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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
20. Segment Information

The Company’s segments reflect the internal reporting used to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. The Company’s operations are primarily conducted through two segments: Servicing and Originations. A brief description of the current business 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 customer payments, investor reporting, customer service, modifying loans where appropriate to help customers stay current, and when necessary performing collections, foreclosures, and the sale of REO. In 2023, the Company expanded its special servicing and, in 2024, expanded its subservicing offerings with the acquisition and subsequent integration of Rushmore Servicing brand and the mortgage operations from the Flagstar Transaction.

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

Corporate/Other: Corporate/Other includes the results of Xome’s and Roosevelt Management Company’s operations, the Company’s unallocated overhead expenses (which include the costs of executive management and other corporate functions that are not directly attributable to our operating segments), changes in equity investments and interest expense on our unsecured senior notes. In addition, Corporate/Other includes eliminations related to intersegment hedge fair value changes. 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 tables below summarize the result of operations and total assets by segment that are provided to the Chief Operating Decision Makers (CODMs), which consists of the Chief Executive Officer, the President and the Chief Financial Officer. Pretax income (loss) is a key measurement used by the CODMs to evaluate segment results and is one of the factors considered in determining capital allocation among the segments and determined in accordance with the measurement principles used in the consolidated financial statements.
The following tables present financial information by segment:
Year Ended December 31, 2024
Financial Information by SegmentServicingOriginationsCorporate/ OtherConsolidated
Revenues
Service related, net$1,625 $86 $77 $1,788 
Net gain on mortgage loans held for sale39 398 — 437 
Total revenues1,664 484 77 2,225 
Expenses
Salaries, wages and benefits339 178 178 695 
General and administrative382 126 116 624 
Total expenses721 304 294 1,319 
Interest income705 84 1 790 
Interest expense(411)(79)(286)(776)
Other income (expense), net— — (19)(19)
Total other income (expenses), net294 5 (304)(5)
Income (loss) before income tax expense (benefit)$1,237 $185 $(521)$901 
Depreciation and amortization for property and equipment and intangible assets$15 $2 $27 $44 
Total assets $14,900 $2,338 $1,701 $18,939 

Year Ended December 31, 2023
Financial Information by SegmentServicingOriginationsCorporate/ OtherConsolidated
Revenues
Service related, net$1,295 $61 $84 $1,440 
Net gain (loss) on mortgage loans held for sale84 271 (1)354 
Total revenues1,379 332 83 1,794 
Expenses
Salaries, wages and benefits340 143 151 634 
General and administrative324 89 125 538 
Total expenses664 232 276 1,172 
Interest income491 36 1 528 
Interest expense(324)(37)(176)(537)
Other income, net— — 41 41 
Total other income (expenses), net167 (1)(134)32 
Income (loss) before income tax expense (benefit)$882 $99 $(327)$654 
Depreciation and amortization for property and equipment and intangible assets$12 $8 $18 $38 
Total assets$11,740 $782 $1,674 $14,196 
Year Ended December 31, 2022
Financial Information by SegmentServicingOriginationsCorporate/ OtherConsolidated
Revenues
Service related, net$1,691 $98 $76 $1,865 
Net (loss) gain on mortgage loans held for sale(33)632 — 599 
Total revenues1,658 730 76 2,464 
Expenses
Salaries, wages and benefits324 329 136 789 
General and administrative235 162 88 485 
Total expenses559 491 224 1,274 
Interest income208 53 — 261 
Interest expense(221)(43)(160)(424)
Other income, net— — 187 187 
Total other (expenses) income, net(13)10 27 24 
Income (loss) before income tax expense (benefit)$1,086 $249 $(121)$1,214 
Depreciation and amortization for property and equipment and intangible assets$18 $16 $3 $37 
Total assets $10,152 $749 $1,875 $12,776