Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

v3.22.2.2
Business Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Summary of Financial Information By Segment The following tables are a presentation of financial information by segment for the periods indicated (in thousands):
For the three months ended September 30, 2022
Successor
Mortgage Originations Reverse Originations Commercial Originations Lender Services Portfolio Management Total Operating Segments Corporate and Other Elim Total
REVENUES
Gain on sale and other income from loans held for sale, net $ 46,310  $ —  $ —  $ (142) $ (6,650) $ 39,518  $ —  $ (3,339) $ 36,179 
Net fair value gains (losses) on loans and related obligations —  71,204  1,061  —  (80,721) (8,456) —  2,080  (6,376)
Fee income 13,885  936  11,416  43,743  7,147  77,127  —  (6,615) 70,512 
Net interest income (expense)
Interest income 9,235  —  —  627  2,051  11,913  109  —  12,022 
Interest expense (8,156) —  —  (62) (26,098) (34,316) (6,920) —  (41,236)
Net interest income (expense) 1,079  —  —  565  (24,047) (22,403) (6,811) —  (29,214)
Total revenues 61,274  72,140  12,477  44,166  (104,271) 85,786  (6,811) (7,874) 71,101 
Total expenses 102,499  37,959  19,535  55,690  27,463  243,146  23,679  (7,904) 258,921 
Impairment of intangibles and other assets (128,884) —  (5,500) —  (3,800) (138,184) —  —  (138,184)
Other, net —  24  130  734  784  1,672  19,688  (30) 21,330 
Net income (loss) before taxes $ (170,109) $ 34,205  $ (12,428) $ (10,790) $ (134,750) $ (293,872) $ (10,802) $ —  $ (304,674)
Depreciation and amortization $ 2,828  $ 9,667  $ 550  $ 3,278  $ 109  $ 16,432  $ 960  $ —  $ 17,392 
Total assets $ 724,099  $ 354,007  $ 16,453  $ 203,157  $ 19,871,260  $ 21,168,976  $ 1,581,538  $ (1,560,617) $ 21,189,897 
For the nine months ended September 30, 2022
Successor
Mortgage Originations Reverse Originations Commercial Originations Lender Services Portfolio Management Total Operating Segments Corporate and Other Elim Total
REVENUES
Gain on sale and other income from loans held for sale, net $ 239,430  $ —  $ —  $ (1,057) $ (463) $ 237,910  $ —  $ (11,574) $ 226,336 
Net fair value gains (losses) on loans and related obligations —  254,830  556  —  (255,754) (368) —  6,040  5,672 
Fee income 52,120  4,875  45,233  178,043  64,814  345,085  —  (28,287) 316,798 
Net interest income (expense)
Interest income 35,097  —  —  1,374  4,980  41,451  297  —  41,748 
Interest expense (26,770) —  —  (146) (63,623) (90,539) (20,361) —  (110,900)
Net interest income (expense) 8,327  —  —  1,228  (58,643) (49,088) (20,064) —  (69,152)
Total revenues 299,877  259,705  45,789  178,214  (250,046) 533,539  (20,064) (33,821) 479,654 
Total expenses 397,209  125,092  67,210  190,111  97,204  876,826  90,445  (33,800) 933,471 
Impairment of intangibles and other assets (128,884) —  (5,500) —  (3,800) (138,184) —  —  (138,184)
Other, net —  3,276  418  3,212  848  7,754  33,459  21  41,234 
Net income (loss) before taxes $ (226,216) $ 137,889  $ (26,503) $ (8,685) $ (350,202) $ (473,717) $ (77,050) $ —  $ (550,767)
Depreciation and amortization $ 8,407  $ 29,063  $ 1,660  $ 9,602  $ 302  $ 49,034  $ 1,832  $ —  $ 50,866 
Total assets $ 724,099  $ 354,007  $ 16,453  $ 203,157  $ 19,871,260  $ 21,168,976  $ 1,581,538  $ (1,560,617) $ 21,189,897 
For the three months ended September 30, 2021
Successor
Mortgage Originations Reverse Originations Commercial Originations Lender Services Portfolio Management Total Operating Segments Corporate and Other Elim Total
REVENUES
Gain on sale and other income from loans held for sale, net $ 200,294  $ —  $ —  $ —  $ 13,664  $ 213,958  $ —  $ (3,863) $ 210,095 
Net fair value gains (losses) on loans and related obligations 1,145  109,408  13,604  —  (448) 123,709  —  (1,200) 122,509 
Fee income 30,827  1,022  14,252  87,592  14,937  148,630  —  (2,905) 145,725 
Net interest income (expense)
Interest income 15,363  —  —  37  379  15,779  83  —  15,862 
Interest expense (12,556) —  —  (114) (18,178) (30,848) (6,803) (40) (37,691)
Net interest income (expense) 2,807  —  —  —  —  —  (77) —  (17,799) (15,069) (6,720) (40) (21,829)
Total revenues 235,073  110,430  27,856  87,515  10,354  471,228  (6,720) (8,008) 456,500 
Total expenses 220,331  41,354  21,678  78,688  30,068  392,119  28,672  (8,913) 411,878 
Other, net —  221  133  22  252  628  10,205  (905) 9,928 
Net income (loss) before taxes $ 14,742  $ 69,297  $ 6,311  $ 8,849  $ (19,462) $ 79,737  $ (25,187) $ —  $ 54,550 
Depreciation and amortization $ 2,822  $ 9,970  $ 638  $ 2,892  $ 18  $ 16,340  $ 152  $ —  $ 16,492 
Total assets $ 2,978,565  $ 789,351  $ 120,116  $ 358,684  $ 18,429,429  $ 22,676,145  $ 964,815  $ (972,867) $ 22,668,093 
For the six months ended September 30, 2021
Successor
Mortgage Originations Reverse Originations Commercial Originations Lender Services Portfolio Management Total Operating Segments Corporate and Other Elim Total
REVENUES
Gain on sale and other income from loans held for sale, net $ 385,680  $ —  $ —  $ —  $ 21,412  $ 407,092  $ —  $ (9,420) $ 397,672 
Net fair value gains on loans and related obligations 1,145  203,944  24,425  —  10,776  240,290  —  13,370  253,660 
Fee income 61,172  1,976  26,376  168,722  18,514  276,760  —  (40,171) 236,589 
Net interest income (expense)
Interest income 28,200  —  —  66  756  29,022  —  (9) 29,013 
Interest expense (23,417) (9) —  (158) (34,406) (57,990) (13,287) (40) (71,317)
Net interest income (expense) 4,783  (9) —  (92) (33,650) (28,968) (13,287) (49) (42,304)
Total revenues 452,780  205,911  50,801  168,630  17,052  895,174  (13,287) (36,270) 845,617 
Total expenses 444,522  83,600  41,727  151,962  63,325  785,136  64,669  (37,175) 812,630 
Other, net —  325  273  105  8  711  8,019  (905) 7,825 
Net income (loss) before taxes $ 8,258  $ 122,636  $ 9,347  $ 16,773  $ (46,265) $ 110,749  $ (69,937) $ —  $ 40,812 
Depreciation and amortization $ 4,255  $ 9,819  $ 1,059  $ 5,710  $ (89) $ 20,754  $ 12,200  $ —  $ 32,954 
Total assets $ 2,978,565  $ 789,351  $ 120,116  $ 358,684  $ 18,429,429  $ 22,676,145  $ 964,815  $ (972,867) $ 22,668,093 
For the three months ended March 31, 2021
Predecessor
Mortgage Originations Reverse Originations Commercial Originations Lender Services Portfolio Management Total Operating Segments Corporate and Other Elim Total
REVENUES
Gain on sale and other income from loans held for sale, net $ 286,481  $ —  $ —  $ —  $ 5,065  $ 291,546  $ —  $ (212) $ 291,334 
Net fair value gains on loans and related obligations —  68,449  5,431  —  2,750  76,630  —  33  76,663 
Fee income 32,731  524  8,930  76,383  36,191  154,759  —  6,612  161,371 
Net interest income (expense)
Interest income 12,483  —  —  28  138  12,649  12  —  12,661 
Interest expense (11,592) —  —  (64) (14,954) (26,610) (7,756) —  (34,366)
Net interest income (expense) 891  —  —  (36) (14,816) (13,961) (7,744) —  (21,705)
Total revenues 320,103  68,973  14,361  76,347  29,190  508,974  (7,744) 6,433  507,663 
Total expenses 224,246  23,693  13,391  62,970  24,406  348,706  18,683  5,925  373,314 
Other, net —  34  149  2  895  1,080  (9,464) (508) (8,892)
Net income (loss) before taxes $ 95,857  $ 45,314  $ 1,119  $ 13,379  $ 5,679  $ 161,348  $ (35,891) $ —  $ 125,457 
Depreciation and amortization $ 1,423  $ 151  $ 125  $ 1,268  $ 146  $ 3,113  $ 371  $ —  $ 3,484 
Total assets $ 2,425,529  $ 35,861  $ 82,375  $ 125,317  $ 17,378,088  $ 20,047,170  $ 379,562  $ (326,313) $ 20,100,419 
Results for the affected Mortgage Originations segment for the periods presented in this report were as follows (in thousands):
For the three months ended September 30, 2022 For the nine months ended September 30, 2022 For the three months ended September 30, 2021 For the six months ended September 30, 2021 For the three months ended March 31, 2021
Successor Predecessor
Gain on sale and other income from loans held for sale, net $ 46,310  $ 239,430  $ 200,294  $ 385,680  $ 286,481 
Net fair value gains on loans and related obligations —  —  1,145  1,145  — 
Fee income 13,885  52,120  30,827  61,172  32,731 
Net interest income 1,079  8,327  2,807  4,783  891 
Total revenues 61,274  299,877  235,073  452,780  320,103 
Total expenses 102,499  397,209  220,331  444,522  224,246 
Impairment of intangibles and other assets (128,884) (128,884) —  —  — 
NET INCOME (LOSS) BEFORE INCOME TAXES $ (170,109) $ (226,216) $ 14,742  $ 8,258  $ 95,857