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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
16. Segment Information

The Company’s segments reflect the internal reporting the Company uses to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. Our operations are primarily conducted through two segments: Servicing and Originations. A brief description of these segments is as follows:

Servicing: This segment performs operational activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans where appropriate to help borrowers stay current, and when necessary performing collections, foreclosures, and the sale of REO. In the third quarter of 2023, the Company expanded its special servicing and subservicing offerings with the acquisition and subsequent integration of Rushmore as a brand within the Servicing segment.

Originations: This segment originates residential mortgage loans through the direct-to-consumer channel, which provides refinance options for the Company’s existing customers, and through the correspondent channel, which purchases or originates loans from mortgage bankers.

Corporate/Other: Functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, or headcount percentage for shared services. 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 the Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. Eliminations are included in Corporate/Other.

The following tables present financial information by segment:
 Three Months Ended September 30, 2024
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$246 $24 $18 $288 
Net gain on mortgage loans held for sale10 126 — 136 
Total revenues256 150 18 424 
Total expenses180 83 72 335 
Interest income201 25 1 227 
Interest expense(100)(23)(76)(199)
Other expenses, net— — (5)(5)
Total other income (expenses), net101 2 (80)23 
Income (loss) before income tax expense (benefit)$177 $69 $(134)$112 
Depreciation and amortization for property and equipment and intangible assets$2 $— $7 $9 
Total assets $12,462 $2,001 $1,723 $16,186 
Three Months Ended September 30, 2023
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$392 $18 $22 $432 
Net gain on mortgage loans held for sale72 70 — 142 
Total revenues464 88 22 574 
Total expenses172 58 71 301 
Interest income157 10 — 167 
Interest expense(88)(11)(47)(146)
Other income, net— — 58 58 
Total other income (expenses), net69 (1)11 79 
Income (loss) before income tax expense (benefit)$361 $29 $(38)$352 
Depreciation and amortization for property and equipment and intangible assets$4 $2 $4 $10 
Total assets $10,916 $868 $1,643 $13,427 

 Nine Months Ended September 30, 2024
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$1,132 $59 $60 $1,251 
Net gain on mortgage loans held for sale30 290 — 320 
Total revenues1,162 349 60 1,571 
Total expenses536 214 202 952 
Interest income521 52 1 574 
Interest expense(303)(48)(205)(556)
Other expenses, net— — (16)(16)
Total other income (expenses), net218 4 (220)2 
Income (loss) before income tax expense (benefit)$844 $139 $(362)$621 
Depreciation and amortization for property and equipment and intangible assets$7 $2 $16 $25 
Total assets $12,462 $2,001 $1,723 $16,186 

Nine Months Ended September 30, 2023
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$988 $45 $62 $1,095 
Net gain on mortgage loans held for sale75 220 — 295 
Total revenues1,063 265 62 1,390 
Total expenses484 173 183 840 
Interest income343 26 — 369 
Interest expense(224)(28)(126)(378)
Other income, net— — 44 44 
Total other income (expenses), net119 (2)(82)35 
Income (loss) before income tax expense (benefit)$698 $90 $(203)$585 
Depreciation and amortization for property and equipment and intangible assets$9 $6 $13 $28 
Total assets $10,916 $868 $1,643 $13,427