Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting (Tables)

v3.22.4
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 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 year ended December 31, 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 $ 231,983  $ —  $ —  $ —  $ (6,298) $ 225,685  $ —  $ (14,667) $ 211,018 
Net fair value gains (losses) on loans and related obligations —  283,808  4,210  —  (195,231) 92,787  —  11,407  104,194 
Fee income 59,096  5,580  54,437  213,887  66,761  399,761  —  (37,631) 362,130 
Net interest income (expense)
Interest income 40,680  —  —  962  5,319  46,961  675  —  47,636 
Interest expense (32,956) —  —  (187) (90,926) (124,069) (27,668) —  (151,737)
Net interest income (expense) 7,724  —  —  775  (85,607) (77,108) (26,993) —  (104,101)
Total revenues 298,803  289,388  58,647  214,662  (220,375) 641,125  (26,993) (40,891) 573,241 
Total expenses 464,084  160,919  84,659  243,397  124,060  1,077,119  112,384  (40,888) 1,148,615 
Impairment of intangibles and other assets (129,097) (3,500) (5,500) (48,384) (3,800) (190,281) (2,228) —  (192,509)
Other, net (225) 3,290  418  3,648  860  7,991  27,837  3  35,831 
Net income (loss) before taxes $ (294,603) $ 128,259  $ (31,094) $ (73,471) $ (347,375) $ (618,284) $ (113,768) $ —  $ (732,052)
Depreciation and amortization $ 8,407  $ 38,645  $ 2,211  $ 12,926  $ 319  $ 62,508  $ 2,483  $ —  $ 64,991 
Total assets $ 173,442  $ 294,904  $ 15,246  $ 140,952  $ 20,185,979  $ 20,810,523  $ 1,596,532  $ (1,534,400) $ 20,872,655 
For the nine months ended December 31, 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 $ 542,951  $ —  $ —  $ —  $ 39,950  $ 582,901  $ —  $ (18,376) $ 564,525 
Net fair value gains (losses) on loans and related obligations —  317,138  37,720  —  (30,738) 324,120  —  17,630  341,750 
Fee income 88,399  3,274  43,015  252,268  30,455  417,411  —  (31,346) 386,065 
Net interest income (expense)
Interest income 42,555  —  —  68  1,027  43,650  275  —  43,925 
Interest expense (34,569) —  —  (260) (52,625) (87,454) (20,240) —  (107,694)
Net interest income (expense) 7,986  —  —  (192) (51,598) (43,804) (19,965) —  (63,769)
Total revenues 639,336  320,412  80,735  252,076  (11,931) 1,280,628  (19,965) (32,092) 1,228,571 
Total expenses 639,196  122,389  64,026  229,227  92,197  1,147,035  74,535  (37,814) 1,183,756 
Impairment of goodwill and intangible assets (774,524) (408,241) (75,768) (110,188) (11,909) (1,380,630) —  —  (1,380,630)
Other, net —  248  423  3,040  1,170  4,881  15,193  (5,932) 14,142 
Net loss before taxes $ (774,384) $ (209,970) $ (58,636) $ (84,299) $ (114,867) $ (1,242,156) $ (79,307) $ (210) $ (1,321,673)
Depreciation and amortization $ 9,147  $ 29,006  $ 1,909  $ 8,681  $ 132  $ 48,875  $ 1,130  $ —  $ 50,005 
Total assets $ 2,148,504  $ 359,896  $ 41,470  $ 227,966  $ 18,974,389  $ 21,752,225  $ 994,074  $ (957,353) $ 21,788,946 
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 
For the year ended December 31, 2020
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 $ 1,171,368  $ —  $ —  $ —  $ 10,192  $ 1,181,560  $ —  $ (2,565) $ 1,178,995 
Net fair value gains on loans and related obligations —  192,257  13,350  —  103,872  309,479  —  2,219  311,698 
Fee income 118,237  1,837  23,862  205,197  28,002  377,135  3,117  9,617  389,869 
Net interest income (expense)
Interest income 41,688  —  —  174  714  42,576  8  —  42,584 
Interest expense (39,792) —  —  (255) (73,877) (113,924) (8,945) (132) (123,001)
Net interest income (expense) 1,896  —  —  (81) (73,163) (71,348) (8,937) (132) (80,417)
Total revenues 1,291,501  194,094  37,212  205,116  68,903  1,796,826  (5,820) 9,139  1,800,145 
Total expenses 831,563  87,219  41,341  185,361  90,854  1,236,338  48,280  9,139  1,293,757 
Other, net —  —  —  —  —  —  (6,131) —  (6,131)
Net income (loss) before taxes $ 459,938  $ 106,875  $ (4,129) $ 19,755  $ (21,951) $ 560,488  $ (60,231) $ —  $ 500,257 
Depreciation and amortization $ 5,951  $ 897  $ 568  $ 4,810  $ 130  $ 12,356  $ 1,515  $ —  $ 13,871 
Total assets $ 2,362,159  $ 25,841  $ 82,436  $ 117,254  $ 16,895,820  $ 19,483,510  $ 81,645  $ —  $ 19,565,155 
Results for the affected Mortgage Originations segment for the periods presented in this report were as follows (in thousands):
For the year ended December 31, 2022 For the nine months ended December 31, 2021 For the three months ended March 31, 2021 For the year ended December 31, 2020
Successor Predecessor
Gain on sale and other income from loans held for sale, net $ 231,983  $ 542,951  $ 286,481  $ 1,171,368 
Fee income 59,096  88,399  32,731  118,237 
Net interest income 7,724  7,986  891  1,896 
Total revenues 298,803  639,336  320,103  1,291,501 
Total expenses 464,084  639,196  224,246  831,563 
Impairment of goodwill, intangibles, and other assets (129,097) (774,524) —  — 
Other, net (225) —  —  — 
NET INCOME (LOSS) BEFORE INCOME TAXES $ (294,603) $ (774,384) $ 95,857  $ 459,938 
Results for the affected Commercial Originations segment for the periods presented in this report were as follows (in thousands):
For the year ended December 31, 2022 For the nine months ended December 31, 2021 For the three months ended March 31, 2021 For the year ended December 31, 2020
Successor Predecessor
Net fair value gains on loans and related obligations $ 4,210  $ 37,720  $ 5,431  $ 13,350 
Fee income 54,437  43,015  8,930  23,862 
Net interest income —  —  —  — 
Total revenues 58,647  80,735  14,361  37,212 
Total expenses 84,659  64,026  13,391  41,341 
Impairment of goodwill, intangibles, and other assets (5,500) (75,768) —  — 
Other, net 418  $ 423  149  $ — 
NET INCOME (LOSS) BEFORE INCOME TAXES $ (31,094) $ (58,636) $ 1,119  $ (4,129)