Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

10. Goodwill and Intangible Assets

Goodwill

The following table presents changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2023. There were no changes in goodwill in 2024.


	Year Ended December 31, 2023
	Servicing		Originations		Corporate/Other(2)		Total
Balance - beginning of year	$	80	$	28	$	12	$	120
Addition from acquisitions(1)	5		—		16		21
Balance - end of year	$	85	$	28	$	28	$	141

(1)The Company recorded goodwill in connection with the Roosevelt Transaction to both Servicing and Corporate/Other as discussed in Note 3, Acquisitions.

(2)The goodwill associated with Xome and Roosevelt is included in Corporate/Other.

During the years ended December 31, 2024 and 2023, the Company assessed its reporting units and determined that no impairment of goodwill existed. Goodwill is recorded in “other assets” within the consolidated balance sheets.

Intangible Assets

The following tables present the composition of intangible assets:


	December 31, 2024
Intangible Assets	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life in Years
Client relationships	$	197	$	(85)	$	112	4.6
Trade name	9		(7)		2		3.5
Other(1)	7		(2)		5		2.6
Total intangible assets	$	213	$	(94)	$	119	4.5


	December 31, 2023
Intangible Assets	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life in Years
Client relationships	$	96	$	(73)	$	23	4.7
Trade name	9		(7)		2		4.5
Other(1)	3		—		3		2.8
Total intangible assets	$	108	$	(80)	$	28	4.5

(1)Other intangible assets include assembled workforce and licenses.

Intangible assets are recorded in “other assets” within the consolidated balance sheets. In 2024, the Company recorded intangible assets of $105 in connection with the Flagstar Transaction. In 2023, the Company recorded intangible assets of $23 and $4 in connection with the Rushmore Transaction and Roosevelt Transaction, respectively. See further discussion in Note 3, Acquisitions.

The Company recognized $14 and $7 of amortization expense related to intangible assets during the years ended December 31, 2024 and 2023, respectively. The Company expects to record amortization expense for existing amortizable intangible assets of $29, $26, $26, $22, and $16 for each of the years ending December 31, 2025 to 2029. No impairment on intangible assets was recorded during the years ended December 31, 2024 and 2023.