Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company’s segments are based upon the Company’s organizational structure, which focuses primarily on the services offered. Corporate functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, estimate of percentage use for shared services or headcount percentage for certain functions. Facility costs are allocated to individual segments based on cost per headcount for specific facilities utilized. Group insurance costs are allocated to individual segments based on global cost per headcount. Non-allocated corporate expenses include the administrative costs of executive management and other corporate functions that are not directly attributable to Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties.

In the third quarter of 2021, the Company updated its presentation of segments to align with a change in the reporting package provided to the Chief Operating Decision Maker. In 2021, the Company sold its Title business, Valuations business and Field Services business. The Title, Valuations and Field Services businesses were previously reported under the Xome segment. With the sale of the majority of Xome’s operations and the related changes to business structure and internal reporting, the Xome segment is no longer considered a reportable segment. Accordingly, beginning in the third quarter of 2021, the Company began reporting Xome’s financial results within Corporate/Other. Prior year financial information has been adjusted retrospectively to reflect the updated presentation.

On December 1, 2021, the Company completed the sale of its reverse servicing portfolio, operating under the Champion Mortgage brand, to MAM and its affiliates. The reverse servicing operation was previously reported in the Company’s Servicing segment. The reverse servicing operation is presented as discontinued operations in Company’s condensed financial statements for all periods presented and, as such, is not included in the continuing operations of the Servicing segment.

On March 31, 2022, the Company completed the sale of its Mortgage Servicing Platform to Sagent and recorded a gain of $223, which was included in other income, net within the condensed statements of operations and reported under Corporate/Other. Refer to Note 2, Dispositions for further details.

The following tables present financial information by segment:

	Three Months Ended March 31, 2022
Financial Information by Segment	Servicing		Originations		Corporate/Other		Consolidated
Revenues
Service related, net	$	701	$	42	$	12	$	755
Net gain on mortgage loans held for sale	15		282		—		297
Total revenues	716		324		12		1,052
Total expenses	123		174		41		338
Interest income	19		17		—		36
Interest expense	(54)		(12)		(40)		(106)
Other income, net	—		—		222		222
Total other (expenses) income, net	(35)		5		182		152
Income from continuing operations before income tax expense	$	558	$	155	$	153	$	866
Depreciation and amortization for property and equipment and intangible assets from continuing operations	$	5	$	4	$	2	$	11
Total assets	$	9,825	$	2,666	$	1,999	$	14,490

	Three Months Ended March 31, 2021
Financial Information by Segment	Servicing		Originations		Corporate/Other		Consolidated
Revenues
Service related, net	$	441	$	43	$	96	$	580
Net gain on mortgage loans held for sale	127		552		—		679
Total revenues	568		595		96		1,259
Total expenses	110		231		113		454
Interest income	23		23		—		46
Interest expense	(71)		(25)		(30)		(126)
Total other expenses, net	(48)		(2)		(30)		(80)
Income (loss) from continuing operations before income tax expense (benefit)	$	410	$	362	$	(47)	$	725
Depreciation and amortization for property and equipment and intangible assets from continuing operations	$	5	$	4	$	6	$	15
Total assets	$	16,696	$	5,559	$	2,458	$	24,713