Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of the Company's income tax expense (benefit)

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Current expense:
Federal	$	101,659	$	378,984	$	17,661
State		39,551		128,495		8,071
Total current expense		141,210		507,479		25,732
Deferred expense:
Federal		160,587		61,592		85,296
State		53,896		24,654		25,451
Total deferred expense		214,483		86,246		110,747
Total provision for income taxes	$	355,693	$	593,725	$	136,479

Schedule of reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate

	Year ended December 31,
	2021		2020		2019
Federal income tax statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	5.4	%	5.5	%	5.6	%
Tax rate revaluation	—	%	(0.1)	%	(0.6)	%
Other	(0.2)	%	0.1	%	(0.2)	%
Effective income tax rate	26.2	%	26.5	%	25.8	%

Schedule of components of the Company's provision for deferred income taxes

	Year ended December 31,
	2021		2020		2019
	(in thousands)
Mortgage servicing rights	$	196,697	$	128,471	$	91,592
Reserves and losses		15,736		(33,477)		(2,945)
California franchise taxes		10,753		(15,200)		—
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		4,420		5,200		4,269
Compensation accruals		(11,456)		(647)		(12,286)
Net operating loss		—		581		23,445
Other		(1,717)		1,318		6,106
Tax credits		50		—		566
Total provision for deferred income taxes	$	214,483	$	86,246	$	110,747

Schedule of components of income taxes payable, net

	December 31,
	2021		2020
	(in thousands)
Income taxes currently (receivable) payable	$	(126,542)	$	25,379
Deferred income tax liability, net		811,804		597,321
Income taxes payable	$	685,262	$	622,700

Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities

	December 31,
	2021		2020
	(in thousands)
Deferred income tax assets:
Compensation accruals	$	53,141	$	41,685
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		30,277		34,697
Reserves and losses		47,275		63,011
California franchise tax		4,447		15,200
Net operating loss carryforward		1,077		1,077
Income tax credits carryforward		—		50
Gross deferred income tax assets		136,217		155,720
Deferred income tax liabilities:
Mortgage servicing rights		933,803		737,106
Other		14,218		15,935
Gross deferred income tax liabilities		948,021		753,041
Net deferred income tax liability	$	811,804	$	597,321