 
MSR valuation adjustments, net (121.9)10.8 — (111.1)
Operating expenses
Compensation and benefits69.5 41.4 70.8 181.7 
Servicing and origination 34.3 7.3 — 41.6 
Technology and communications22.4 6.8 17.1 46.4 
Professional services16.5 1.4 31.4 49.3 
Occupancy, equipment and mailing21.9 2.4 1.2 25.4 
Corporate overhead allocations39.8 12.0 (51.8)— 
Other expenses 1.6 4.7 4.5 10.8 
Operating expenses206.0 76.0 73.2 355.2 
Other income (expense):
Interest income36.8 56.1 3.1 96.0 
Interest expense (155.7)(51.8)(18.1)(225.6)
Pledged MSR liability expense(126.7)— 0.1 (126.6)
Other, net
0.8 (0.7)0.8 0.9 
Other income (expense), net
(244.8)3.6 (14.1)(255.3)
Income (loss) before income taxes$98.7 $43.5 $(87.3)$55.0 
Total AssetsServicingOriginations
Corporate
Business Segments Consolidated
September 30, 2026$9,578.0 $1,410.8 $332.1 $11,320.9 
December 31, 202514,683.5 1,252.3 234.8 16,170.6