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Segment Reporting
12 Months Ended
Dec. 31, 2021
Segment Reporting  
Segment Reporting

Note 12.—Segment Reporting

The Company has three primary reporting segments which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in corporate and other.

The following table presents selected balance sheet data by reporting segment as of the dates indicated:

Balance Sheet Items as of

Mortgage

Real Estate

Long-term

Corporate

 

December 31, 2021:

Lending

Services

Portfolio

and other

Consolidated

 

Cash and cash equivalents

    

$

26,239

    

$

500

    

$

    

2,816

    

$

29,555

Restricted cash

 

5,657

 

 

 

 

5,657

Mortgage loans held-for-sale

 

308,477

 

 

 

 

308,477

Mortgage servicing rights

 

749

 

 

 

 

749

Trust assets

 

 

 

1,642,730

 

 

1,642,730

Other assets (1)

 

10,051

 

2

 

141

 

25,409

 

35,603

Total assets

$

351,173

$

502

$

1,642,871

$

28,225

$

2,022,771

Total liabilities

$

298,726

$

$

1,661,729

$

52,380

$

2,012,835

Balance Sheet Items as of

Mortgage

Real Estate

Long-term

Corporate

 

December 31, 2020:

Lending

Services

Portfolio

and other

Consolidated

 

Cash and cash equivalents

    

$

50,968

    

$

501

    

$

    

$

2,681

    

$

54,150

Restricted cash

 

5,602

 

 

 

 

5,602

Mortgage loans held-for-sale

 

164,422

 

 

 

 

164,422

Mortgage servicing rights

 

339

 

 

 

 

339

Trust assets

 

 

 

2,103,269

 

 

2,103,269

Other assets (1)

 

12,510

 

2

 

130

 

28,882

 

41,524

Total assets

$

233,841

$

503

$

2,103,399

$

31,563

$

2,369,306

Total liabilities

$

166,285

$

$

2,131,178

$

56,192

$

2,353,655

(1)All segment asset balances exclude intercompany balances.

The following table presents selected statement of operations information by reporting segment for the years ended December 31, 2021 and 2020:

Statement of Operations Items for the

Mortgage

Real Estate

Long-term

Corporate

 

Year Ended December 31, 2021:

Lending

Services

Portfolio

and other

Consolidated

 

Gain on sale of loans, net

    

$

65,294

    

$

    

$

    

$

    

$

65,294

Servicing expense, net

 

(432)

 

 

 

 

(432)

Gain on mortgage servicing rights, net

34

34

Real estate services fees, net

 

 

1,144

 

 

 

1,144

Other revenue

 

24

 

110

 

145

 

279

Other operating expense

(62,605)

(1,409)

(778)

(16,412)

(81,204)

Other income (expense)

 

98

 

 

12,840

 

(1,860)

 

11,078

Net earnings (loss) before income tax expense

$

2,413

$

(265)

$

12,172

$

(18,127)

(3,807)

Income tax expense

 

71

Net loss

$

(3,878)

Statement of Operations Items for the

    

Mortgage

    

Real Estate

    

Long-term

    

Corporate

    

Year Ended December 31, 2020:

Lending

Services

Portfolio

and other

Consolidated

Gain on sale of loans, net

$

14,004

    

$

    

$

    

$

    

$

14,004

Servicing fees, net

 

3,603

 

 

 

 

3,603

Loss on mortgage servicing rights, net

(28,509)

(28,509)

Real estate services fees, net

 

 

1,312

 

 

 

1,312

Other revenue

 

135

 

 

143

 

1,220

 

1,498

Other operating expense

(60,869)

(1,485)

(633)

(18,286)

(81,273)

Other income (expense)

 

2,366

 

 

1,344

 

(2,362)

 

1,348

Net (loss) earnings before income tax expense

$

(69,270)

$

(173)

$

854

$

(19,428)

$

(88,017)

Income tax expense

 

133

Net loss

$

(88,150)