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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
(Loss) gain on sale of loans, net $ (28,162) $ 12,214
Servicing fees, net 2,507 2,969
Real estate services fees, net 393 806
Loss on mortgage servicing rights, net (18,310) (5,623)
Other 63  
Total revenues, net (43,509) 10,366
Expenses:    
Personnel expense 20,664 14,121
General, administrative and other 6,975 5,226
Business promotion 3,128 2,923
Total expenses 30,767 22,270
Operating loss (74,276) (11,904)
Other income (expense):    
Interest income 36,095 45,254
Interest expense (33,167) (43,458)
Change in fair value of long-term debt 9,036 265
Change in fair value of net trust assets, including trust REO losses (2,383) (2,683)
Total other income (expense), net 9,581 (622)
Loss before income taxes (64,695) (12,526)
Income tax expense 36 86
Net loss (64,731) (12,612)
Other comprehensive loss:    
Change in fair value of mortgage-backed securities   21
Change in fair value of instrument specific credit risk of long-term debt (3,073) 96
Total comprehensive loss $ (67,804) $ (12,495)
Net loss per common share:    
Basic (in dollars per share) $ (3.05) $ (0.60)
Diluted (in dollars per share) $ (3.05) $ (0.60)