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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) EARNINGS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Gain (loss) on sale of loans, net $ 1,451 $ 29,472 $ (26,712) $ 41,686
Servicing fees, net 1,352 3,536 3,859 6,505
Real estate services fees, net 293 807 687 1,613
Loss on mortgage servicing rights, net (8,443) (9,887) (26,753) (15,510)
Other 1,289 187 1,352 187
Total revenues, net (4,058) 24,115 (47,567) 34,481
Expenses:        
Personnel expense 7,774 14,339 28,439 28,461
General, administrative and other 6,617 5,281 13,590 10,507
Business promotion 74 2,013 3,203 4,936
Total expenses 14,465 21,633 45,232 43,904
Operating (loss) earnings (18,523) 2,482 (92,799) (9,423)
Other income (expense):        
Interest income 35,832 43,061 71,927 88,316
Interest expense (35,051) (40,518) (68,218) (83,977)
Change in fair value of long-term debt (4,208) 388 4,828 654
Change in fair value of net trust assets, including trust REO losses (864) (1,459) (3,247) (4,142)
Total other income (expense), net (4,291) 1,472 5,290 851
(Loss) earnings before income taxes (22,814) 3,954 (87,509) (8,572)
Income tax expense 15 81 51 167
Net (loss) earnings (22,829) 3,873 (87,560) (8,739)
Other comprehensive (loss) earnings:        
Change in fair value of mortgage-backed securities   (7)   14
Change in fair value of instrument specific credit risk of long-term debt 2,186 267 (887) 363
Total comprehensive (loss) earnings $ (20,643) $ 4,133 $ (88,447) $ (8,362)
Net (loss) earnings per common share:        
Basic (in dollars per share) $ (1.08) $ 0.18 $ (4.12) $ (0.41)
Diluted (in dollars per share) $ (1.08) $ 0.18 $ (4.12) $ (0.41)