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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Home Point Capital Inc | NASDAQ:HMPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.325 | 2.32 | 2.34 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 90-1116426 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
2211 Old Earhart Road, Suite 250 Ann Arbor, Michigan | 48105 | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0000000072 per share | HMPT | The Nasdaq Stock Market LLC (The Nasdaq Global Select Market) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||
Emerging growth company | ☐ |
Page | |||||
PART I—FINANCIAL INFORMATION | |||||
PART II—OTHER INFORMATION | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
(Loss) gain on loans, net | $ | (10,278) | $ | 145,471 | $ | 48,360 | $ | 521,727 | |||||||||||||||
Loan fee income | 7,606 | 34,484 | 42,765 | 118,099 | |||||||||||||||||||
Interest income | 21,452 | 36,719 | 76,062 | 96,944 | |||||||||||||||||||
Interest expense | (26,341) | (45,532) | (88,356) | (122,603) | |||||||||||||||||||
Interest expense, net | (4,889) | (8,813) | (12,294) | (25,659) | |||||||||||||||||||
Loan servicing fees | 60,140 | 91,831 | 204,076 | 247,753 | |||||||||||||||||||
Change in fair value of mortgage servicing rights | (46,187) | 10,970 | (58,891) | (83,087) | |||||||||||||||||||
Other income | 1,925 | 658 | 12,480 | 2,111 | |||||||||||||||||||
Total revenue, net | 8,317 | 274,601 | 236,496 | 780,944 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 62,765 | 114,612 | 227,798 | 395,550 | |||||||||||||||||||
Loan expense | 3,977 | 16,618 | 19,961 | 51,796 | |||||||||||||||||||
Loan servicing expense | 11,221 | 6,681 | 24,088 | 22,282 | |||||||||||||||||||
Production technology | 3,676 | 7,583 | 12,884 | 25,038 | |||||||||||||||||||
General and administrative | 12,479 | 21,741 | 49,119 | 74,527 | |||||||||||||||||||
Depreciation and amortization | 2,599 | 2,440 | 7,913 | 7,551 | |||||||||||||||||||
Impairment of goodwill | 10,789 | — | 10,789 | — | |||||||||||||||||||
Other expenses | 8,118 | 5,649 | 19,186 | 23,620 | |||||||||||||||||||
Total expenses | 115,624 | 175,324 | 371,738 | 600,364 | |||||||||||||||||||
(Loss) income before income tax | (107,307) | 99,277 | (135,242) | 180,580 | |||||||||||||||||||
Income tax benefit (expense) | 25,039 | (27,341) | 34,837 | (50,250) | |||||||||||||||||||
(Loss) income from equity method investment | (11,862) | (713) | (26,278) | 16,649 | |||||||||||||||||||
Net (loss) income | $ | (94,130) | $ | 71,223 | $ | (126,683) | $ | 146,979 | |||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||
Basic | $ | (0.68) | $ | 0.51 | $ | (0.91) | $ | 1.06 | |||||||||||||||
Diluted | $ | (0.68) | $ | 0.51 | $ | (0.91) | $ | 1.05 |
Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | 139,326,953 | $ | — | $ | 523,811 | $ | — | $ | 252,842 | $ | 776,653 | ||||||||||||||||||||||||
Stock repurchase | (461,690) | — | — | (1,513) | — | (1,513) | |||||||||||||||||||||||||||||
Dividends to shareholders | — | — | — | — | (5,575) | (5,575) | |||||||||||||||||||||||||||||
Employee stock purchases (option exercise) | 97,223 | — | 122 | — | — | 122 | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 1,706 | — | — | 1,706 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 11,864 | 11,864 | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | 138,962,486 | $ | — | $ | 525,639 | $ | (1,513) | $ | 259,131 | $ | 783,257 | ||||||||||||||||||||||||
Stock repurchase | (718,106) | — | — | (2,261) | — | (2,261) | |||||||||||||||||||||||||||||
Retirement of treasury stock | — | — | (15,338) | 3,774 | 11,564 | — | |||||||||||||||||||||||||||||
Dividends to shareholders | — | — | — | — | (5,551) | (5,551) | |||||||||||||||||||||||||||||
Employee stock purchases (option exercise) | 11,114 | — | (33) | — | — | (33) | |||||||||||||||||||||||||||||
Equity-based compensation (restricted stock units vesting) | 124,778 | — | 1,407 | — | — | 1,407 | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | (44,417) | (44,417) | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | 138,380,272 | $ | — | $ | 511,675 | $ | — | $ | 220,727 | $ | 732,402 | ||||||||||||||||||||||||
Employee stock purchases (option exercise) | 19,476 | — | (29) | — | — | (29) | |||||||||||||||||||||||||||||
Equity-based compensation (restricted stock units vesting) | — | — | 974 | — | — | 974 | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | (94,130) | (94,130) | |||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | 138,399,748 | $ | — | $ | 512,620 | $ | — | $ | 126,597 | $ | 639,217 |
Common Stock | Additional Paid in Capital | Retained Earnings | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | 138,860,103 | $ | — | $ | 519,510 | $ | 407,964 | $ | 927,474 | ||||||||||||||||||||
Contributed capital | — | — | — | 192 | 192 | ||||||||||||||||||||||||
Distributions to parent | — | — | — | (295,089) | (295,089) | ||||||||||||||||||||||||
Employee stock purchases (option exercise) | 185,073 | — | (1,028) | — | (1,028) | ||||||||||||||||||||||||
Equity-based compensation | — | — | 1,779 | — | 1,779 | ||||||||||||||||||||||||
Net income | — | — | — | 148,969 | 148,969 | ||||||||||||||||||||||||
Balance at March 31, 2021 | 139,045,176 | $ | — | $ | 520,261 | $ | 262,036 | $ | 782,297 | ||||||||||||||||||||
Employee stock purchases (option exercise) | 441,921 | — | (1,503) | — | (1,503) | ||||||||||||||||||||||||
Equity-based compensation | — | — | 1,747 | — | 1,747 | ||||||||||||||||||||||||
Net loss | — | — | — | (73,213) | (73,213) | ||||||||||||||||||||||||
Balance at June 30, 2021 | 139,487,097 | $ | — | $ | 520,505 | $ | 188,823 | $ | 709,328 | ||||||||||||||||||||
Dividend to shareholders | — | — | — | (20,924) | (20,924) | ||||||||||||||||||||||||
Employee stock purchases (option exercise) | 39,927 | — | (105) | — | (105) | ||||||||||||||||||||||||
Equity-based compensation | — | — | 1,680 | — | 1,680 | ||||||||||||||||||||||||
Net income | — | — | — | 71,223 | 71,223 | ||||||||||||||||||||||||
Ending balance, September 30, 2021 | 139,527,024 | $ | — | $ | 522,080 | $ | 239,122 | $ | 761,202 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income | $ | (126,683) | $ | 146,979 | |||||||
Adjustments to reconcile net (loss) income to cash used in operating activities: | |||||||||||
Depreciation | 7,913 | 7,551 | |||||||||
Amortization of debt issuance costs | 2,451 | 2,444 | |||||||||
Impairment of goodwill | 10,789 | — | |||||||||
Impairment of equity method investment | 8,795 | — | |||||||||
Gain on loans, net | (48,360) | (521,727) | |||||||||
Provision for representation and warranty reserve | 7,016 | 9,358 | |||||||||
Equity-based compensation expense | 4,067 | 5,206 | |||||||||
Deferred income tax (benefit) expense | (35,833) | 50,301 | |||||||||
Loss (income) from equity method investment | 17,483 | (16,649) | |||||||||
Originations and purchases of mortgage loans held for sale | (26,835,939) | (79,464,436) | |||||||||
Proceeds from sale and payments of mortgage loans held for sale | 30,233,888 | 75,786,570 | |||||||||
Decrease in fair value of mortgage servicing rights | 58,891 | 83,087 | |||||||||
Decrease in fair value of mortgage loans held for sale | 155,228 | 6,906 | |||||||||
(Increase) decrease in fair value of derivative assets | 12,226 | 169,721 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease in accounts receivable, net | 10,756 | 35,360 | |||||||||
Decrease (increase) in other assets | 6,281 | (7,369) | |||||||||
Decrease in accounts payable and accrued expenses | (59,402) | (40,959) | |||||||||
Increase in other liabilities | 49,498 | 90,193 | |||||||||
Net cash provided by (used for) operating activities | 3,479,065 | (3,657,464) | |||||||||
Investing activities: | |||||||||||
Purchases of property and equipment, net of disposals | 623 | (8,786) | |||||||||
Purchase of mortgage servicing rights | (23,033) | (33,027) | |||||||||
Proceeds from sale of mortgage servicing rights | 635,992 | 111,609 | |||||||||
Equity method investment | (1,500) | — | |||||||||
Net cash provided by investing activities | 612,082 | 69,796 | |||||||||
Financing activities: | |||||||||||
Proceeds from warehouse borrowings | 28,584,681 | 81,365,921 | |||||||||
Payments on warehouse borrowings | (32,432,698) | (78,062,859) | |||||||||
Proceeds from term debt borrowings | 595,000 | 1,213,400 | |||||||||
Payments on term debt borrowings | (880,000) | (550,000) | |||||||||
Proceeds from other borrowings | 70,000 | 75,000 | |||||||||
Payments on other borrowings | (73,250) | (115,000) | |||||||||
Write off (payments of debt issuance costs),net | 572 | (14,103) | |||||||||
Employee stock purchases (option expense) | 60 | (2,636) | |||||||||
Common stock repurchases | (3,774) | — | |||||||||
Contributed capital from parent | — | 192 | |||||||||
Dividends to shareholders | (11,107) | (20,924) | |||||||||
Distributions to parent | — | (295,089) | |||||||||
Net cash (used for) provided by financing activities | (4,150,516) | 3,593,902 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (59,369) | 6,234 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 207,790 | 196,893 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 148,421 | $ | 203,127 | |||||||
Supplemental disclosure: | |||||||||||
Cash paid for interest | $ | 97,667 | $ | 104,119 | |||||||
Cash refunded for income taxes | $ | (2,897) | $ | (33,740) |
September 30, 2022 | |||||||||||||||||
Unpaid Principal | Fair Value Adjustment | Total Fair Value | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Conventional(1) | $ | 601,365 | $ | (36,953) | $ | 564,412 | |||||||||||
Government(2) | 370,132 | (17,004) | 353,128 | ||||||||||||||
Reverse(3) | 275 | (63) | 212 | ||||||||||||||
Total | $ | 971,772 | $ | (54,020) | $ | 917,752 |
December 31, 2021 | |||||||||||||||||
Unpaid Principal | Fair Value Adjustment | Total Fair Value | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Conventional(1) | $ | 4,206,099 | $ | 79,389 | $ | 4,285,488 | |||||||||||
Government(2) | 799,579 | 21,902 | 821,481 | ||||||||||||||
Reverse(3) | 275 | (83) | 192 | ||||||||||||||
Total | $ | 5,005,953 | $ | 101,208 | $ | 5,107,161 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Fair value at beginning of period | $ | 5,107,161 | $ | 3,301,694 | |||||||
Mortgage loans originated and purchased | 26,835,939 | 79,464,436 | |||||||||
Proceeds on sales and payments received | (30,233,888) | (75,786,570) | |||||||||
Change in fair value | (155,228) | (6,906) | |||||||||
Loss on loans(1) | (636,232) | (292,458) | |||||||||
Fair value at end of period | $ | 917,752 | $ | 6,680,196 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | 1,419,105 | $ | 1,267,253 | $ | 1,525,103 | $ | 748,457 | |||||||||||||||
MSRs originated | 78,610 | 212,368 | 443,293 | 776,174 | |||||||||||||||||||
MSRs purchased | 5,254 | 14,326 | 23,033 | 33,027 | |||||||||||||||||||
MSRs sold | — | (103,017) | (755,502) | (103,017) | |||||||||||||||||||
Changes in valuation model inputs | 18,256 | 85,150 | 367,637 | 188,334 | |||||||||||||||||||
Change due to cash payoffs and principal amortization | (28,678) | (73,940) | (111,017) | (240,835) | |||||||||||||||||||
Balance at end of period | $ | 1,492,547 | $ | 1,402,140 | $ | 1,492,547 | $ | 1,402,140 |
September 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Ginnie Mae | $ | 9,811,192 | $ | 5,602,582 | |||||||
Fannie Mae | 47,114,227 | 70,174,987 | |||||||||
Freddie Mac | 37,132,116 | 52,547,588 | |||||||||
Other | 30,290 | 34,417 | |||||||||
Total | $ | 94,087,825 | $ | 128,359,574 | |||||||
MSR balance | $ | 1,492,547 | $ | 1,525,103 |
September 30, 2022 | December 31, 2021 | ||||||||||
Discount rate | 9.36 | % | 8.68 | % | |||||||
Weighted average prepayment speeds | 6.27 | % | 8.30 | % |
Discount Rate | Prepayment Speeds | ||||||||||||||||||||||
100 BPS Adverse Change | 200 BPS Adverse Change | 10% Adverse Change | 20% Adverse Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
September 30, 2022 | $ | (66,356) | $ | (126,825) | $ | (39,568) | $ | (76,960) | |||||||||||||||
December 31, 2021 | $ | (66,885) | $ | (128,172) | $ | (56,278) | $ | (108,621) |
September 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Total unpaid principal balance | $ | 95,032,958 | $ | 133,889,085 | |||||||
Loans 30-89 days delinquent | 848,812 | 656,012 | |||||||||
Loans delinquent 90 or more days or in foreclosure | 719,878 | 777,650 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Contractual servicing fees | $ | 61,522 | $ | 84,271 | $ | 204,903 | $ | 229,369 | |||||||||||||||
Late fees | 129 | 1,458 | 2,145 | 3,923 | |||||||||||||||||||
Other | (1,511) | 6,102 | (2,972) | 14,461 | |||||||||||||||||||
Total | $ | 60,140 | $ | 91,831 | $ | 204,076 | $ | 247,753 |
September 30, 2022 | |||||||||||||||||
Notional Value | Derivative Asset | Derivative Liability | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Forward sale contracts | $ | 1,739,739 | $ | 59,714 | $ | 600 | |||||||||||
Interest rate lock commitments | 1,521,029 | 2,199 | 29,176 | ||||||||||||||
Forward purchase contracts | 67,000 | — | 3,399 | ||||||||||||||
Interest rate swap futures contracts | 2,880,000 | 1,478 | — | ||||||||||||||
Treasury futures purchase contracts | 940,000 | — | — | ||||||||||||||
Margin | 8,769 | 59,650 | |||||||||||||||
Total | $ | 72,160 | $ | 92,825 |
December 31, 2021 | |||||||||||||||||
Notional Value | Derivative Asset | Derivative Liability | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Forward sale contracts | $ | 7,819,802 | $ | 6,969 | $ | 8,242 | |||||||||||
Interest rate lock commitments | 6,068,763 | 29,887 | 2,843 | ||||||||||||||
Forward purchase contracts | 1,521,000 | 3,031 | 281 | ||||||||||||||
Interest rate swap futures contracts | 1,540,000 | 111 | 5,662 | ||||||||||||||
Treasury futures purchase contracts | 4,720,000 | — | — | ||||||||||||||
Margin | 44,387 | 9,708 | |||||||||||||||
Total | $ | 84,385 | $ | 26,736 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Forward sale contracts | $ | 61,234 | $ | 67,436 | $ | 58,430 | $ | 111,004 | |||||||||||||||
Interest rate lock commitments | (43,814) | (36,175) | (53,584) | (242,466) | |||||||||||||||||||
Forward purchase contracts | (1,138) | (8,098) | (4,191) | (11,976) | |||||||||||||||||||
Interest rate swap and Treasury futures purchase contracts | $ | (33,018) | $ | (7,810) | $ | (194,971) | $ | (25,859) |
September 30, 2022 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position(1) | |||||||||||||||||||||||
Gross Amount of Assets (Liabilities) Recognized | Financial Instruments | Cash Collateral | Net Amount | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives subject to master netting agreements: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Forward sale contracts | $ | 59,714 | $ | (600) | $ | (42,100) | $ | 17,014 | |||||||||||||||
Forward purchase contracts | — | — | — | — | |||||||||||||||||||
Interest rate swap futures contracts | 1,478 | (1,478) | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Forward sale contracts | (600) | 600 | — | — | |||||||||||||||||||
Forward purchase contracts | (3,399) | — | 3,134 | (265) | |||||||||||||||||||
Treasury futures purchase contracts | — | 1,478 | (1,478) | — | |||||||||||||||||||
Derivatives not subject to master netting agreements: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest rate lock commitments | 2,199 | — | — | 2,199 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | (29,176) | — | — | (29,176) | |||||||||||||||||||
Total derivatives | |||||||||||||||||||||||
Assets | $ | 63,391 | $ | (2,078) | $ | (42,100) | $ | 19,213 | |||||||||||||||
Liabilities | $ | (33,175) | $ | 2,078 | $ | 1,656 | $ | (29,441) |
December 31, 2021 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position(1) | |||||||||||||||||||||||
Gross Amount of Assets (Liabilities) Recognized | Financial Instruments | Cash Collateral | Net Amount | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Derivatives subject to master netting agreements: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Forward sale contracts | $ | 6,969 | $ | (4,886) | $ | (1,272) | $ | 811 | |||||||||||||||
Forward purchase contracts | 3,031 | (258) | (2,627) | 146 | |||||||||||||||||||
Interest rate swap futures contracts | 111 | (111) | — | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Forward sale contracts | (8,242) | 4,886 | 1,252 | (2,104) | |||||||||||||||||||
Forward purchase contracts | (281) | 258 | — | (23) | |||||||||||||||||||
Interest rate swap futures contracts | (5,662) | 111 | — | (5,551) | |||||||||||||||||||
Derivatives not subject to master netting agreements: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest rate lock commitments | 29,887 | — | — | 29,887 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | (2,843) | — | — | (2,843) | |||||||||||||||||||
Total derivatives | |||||||||||||||||||||||
Assets | $ | 39,998 | $ | (5,255) | $ | (3,899) | $ | 30,844 | |||||||||||||||
Liabilities | $ | (17,028) | $ | 5,255 | $ | 1,252 | $ | (10,521) |
September 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Servicing receivable-general | $ | 23,097 | $ | 359 | |||||||
Pair off receivable | 32,169 | 3,738 | |||||||||
Servicing sale receivable | 63,734 | 14,364 | |||||||||
Servicing advance receivable | 36,023 | 71,884 | |||||||||
Servicing advance reserve | (2,308) | (4,207) | |||||||||
Agency receivable | 3,003 | 20,184 | |||||||||
Income tax receivable | 7,287 | 11,181 | |||||||||
Warehouse receivable | 2,027 | 1,934 | |||||||||
Interest on servicing deposits | 157 | 464 | |||||||||
Other | 2,555 | 9,191 | |||||||||
Total | $ | 167,744 | $ | 129,092 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Servicing advance reserve at beginning of period | $ | (1,769) | $ | (9,098) | $ | (4,207) | $ | (8,380) | |||||||||||||||
Additions | (1,157) | 1,500 | (1,259) | (724) | |||||||||||||||||||
Charge-offs | 618 | 869 | 3,158 | 2,375 | |||||||||||||||||||
Servicing advance reserve at end of period | $ | (2,308) | $ | (6,729) | $ | (2,308) | $ | (6,729) |
Maturity Date | September 30, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
$450 million Warehouse Facility1 | August 2023 | 284,797 | |||||||||
$200 million Warehouse Facility2 | September 2023 | 23,366 | |||||||||
$200 million Warehouse Facility3 | September 2023 | 34,984 | |||||||||
$300 million Warehouse Facility4 | October 2023 | 140,651 | |||||||||
$200 million Warehouse Facility5 | March 2023 | 24,727 | |||||||||
$50 million Warehouse Facility6 | March 2023 | 1,658 | |||||||||
$1,200 million Warehouse Facility7 | May 2024 | 145,293 | |||||||||
$88.5 million Warehouse Facility | Evergreen | 8,289 | |||||||||
$400 million Warehouse Facility8 | Evergreen | 144,599 | |||||||||
Gestation Warehouse Facility | Evergreen | 62,276 | |||||||||
Total | $ | 870,640 |
Maturity Date9 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
$1,200 million Warehouse Facility | February 2022 | $ | 604,421 | ||||||||
$500 million Warehouse Facility10 | March 2022 | 335,509 | |||||||||
$500 million Warehouse Facility | March 2022 | 381,087 | |||||||||
$1,000 million Warehouse Facility11 | August 2022 | 716,802 | |||||||||
$450 million Warehouse Facility | September 2022 | 277,060 | |||||||||
$500 million Warehouse Facility | September 2022 | 339,521 | |||||||||
$500 million Warehouse Facility | September 2022 | 375,381 | |||||||||
$500 million Warehouse Facility | March 2023 | 309,898 | |||||||||
$1,500 million Warehouse Facility | May 2023 | 731,132 | |||||||||
$88.5 million Warehouse Facility | Evergreen | 11,409 | |||||||||
$550 million Warehouse Facility | Evergreen | 363,959 | |||||||||
Gestation Warehouse Facility | Evergreen | 179,360 | |||||||||
Early Funding12 | 93,119 | ||||||||||
Total | $ | 4,718,658 |
Maturity Date | Collateral | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
$1.0 billion MSR Facility | May 2025 | MSRs | $ | 450,000 | $ | 685,000 | |||||||||||||||||
$550 million Senior Notes1 | February 2026 | Unsecured | 500,000 | 550,000 | |||||||||||||||||||
$85 million Servicing Advance Facility2 | May 2023 | Servicing Advances | — | 3,250 | |||||||||||||||||||
$35 million Operating Line of Credit | May 2023 | Mortgage loans | 1,000 | 1,000 | |||||||||||||||||||
Gross | 951,000 | 1,239,250 | |||||||||||||||||||||
Debt issuance costs | (9,703) | (12,726) | |||||||||||||||||||||
Total | $ | 941,297 | $ | 1,226,524 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Repurchase reserve at beginning of period | $ | 38,301 | $ | 27,901 | $ | 24,577 | $ | 18,080 | |||||||||||||||
Additions | 14,748 | 1,258 | 57,166 | 12,262 | |||||||||||||||||||
Charge-offs | (21,456) | (1,721) | (50,150) | (2,904) | |||||||||||||||||||
Repurchase reserve at end of period | $ | 31,593 | $ | 27,438 | $ | 31,593 | $ | 27,438 |
Level Input: | Input Definition: | |||||||
Level 1 | Unadjusted, quoted prices in active markets for identical assets or liabilities. | |||||||
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others. | |||||||
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants would use in pricing the asset or liability and are based on the best information available in the circumstances. |
September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 904,354 | $ | 13,398 | $ | 917,752 | |||||||||||||||
Interest rate lock commitments | — | — | 2,199 | 2,199 | |||||||||||||||||||
Forward sale contracts | — | 59,714 | — | 59,714 | |||||||||||||||||||
Interest rate swap futures contracts | — | 1,478 | — | 1,478 | |||||||||||||||||||
Mortgage servicing rights | — | — | 1,492,547 | 1,492,547 | |||||||||||||||||||
Total | $ | — | $ | 965,546 | $ | 1,508,144 | $ | 2,473,690 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | — | $ | 29,176 | $ | 29,176 | |||||||||||||||
Forward sale contracts | — | 600 | — | 600 | |||||||||||||||||||
Forward purchase contracts | — | 3,399 | — | 3,399 | |||||||||||||||||||
Total | $ | — | $ | 3,999 | $ | 29,176 | $ | 33,175 |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 5,086,943 | $ | 20,218 | $ | 5,107,161 | |||||||||||||||
Interest rate lock commitments | — | — | 29,887 | 29,887 | |||||||||||||||||||
Forward sale contracts | — | 6,969 | — | 6,969 | |||||||||||||||||||
Forward purchase contracts | — | 3,031 | — | 3,031 | |||||||||||||||||||
Interest rate swap futures contracts | — | 111 | — | 111 | |||||||||||||||||||
Mortgage servicing rights | — | — | 1,525,103 | 1,525,103 | |||||||||||||||||||
Total | $ | — | $ | 5,097,054 | $ | 1,575,208 | $ | 6,672,262 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | — | $ | 2,843 | $ | 2,843 | |||||||||||||||
Forward sale contracts | — | 8,242 | — | 8,242 | |||||||||||||||||||
Forward purchase contracts | — | 281 | — | 281 | |||||||||||||||||||
Interest rate swap futures contracts | — | 5,662 | — | 5,662 | |||||||||||||||||||
Total | $ | — | $ | 14,185 | $ | 2,843 | $ | 17,028 |
MSRs | IRLC | MLHS | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at January 1, 2022 | $ | 1,525,103 | $ | 29,887 | $ | 20,218 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | (262,915) | — | (1,564) | ||||||||||||||
Change in fair value | 228,036 | (17,746) | (52) | ||||||||||||||
Transfers out(1) | — | — | (826) | ||||||||||||||
Balance at March 31, 2022 | $ | 1,490,224 | $ | 12,141 | $ | 17,776 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | (110,125) | — | (1,147) | ||||||||||||||
Change in fair value | 39,006 | 10,481 | (1,261) | ||||||||||||||
Transfers out(1) | — | — | (1,442) | ||||||||||||||
Balance at June 30, 2022 | $ | 1,419,105 | $ | 22,622 | $ | 13,926 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | 83,865 | — | (1,820) | ||||||||||||||
Change in fair value | (10,423) | (20,423) | (126) | ||||||||||||||
Transfers out(1) | — | — | 1,418 | ||||||||||||||
Balance at September 30, 2022 | $ | 1,492,547 | $ | 2,199 | $ | 13,398 |
MSRs | IRLC | MLHS | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at January 1, 2021 | $ | 748,457 | $ | 257,785 | $ | 44,374 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | 299,174 | — | 41 | ||||||||||||||
Change in fair value | 108,726 | (237,592) | (247) | ||||||||||||||
Transfers out(1) | — | — | 1,410 | ||||||||||||||
Balance at March 31, 2021 | $ | 1,156,357 | $ | 20,193 | $ | 45,578 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | 283,333 | — | 415 | ||||||||||||||
Change in fair value | (172,437) | 36,271 | (517) | ||||||||||||||
Transfers out(1) | — | — | — | ||||||||||||||
Balance at June 30, 2021 | $ | 1,267,253 | $ | 56,464 | $ | 45,476 | |||||||||||
Purchases, sales, issuances, contributions, and settlements | 123,678 | — | (24,748) | ||||||||||||||
Change in fair value | 11,209 | (18,149) | (947) | ||||||||||||||
Transfers out(1) | — | — | 31 | ||||||||||||||
Balance at September 30, 2021 | $ | 1,402,140 | $ | 38,315 | $ | 19,812 |
Fair Value | Principal Amount Due Upon Maturity | Difference(1) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
September 30, 2022 | $ | 917,752 | $ | 971,772 | $ | (54,020) | |||||||||||
December 31, 2021 | $ | 5,107,161 | $ | 5,005,069 | $ | 102,092 |
September 30, 2022 | |||||||||||||||||
Assets: | Key Input | Range | Weighted Average | ||||||||||||||
Mortgage servicing rights | Discount rate | 8.6% - 16.4% | 9.4% | ||||||||||||||
Prepayment speeds | 4.4% - 8.1% | 6.3% | |||||||||||||||
Interest rate lock commitments | Pull-through rate | 48.3% - 100.0% | 81.1% | ||||||||||||||
Mortgage loans held for sale | Investor pricing | 72.5% - 101.1% | 79.7% |
December 31, 2021 | |||||||||||||||||
Assets: | Key Input | Range | Weighted Average | ||||||||||||||
Mortgage servicing rights | Discount rate | 8.6% - 12.2% | 8.7% | ||||||||||||||
Prepayment speeds | 6.9% - 11.6% | 8.3% | |||||||||||||||
Interest rate lock commitments | Pull-through rate | 49.8% - 100.0% | 86.1% | ||||||||||||||
Mortgage loans held for sale | Investor pricing | 70.0% - 104.1% | 91.3% |
(dollars in thousands) | |||||
Balance at June 30, 2022 | $ | — | |||
Restructuring charges | 13,407 | ||||
Payments | (5,361) | ||||
Balance at September 30, 2022 | $ | 8,046 |
Nine Months Ended September 30, 2022 | |||||||||||
Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at beginning of period | 367,991 | $ | 10.18 | ||||||||
Granted | 233,550 | 3.85 | |||||||||
Vested | (209,093) | 10.75 | |||||||||
Outstanding at end of period | 392,448 | $ | 6.12 |
Nine Months Ended September 30, 2022 | |||||||||||
Units | Weighted-Average Grant Date Fair Value | ||||||||||
Outstanding at beginning of period | 238,347 | $ | 9.44 | ||||||||
Granted | 131,924 | 3.79 | |||||||||
Outstanding at end of period | 370,271 | $ | 7.43 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding at beginning of period | 11,751,031 | $ | 4.45 | 6.87 | $ | 8.38 | |||||||||||||||||
Granted | 337,043 | 1.81 | 4.09 | 9.79 | |||||||||||||||||||
Exercised | (294,068) | 1.86 | 2.01 | 9.77 | |||||||||||||||||||
Forfeited | (551,929) | 1.85 | 0.17 | 9.77 | |||||||||||||||||||
Expired | (51,768) | 1.75 | 1.00 | 9.50 | |||||||||||||||||||
Outstanding at end of period | 11,190,309 | $ | 4.58 | 5.88 | $ | 8.30 |
Nine Months Ended September 30, 2022 | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at beginning of period | 9,627,033 | $ | 8.19 | ||||||||
Granted | 337,043 | 9.79 | |||||||||
Vested | (138,387) | 9.16 | |||||||||
Exercised | (294,068) | 9.77 | |||||||||
Forfeited | (551,929) | 9.77 | |||||||||
Expired | (51,768) | 9.50 | |||||||||
Non-vested at end of period | 8,927,924 | $ | 8.18 |
September 30, 2022 | |||||
Expected life (in years) | 8.25 | ||||
Risk-free interest rate | 0 - 3.0% | ||||
Expected volatility | 24.9% | ||||
Dividend yield | —% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands, except per share amounts ) | |||||||||||||||||||||||
Net (loss) income | $ | (94,130) | $ | 71,223 | $ | (126,683) | $ | 146,979 | |||||||||||||||
Numerator: | |||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (94,130) | $ | 71,223 | $ | (126,683) | $ | 146,979 | |||||||||||||||
Net (loss) income attributable to Home Point - diluted | $ | (94,130) | $ | 71,223 | $ | (126,683) | $ | 146,979 | |||||||||||||||
Denominator (in thousands): | |||||||||||||||||||||||
Weighted average shares of common stock outstanding - basic | 138,393 | 139,057 | 138,718 | 139,167 | |||||||||||||||||||
Dilutive effect of common stock equivalents | — | 899 | — | 517 | |||||||||||||||||||
Weighted average shares of common stock outstanding - diluted | 138,393 | 139,957 | 138,718 | 139,685 | |||||||||||||||||||
(Loss) earnings per share of common stock outstanding - basic | $ | (0.68) | $ | 0.51 | $ | (0.91) | $ | 1.06 | |||||||||||||||
(Loss) earnings per share of common stock outstanding - diluted | $ | (0.68) | $ | 0.51 | $ | (0.91) | $ | 1.05 | |||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Total assets | $ | 7,856,706 | $ | 6,727,807 | |||||||
Total liabilities | 7,760,531 | 6,604,351 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue | $ | 52,301 | $ | (67,084) | $ | (79,206) | $ | 33,152 | |||||||||||||||
Net (loss) income | 4,416 | (8,243) | (30,249) | 23,469 | |||||||||||||||||||
Net (loss) income attributable to the Company | (11,862) | (713) | (26,278) | 16,649 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Origination | Servicing | Segments Total | All Other | Total | Reconciling Item(1) | Total Consolidated | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Loss on loans, net | $ | (10,278) | $ | — | $ | (10,278) | $ | — | $ | (10,278) | $ | — | $ | (10,278) | |||||||||||||||||||||||||||
Loan fee income | 7,606 | — | 7,606 | — | 7,606 | — | 7,606 | ||||||||||||||||||||||||||||||||||
Loan servicing fees | — | 60,140 | 60,140 | — | 60,140 | — | 60,140 | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (46,187) | (46,187) | — | (46,187) | — | (46,187) | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | 4,254 | 4,129 | 8,383 | (13,272) | (4,889) | — | (4,889) | ||||||||||||||||||||||||||||||||||
Other (expense) income | 46 | — | 46 | (9,983) | (9,937) | 11,862 | 1,925 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,628 | $ | 18,082 | $ | 19,710 | $ | (23,255) | $ | (3,545) | $ | 11,862 | $ | 8,317 | |||||||||||||||||||||||||||
Contribution margin | $ | (44,404) | $ | 3,180 | $ | (41,224) | $ | (77,945) | $ | (119,169) |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Origination | Servicing | Segments Total | All Other | Total | Reconciling Item(1) | Total Consolidated | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Gain on loans, net | $ | 48,360 | $ | — | $ | 48,360 | $ | — | $ | 48,360 | $ | — | $ | 48,360 | |||||||||||||||||||||||||||
Loan fee income | 42,765 | — | 42,765 | — | 42,765 | — | 42,765 | ||||||||||||||||||||||||||||||||||
Loan servicing fees | — | 204,076 | 204,076 | — | 204,076 | — | 204,076 | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (58,891) | (58,891) | — | (58,891) | — | (58,891) | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | 20,351 | 6,264 | 26,615 | (38,909) | (12,294) | — | (12,294) | ||||||||||||||||||||||||||||||||||
Other income (expense) | 101 | — | 101 | (13,899) | (13,798) | 26,278 | 12,480 | ||||||||||||||||||||||||||||||||||
Total | $ | 111,577 | $ | 151,449 | $ | 263,026 | $ | (52,808) | $ | 210,218 | $ | 26,278 | $ | 236,496 | |||||||||||||||||||||||||||
Contribution margin | $ | (82,651) | $ | 106,437 | $ | 23,786 | $ | (185,306) | $ | (161,520) |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Origination | Servicing | Segments Total | All Other | Total | Reconciling Item(1) | Total Consolidated | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Gain on loans, net | $ | 145,298 | $ | 173 | $ | 145,471 | $ | — | $ | 145,471 | $ | — | $ | 145,471 | |||||||||||||||||||||||||||
Loan fee income | 34,484 | — | 34,484 | — | 34,484 | — | 34,484 | ||||||||||||||||||||||||||||||||||
Loan servicing fees | 28 | 91,803 | 91,831 | — | 91,831 | — | 91,831 | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | 10,970 | 10,970 | — | 10,970 | — | 10,970 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | 4,035 | 623 | 4,658 | (13,471) | (8,813) | — | (8,813) | ||||||||||||||||||||||||||||||||||
Other income (expense) | — | 50 | 50 | (105) | (55) | 713 | 658 | ||||||||||||||||||||||||||||||||||
Total | $ | 183,845 | $ | 103,619 | $ | 287,464 | $ | (13,576) | $ | 273,888 | $ | 713 | $ | 274,601 | |||||||||||||||||||||||||||
Contribution margin | $ | 67,196 | $ | 86,179 | $ | 153,375 | $ | (54,811) | $ | 98,564 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Origination | Servicing | Segments Total | All Other | Total | Reconciling Item(1) | Total Consolidated | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Gain on loans, net | $ | 521,537 | $ | 190 | $ | 521,727 | $ | — | $ | 521,727 | $ | — | $ | 521,727 | |||||||||||||||||||||||||||
Loan fee income | 118,099 | — | 118,099 | — | 118,099 | — | 118,099 | ||||||||||||||||||||||||||||||||||
Loan servicing fees | 28 | 247,725 | 247,753 | — | 247,753 | — | 247,753 | ||||||||||||||||||||||||||||||||||
Change in fair value of mortgage servicing rights | — | (83,087) | (83,087) | — | (83,087) | — | (83,087) | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | 8,021 | 1,291 | 9,312 | (34,971) | (25,659) | — | (25,659) | ||||||||||||||||||||||||||||||||||
Other income (expense) | — | 227 | 227 | 18,533 | 18,760 | (16,649) | 2,111 | ||||||||||||||||||||||||||||||||||
Total | $ | 647,685 | $ | 166,346 | $ | 814,031 | $ | (16,438) | $ | 797,593 | $ | (16,649) | $ | 780,944 | |||||||||||||||||||||||||||
Contribution margin | $ | 233,609 | $ | 111,427 | $ | 345,036 | $ | (147,807) | $ | 197,229 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
(Loss) income before income tax | $ | (107,307) | $ | 99,277 | $ | (135,242) | $ | 180,580 | |||||||||||||||
(Loss) income from equity method investment | (11,862) | (713) | (26,278) | 16,649 | |||||||||||||||||||
Contribution margin | $ | (119,169) | $ | 98,564 | $ | (161,520) | $ | 197,229 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Origination Volume by Channel | |||||||||||||||||||||||
Wholesale | $ | 4,019,910 | $ | 16,355,449 | $ | 20,719,969 | $ | 54,403,754 | |||||||||||||||
Correspondent | 64,117 | 3,434,186 | 4,529,238 | 17,372,644 | |||||||||||||||||||
Direct | 57,975 | 1,005,985 | 739,735 | 3,910,970 | |||||||||||||||||||
Origination volume | $ | 4,142,002 | $ | 20,795,620 | $ | 25,988,942 | $ | 75,687,368 | |||||||||||||||
Fallout Adjusted (“FOA”) Lock Volume by Channel | |||||||||||||||||||||||
Wholesale | $ | 3,688,795 | $ | 16,709,845 | $ | 20,735,781 | $ | 48,415,960 | |||||||||||||||
Correspondent | N/A | 4,149,963 | 3,879,896 | 14,785,605 | |||||||||||||||||||
Direct | 45,942 | 1,034,634 | 586,386 | 2,610,411 | |||||||||||||||||||
FOA Lock Volume | $ | 3,734,737 | $ | 21,894,442 | $ | 25,202,063 | $ | 65,811,976 | |||||||||||||||
Gain on sale margin by Channel | |||||||||||||||||||||||
Wholesale | $ | 17,862 | $ | 121,999 | $ | 128,102 | $ | 481,535 | |||||||||||||||
Correspondent | N/A | 8,351 | 5,452 | 39,783 | |||||||||||||||||||
Direct | 1,194 | 30,252 | 15,105 | 83,332 | |||||||||||||||||||
Gain on sale margin attributable to channels | 19,056 | 160,602 | 148,659 | 604,650 | |||||||||||||||||||
Other (loss) gain on sale(a) | (17,428) | 23,243 | (37,082) | 43,034 | |||||||||||||||||||
Total gain on sale margin(b) | $ | 1,628 | $ | 183,845 | $ | 111,577 | $ | 647,684 | |||||||||||||||
Gain on sale margin by Channel (bps) | |||||||||||||||||||||||
Wholesale | 48 | 73 | 62 | 99 | |||||||||||||||||||
Correspondent | N/A | 20 | 14 | 25 | |||||||||||||||||||
Direct | 260 | 292 | 258 | 318 | |||||||||||||||||||
Gain on sale margin attributable to channels | 51 | 73 | 59 | 91 | |||||||||||||||||||
Other (loss) gain on sale(a) | (47) | 11 | (15) | 5 | |||||||||||||||||||
Total gain on sale margin(b) | 4 | 84 | 44 | 96 | |||||||||||||||||||
Origination Volume by Purpose | |||||||||||||||||||||||
Purchase | 81.1 | % | 34.6 | % | 59.9 | % | 29.3 | % | |||||||||||||||
Refinance | 18.9 | % | 65.4 | % | 40.1 | % | 70.7 | % |
September 30, | |||||||||||
2022 | 2021 | ||||||||||
Market Share | |||||||||||
Overall share of origination market(c) | 1.6 | % | 2.1 | % | |||||||
Share of wholesale channel(d) | 8.1 | % | 9.8 | % | |||||||
Third Party Partners | |||||||||||
Number of Broker Partners(e) | 9,116 | 7,452 | |||||||||
Number of Correspondent Partners(f) | N/A | 652 |
September 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Mortgage Servicing | |||||||||||
MSR Servicing Portfolio - UPB(a) | $ | 94,087,825 | $ | 125,832,286 | |||||||
MSR Servicing Portfolio - Units(b) | 331,264 | 428,622 | |||||||||
60 days or more delinquent(c) | 1.0 | % | 0.9 | % | |||||||
MSR Portfolio | |||||||||||
MSR multiple(d) | 5.82 | 4.19 | |||||||||
Weighted Average Note Rate (e) | 3.30 | % | 2.98 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Total revenue, net | $ | 8,317 | $ | 274,601 | $ | 236,496 | $ | 780,944 | |||||||||||||||
(Loss) income from equity method investment | (11,862) | (713) | (26,278) | 16,649 | |||||||||||||||||||
Change in fair value of MSR (due to inputs and assumptions), net of hedge(a) | 17,509 | (84,911) | (52,126) | (157,748) | |||||||||||||||||||
Adjusted revenue | $ | 13,964 | $ | 188,977 | $ | 158,092 | $ | 639,845 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Net (loss) income | $ | (94,130) | $ | 71,223 | $ | (126,683) | $ | 146,979 | |||||||||||||||
Change in fair value of MSR (due to inputs and assumptions), net of hedge(a) | 17,509 | (84,911) | (52,126) | (157,748) | |||||||||||||||||||
Income tax effect of change in fair value of MSR (due to inputs and assumptions), net of hedge(b) | (4,086) | 23,385 | 13,427 | 43,897 | |||||||||||||||||||
Adjusted net (loss) income | $ | (80,707) | $ | 9,697 | $ | (165,382) | $ | 33,128 |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
(Loss) gain on loans, net | $ | (10,278) | $ | 145,471 | $ | (155,749) | (107.1 | %) | |||||||||||||||
Loan fee income | 7,606 | 34,484 | (26,878) | (77.9 | %) | ||||||||||||||||||
Interest income | 21,452 | 36,719 | (15,267) | (41.6 | %) | ||||||||||||||||||
Interest expense | (26,341) | (45,532) | 19,191 | (42.1 | %) | ||||||||||||||||||
Interest expense, net | (4,889) | (8,813) | 3,924 | (44.5 | %) | ||||||||||||||||||
Loan servicing fees | 60,140 | 91,831 | (31,691) | (34.5 | %) | ||||||||||||||||||
Change in fair value of mortgage servicing rights | (46,187) | 10,970 | (57,157) | (521.0 | %) | ||||||||||||||||||
Other income | 1,925 | 658 | 1,267 | 192.6 | % | ||||||||||||||||||
Total revenue, net | 8,317 | 274,601 | (266,284) | (97.0 | %) | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 62,765 | 114,612 | (51,847) | (45.2 | %) | ||||||||||||||||||
Loan expense | 3,977 | 16,618 | (12,641) | (76.1 | %) | ||||||||||||||||||
Loan servicing expense | 11,221 | 6,681 | 4,540 | 68.0 | % | ||||||||||||||||||
Production technology | 3,676 | 7,583 | (3,907) | (51.5 | %) | ||||||||||||||||||
General and administrative | 12,479 | 21,741 | (9,262) | (42.6 | %) | ||||||||||||||||||
Depreciation and amortization | 2,599 | 2,440 | 159 | 6.5 | % | ||||||||||||||||||
Impairment of goodwill | 10,789 | — | 10,789 | N/A | |||||||||||||||||||
Other expenses | 8,118 | 5,649 | 2,469 | 43.7 | % | ||||||||||||||||||
Total expenses | 115,624 | 175,324 | (59,700) | (34.1 | %) | ||||||||||||||||||
Loss (income) before income tax | (107,307) | 99,277 | (206,584) | (208.1 | %) | ||||||||||||||||||
Income tax benefit (expense) | 25,039 | (27,341) | 52,380 | (191.6 | %) | ||||||||||||||||||
Loss from equity method investment | (11,862) | (713) | (11,149) | 1563.7 | % | ||||||||||||||||||
Net (loss) income | $ | (94,130) | $ | 71,223 | $ | (165,353) | (232.2 | %) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Gain on loans, net | $ | 48,360 | $ | 521,727 | $ | (473,367) | (90.7 | %) | |||||||||||||||
Loan fee income | 42,765 | 118,099 | (75,334) | (63.8 | %) | ||||||||||||||||||
Interest income | 76,062 | 96,944 | (20,882) | (21.5 | %) | ||||||||||||||||||
Interest expense | (88,356) | (122,603) | 34,247 | (27.9 | %) | ||||||||||||||||||
Interest expense, net | (12,294) | (25,659) | 13,365 | (52.1 | %) | ||||||||||||||||||
Loan servicing fees | 204,076 | 247,753 | (43,677) | (17.6 | %) | ||||||||||||||||||
Change in fair value of mortgage servicing rights | (58,891) | (83,087) | 24,196 | (29.1 | %) | ||||||||||||||||||
Other income | 12,480 | 2,111 | 10,369 | 491.2 | % | ||||||||||||||||||
Total revenue, net | 236,496 | 780,944 | (544,448) | (69.7 | %) | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 227,798 | 395,550 | (167,752) | (42.4 | %) | ||||||||||||||||||
Loan expense | 19,961 | 51,796 | (31,835) | (61.5 | %) | ||||||||||||||||||
Loan servicing expense | 24,088 | 22,282 | 1,806 | 8.1 | % | ||||||||||||||||||
Production technology | 12,884 | 25,038 | (12,154) | (48.5 | %) | ||||||||||||||||||
General and administrative | 49,119 | 74,527 | (25,408) | (34.1 | %) | ||||||||||||||||||
Depreciation and amortization | 7,913 | 7,551 | 362 | 4.8 | % | ||||||||||||||||||
Impairment of goodwill | 10,789 | — | 10,789 | N/A | |||||||||||||||||||
Other expenses | 19,186 | 23,620 | (4,434) | (18.8) | % | ||||||||||||||||||
Total expenses | 371,738 | 600,364 | (228,626) | (38.1 | %) | ||||||||||||||||||
(Loss) income before income tax | (135,242) | 180,580 | (315,822) | (174.9 | %) | ||||||||||||||||||
Income tax benefit (expense) | 34,837 | (50,250) | 85,087 | (169.3 | %) | ||||||||||||||||||
(Loss) income from equity method investment | (26,278) | 16,649 | (42,927) | (257.8 | %) | ||||||||||||||||||
Net (loss) income | $ | (126,683) | $ | 146,979 | $ | (273,662) | (186.2 | %) |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
(Loss) gain on loans, net | $ | (10,278) | $ | 145,298 | $ | (155,576) | (107.1) | % | |||||||||||||||
Loan fee income | 7,606 | 34,484 | (26,878) | (77.9) | % | ||||||||||||||||||
Loan servicing fees | — | 28 | (28) | (100.0) | % | ||||||||||||||||||
Interest income | 17,323 | 35,869 | (18,546) | (51.7) | % | ||||||||||||||||||
Interest expense | (13,069) | (31,834) | 18,765 | (58.9) | % | ||||||||||||||||||
Interest income, net | 4,254 | 4,035 | 219 | 5.4 | % | ||||||||||||||||||
Other income | 46 | — | 46 | N/A | |||||||||||||||||||
Total origination revenue, net | 1,628 | 183,845 | (182,217) | (99.1) | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 32,824 | 82,090 | (49,266) | (60.0) | % | ||||||||||||||||||
Loan expense | 3,977 | 16,431 | (12,454) | (75.8) | % | ||||||||||||||||||
Loan servicing expense | — | (38) | 38 | (100.0) | % | ||||||||||||||||||
Production technology | 3,212 | 7,098 | (3,886) | (54.7) | % | ||||||||||||||||||
General and administrative | 5,017 | 9,304 | (4,287) | (46.1) | % | ||||||||||||||||||
Other expenses | 1,002 | 1,764 | (762) | (43.2) | % | ||||||||||||||||||
Total origination expenses | 46,032 | 116,649 | (70,617) | (60.5) | % | ||||||||||||||||||
Origination net (loss) income | $ | (44,404) | $ | 67,196 | $ | (111,600) | (166.1) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Gain on loans, net | $ | 48,360 | $ | 521,537 | $ | (473,177) | (90.7) | % | |||||||||||||||
Loan fee income | 42,765 | 118,099 | (75,334) | (63.8) | % | ||||||||||||||||||
Interest income | 69,798 | 94,763 | (24,965) | (26.3) | % | ||||||||||||||||||
Interest expense | (49,447) | (86,742) | 37,295 | (43.0) | % | ||||||||||||||||||
Interest income, net | 20,351 | 8,021 | 12,330 | 153.7 | % | ||||||||||||||||||
Other income | 101 | — | 101 | N/A | |||||||||||||||||||
Total origination revenue, net | 111,577 | 647,657 | (536,080) | (82.8) | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 139,313 | 301,474 | (162,161) | (53.8) | % | ||||||||||||||||||
Loan expense | 19,961 | 51,102 | (31,141) | (60.9) | % | ||||||||||||||||||
Loan servicing expense | — | 281 | (281) | (100.0) | % | ||||||||||||||||||
Production technology | 11,212 | 23,609 | (12,397) | (52.5) | % | ||||||||||||||||||
General and administrative | 20,153 | 31,205 | (11,052) | (35.4) | % | ||||||||||||||||||
Other expenses | 3,589 | 6,405 | (2,816) | (44.0) | % | ||||||||||||||||||
Total origination expenses | 194,228 | 414,076 | (219,848) | (53.1) | % | ||||||||||||||||||
Origination net (loss) income | $ | (82,651) | $ | 233,609 | $ | (316,260) | (135.4) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
FOA Lock Volume by Channel | |||||||||||||||||||||||
Wholesale | $ | 3,688,795 | $ | 16,709,845 | $ | 20,735,781 | $ | 48,415,960 | |||||||||||||||
Correspondent | N/A | 4,149,963 | 3,879,896 | 14,785,605 | |||||||||||||||||||
Direct | 45,942 | 1,034,634 | 586,386 | 2,610,411 | |||||||||||||||||||
FOA Lock Volume | $ | 3,734,737 | $ | 21,894,442 | $ | 25,202,063 | $ | 65,811,976 | |||||||||||||||
Gain on sale margin by Channel | |||||||||||||||||||||||
Wholesale | $ | 17,862 | $ | 121,999 | $ | 128,102 | $ | 481,535 | |||||||||||||||
Correspondent | N/A | 8,351 | 5,452 | 39,783 | |||||||||||||||||||
Direct | 1,194 | 30,252 | 15,105 | 83,332 | |||||||||||||||||||
Gain on sale margin attributable to channels | 19,056 | 160,602 | 148,659 | 604,650 | |||||||||||||||||||
Other (loss) gain on sale(a) | (17,428) | 23,243 | (37,082) | 43,034 | |||||||||||||||||||
Total gain on sale margin(b) | $ | 1,628 | $ | 183,845 | $ | 111,577 | $ | 647,684 | |||||||||||||||
Gain on sale margin by Channel (bps) | |||||||||||||||||||||||
Wholesale | 48 | 73 | 62 | 99 | |||||||||||||||||||
Correspondent | N/A | 20 | 14 | 25 | |||||||||||||||||||
Direct | 260 | 292 | 258 | 318 | |||||||||||||||||||
Gain on sale margin attributable to channels | 51 | 73 | 59 | 91 | |||||||||||||||||||
Other (loss) gain on sale(a) | (47) | 11 | (15) | 5 | |||||||||||||||||||
Total gain on sale margin(b) | 4 | 84 | 44 | 96 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Origination volume | $ | 4,142,002 | $ | 20,795,620 | $ | 25,988,942 | $ | 75,687,368 | |||||||||||||||
Originated MSR UPB | 4,967,600 | 27,946,562 | 28,760,690 | 82,252,911 | |||||||||||||||||||
Gain on sale margin (a) | 0.04% | 0.84% | 0.44% | 0.96% | |||||||||||||||||||
Retained servicing (UPB)(b) | 96.4% | 95.1% | 97.2% | 96.7% |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
(Loss) gain on loans, net | $ | — | $ | 173 | $ | (173) | (100.0) | % | |||||||||||||||
Loan servicing fees | 60,140 | 91,803 | (31,663) | (34.5) | % | ||||||||||||||||||
Change in fair value of mortgage servicing rights | (46,187) | 10,970 | (57,157) | (521.0) | % | ||||||||||||||||||
Interest income | 4,129 | 849 | 3,280 | 386.3 | % | ||||||||||||||||||
Interest expense | — | — | (226) | 226 | (100.0) | % | |||||||||||||||||
Interest income, net | 4,129 | 623 | 3,506 | 562.8 | % | ||||||||||||||||||
Other income | — | 50 | (50) | (100.0) | % | ||||||||||||||||||
Total servicing revenue, net | 18,082 | 103,619 | (85,537) | (82.5) | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 2,566 | 7,759 | (5,193) | (66.9) | % | ||||||||||||||||||
Loan expense | — | 187 | (187) | (100.0) | % | ||||||||||||||||||
Loan servicing expense | 11,221 | 6,719 | 4,502 | 67.0 | % | ||||||||||||||||||
Production technology | 466 | 485 | (19) | (3.9) | % | ||||||||||||||||||
General and administrative | 630 | 2,251 | (1,621) | (72.0) | % | ||||||||||||||||||
Other expenses | 19 | 39 | (20) | (51.3) | % | ||||||||||||||||||
Total servicing expenses | 14,902 | 17,440 | (2,538) | (14.6) | % | ||||||||||||||||||
Servicing net income | $ | 3,180 | $ | 86,179 | $ | (82,999) | (96.3) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
(Loss) gain on loans, net | $ | — | $ | 190 | $ | (190) | (100.0) | % | |||||||||||||||
Loan servicing fees | 204,076 | 247,725 | (43,649) | (17.6) | % | ||||||||||||||||||
Change in fair value of mortgage servicing rights | (58,891) | (83,087) | 24,196 | (29.1) | % | ||||||||||||||||||
Interest income | 6,264 | 2,181 | 4,083 | 187.2 | % | ||||||||||||||||||
Interest expense | — | (890) | 890 | (100.0) | % | ||||||||||||||||||
Interest income, net | 6,264 | 1,291 | 4,973 | 385.2 | % | ||||||||||||||||||
Other income | — | 227 | (227) | (100.0) | % | ||||||||||||||||||
Total servicing revenue, net | 151,449 | 166,346 | (14,897) | (9.0) | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 15,451 | 22,919 | (7,468) | (32.6) | % | ||||||||||||||||||
Loan expense | — | 694 | (694) | (100.0) | % | ||||||||||||||||||
Loan servicing expense | 24,088 | 22,001 | 2,087 | 9.5 | % | ||||||||||||||||||
Production technology | 1,672 | 1,429 | 243 | 17.0 | % | ||||||||||||||||||
General and administrative | 3,714 | 7,599 | (3,885) | (51.1) | % | ||||||||||||||||||
Other expenses | 87 | 277 | (190) | (68.6) | % | ||||||||||||||||||
Total servicing expenses | 45,012 | 54,919 | (9,907) | (18.0) | % | ||||||||||||||||||
Servicing net income | $ | 106,437 | $ | 111,427 | $ | (4,990) | (4.5) | % | |||||||||||||||
September 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
MSR Servicing Portfolio (UPB) | $ | 94,087,825 | $ | 125,832,286 | |||||||
Average MSR Servicing Portfolio (UPB) | $ | 92,302,123 | $ | 125,045,611 | |||||||
MSR Servicing Portfolio (Loan Count) | 331,264 | 428,622 | |||||||||
MSRs Fair Value Multiple (x) | 5.82 | 4.19 | |||||||||
Delinquency Rates (%) | 1.6 | % | 0.9 | % | |||||||
Weighted average credit score | 746 | 742 | |||||||||
Weighted average servicing fee, net (bps) | 27.3 | 26.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Realization of cash flows | $ | (28,678) | $ | (73,940) | $ | (111,017) | $ | (240,835) | |||||||||||||||
Valuation inputs and assumptions | 18,256 | 85,150 | 367,637 | 188,334 | |||||||||||||||||||
Economic hedging results | (35,765) | (240) | (315,511) | (30,586) | |||||||||||||||||||
Change in fair value of MSRs | $ | (46,187) | $ | 10,970 | $ | (58,891) | $ | (83,087) |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Interest expense | $ | (13,272) | $ | (13,471) | $ | 199 | (1.5) | % | |||||||||||||||
Interest expense, net | (13,272) | (13,471) | 199 | (1.5) | % | ||||||||||||||||||
Other income | (9,983) | (105) | (9,878) | 9407.6 | % | ||||||||||||||||||
Total corporate revenue, net | (23,255) | (13,576) | (9,679) | 71.3 | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 27,375 | 24,763 | 2,612 | 10.5 | % | ||||||||||||||||||
Production technology | (2) | — | (2) | N/A | |||||||||||||||||||
General and administrative | 6,832 | 10,186 | (3,354) | (32.9) | % | ||||||||||||||||||
Depreciation and amortization | 2,599 | 2,440 | 159 | 6.5 | % | ||||||||||||||||||
Impairment of goodwill | 10,789 | — | 10,789 | N/A | |||||||||||||||||||
Other expenses | 7,097 | 3,846 | 3,251 | 84.5 | % | ||||||||||||||||||
Total corporate expenses | 54,690 | 41,235 | 13,455 | 32.6 | % | ||||||||||||||||||
Corporate net loss | $ | (77,945) | $ | (54,811) | $ | (23,134) | 42.2 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Interest expense | $ | (38,909) | $ | (34,971) | $ | (3,938) | 11.3 | % | |||||||||||||||
Interest expense, net | (38,909) | (34,971) | (3,938) | 11.3 | % | ||||||||||||||||||
Other income | (13,899) | 18,533 | (32,432) | (175.0) | % | ||||||||||||||||||
Total corporate revenue, net | (52,808) | (16,438) | (36,370) | 221.3 | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation and benefits | 73,034 | 71,157 | 1,877 | 2.6 | % | ||||||||||||||||||
General and administrative | 25,252 | 35,723 | (10,471) | (29.3) | % | ||||||||||||||||||
Depreciation and amortization | 8,090 | 7,551 | 539 | 7.1 | % | ||||||||||||||||||
Impairment of goodwill | 10,789 | — | 10,789 | N/A | |||||||||||||||||||
Other expenses | 15,333 | 16,938 | (1,605) | (9.5) | % | ||||||||||||||||||
Total corporate expenses | 132,498 | 131,369 | 1,129 | 0.9 | % | ||||||||||||||||||
Corporate net loss | $ | (185,306) | $ | (147,807) | $ | (37,499) | 25.4 | % |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Net cash provided by (used for) operating activities | $ | 3,479,065 | $ | (3,657,464) | |||||||
Net cash provided by investing activities | 612,082 | 69,796 | |||||||||
Net cash (used for) provided by financing activities | (4,150,516) | 3,593,902 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (59,369) | 6,234 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 148,421 | $ | 203,127 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from: | (dollars in thousands) | ||||||||||
Mortgage loans held for sale | $ | 3,397,949 | $ | (3,677,866) | |||||||
Gain on loans, net | (48,360) | (521,727) | |||||||||
(Increase) decrease in fair value of derivative assets | 12,226 | 169,721 | |||||||||
Decrease in fair value of mortgage loans held for sale | 155,228 | 6,906 | |||||||||
Other operating sources | (37,978) | 365,502 | |||||||||
Net cash provided by (used for) operating activities | $ | 3,479,065 | $ | (3,657,464) |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from: | (dollars in thousands) | ||||||||||
Warehouse borrowings, net | $ | (3,848,017) | $ | 3,303,062 | |||||||
Distributions to parent, net (a) | — | (294,897) | |||||||||
Other financing sources | (302,499) | 585,737 | |||||||||
Net cash (used for) provided by financing activities | $ | (4,150,516) | $ | 3,593,902 | |||||||
(a) distributions to HPLP, our direct parent prior to the merger consummated in connection with the IPO. |
Exhibit Number | Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5*+ | ||||||||
10.6*+ | ||||||||
10.7*+ | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
101.INS* | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
HOME POINT CAPITAL INC. | |||||||||||
Dated: November 14, 2022 | By: | /s/ William A. Newman | |||||||||
Name: | William A. Newman | ||||||||||
Title: | President and Chief Executive Officer (Principal Executive Officer) | ||||||||||
Dated: November 14, 2022 | By: | /s/ Mark E. Elbaum | |||||||||
Name: | Mark E. Elbaum | ||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
1 Year Home Point Capital Chart |
1 Month Home Point Capital Chart |
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