Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

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

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Current (benefit) expense:
Federal	$	(44)	$	1,436	$	(2,944)
State		258		620		(249)
Total current expense (benefit)		214		2,056		(3,193)
Deferred expense:
Federal		70,877		31,375		131,670
State		18,512		5,544		61,263
Total deferred expense		89,389		36,919		192,933
Total provision for income taxes	$	89,603	$	38,975	$	189,740

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,
	2024	2023	2022
Federal income tax at statutory rate	21.0%	21.0%	21.0%
State income taxes, net of federal benefit	5.2%	4.7%	5.9%
Tax rate revaluation	(1.9) %	(2.2) %	1.2%
Other	(2.0) %	(2.3) %	0.4%
Effective income tax rate	22.3%	21.2%	28.5%

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

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Mortgage servicing rights	$	231,892	$	186,628	$	326,378
Net operating loss		(181,759)		(111,496)		(160,605)
Reserves and losses		39,071		(41,641)		13,480
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		3,841		3,803		4,517
Compensation accruals		(451)		7,403		10,473
California franchise taxes		—		—		4,447
Other		(3,205)		(7,778)		(5,757)
Total provision for deferred income taxes	$	89,389	$	36,919	$	192,933

Schedule of components of income taxes payable, net

	December 31,
	2024		2023
	(in thousands)
Current income tax (receivable) payable	$	(45)	$	1,230
Deferred income tax liability, net		1,131,045		1,041,656
Income taxes payable	$	1,131,000	$	1,042,886

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

	December 31,
	2024		2023
	(in thousands)
Deferred income tax assets:
Net operating loss carryforward	$	454,936	$	273,178
Reserves and losses		36,365		75,436
Compensation accruals		35,718		35,266
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		18,116		21,957
Other		8,588		9,943
Gross deferred income tax assets		553,723		415,780
Deferred income tax liabilities:
Mortgage servicing rights		1,678,702		1,446,810
Other		6,066		10,626
Gross deferred income tax liabilities		1,684,768		1,457,436
Net deferred income tax liability	$	1,131,045	$	1,041,656