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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Operating activities:          
Net (loss) income $ 54,089 $ 37,402 $ (14,266) $ 67,409  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:          
Depreciation and amortization 1,961 1,909 3,908 3,821  
Stock-based compensation     3,801 5,258  
Amortization and accretion of interest and fees, net     3,007 2,092  
Amortization of capitalized mortgage servicing rights 11,891 12,324 23,713 24,606  
Originations of loans held-for-sale     (2,452,745) (1,971,876)  
Proceeds from sales of loans held-for-sale, net of gain on sale     2,949,949 1,847,488  
Payoffs and paydowns of loans held-for-sale     62 66  
Mortgage servicing rights (32,417) (18,709) (54,351) (32,941)  
Write-off of capitalized mortgage servicing rights from payoffs     9,570 9,048  
Impairment loss on real estate owned   1,000   1,000  
Provision for loss sharing (net of recoveries) 2,395 368 23,932 822  
Provision for credit losses (net of recoveries) 12,714   67,096    
Net recoveries (charge-offs) for loss sharing obligations     233 (703)  
Deferred tax benefit (10,900) (900) (9,025) (3,250)  
Income from equity affiliates (20,408) (3,264) (24,401) (5,415)  
Loss on extinguishment of debt 1,592   3,546 128  
Changes in operating assets and liabilities     (297) (25,251)  
Net cash provided by (used in) operating activities     533,732 (77,698)  
Investing Activities:          
Loans and investments funded, originated and purchased, net     (1,117,004) (1,398,834)  
Payoffs and paydowns of loans and investments     459,489 796,652  
Deferred fees     5,835 11,505  
Investments in real estate, net     (129) (287)  
Contributions to equity affiliates     (60) (6,105)  
Distributions from equity affiliates     77    
Purchase of securities held-to-maturity, net     (37,927) (10,000)  
Payoffs and paydowns of securities held-to-maturity     5,823 2,679  
Due to borrowers and reserves     (44,028) (24,052)  
Net cash used in investing activities     (727,924) (628,442)  
Financing activities:          
Proceeds from repurchase agreements and credit facilities     4,781,801 4,126,430  
Paydowns and payoffs of repurchase agreements and credit facilities     (5,222,038) (3,640,107)  
Proceeds from issuance of collateralized loan obligations     668,000 533,000  
Payoffs and paydowns of collateralized loan obligations     (282,874) (250,250)  
Payoffs and paydowns of debt fund     (70,000)    
Proceeds from issuance of common stock     38,008 115,736  
Settlements of convertible senior unsecured notes     (22,145) (3,037)  
Proceeds from issuance of senior unsecured notes     345,750 90,000  
Redemption of operating partnership units     (1,600) (1,673)  
Payments of withholding taxes on net settlement of vested stock       (3,487)  
Repurchase of common stock     (12,761) (11,574)  
Distributions paid on common stock     (33,249) (49,746)  
Distributions paid on noncontrolling interest     (6,110) (11,302)  
Distributions paid on preferred stock     (3,781) (3,785)  
Payment of deferred financing costs     (16,342) (9,362)  
Net cash provided by financing activities     162,659 880,843  
Net (decrease) increase in cash, cash equivalents and restricted cash     (31,533) 174,703  
Cash, cash equivalents and restricted cash at beginning of period     510,562 340,669 $ 340,669
Cash, cash equivalents and restricted cash at end of period 479,029 515,372 479,029 515,372 510,562
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents at beginning of period     299,687 160,063 160,063
Restricted cash at beginning of period     210,875 180,606 180,606
Cash, cash equivalents and restricted cash at beginning of period     510,562 340,669 340,669
Cash and cash equivalents at end of period 384,182 198,917 384,182 198,917 299,687
Restricted cash at end of period 94,847 316,455 94,847 316,455 210,875
Cash, cash equivalents and restricted cash at end of period 479,029 515,372 479,029 515,372 510,562
Supplemental cash flow information:          
Cash used to pay interest     76,294 85,776  
Cash used to pay taxes     2,832 13,186  
Supplemental schedule of non-cash investing and financing activities:          
Dividends declare on common stock and operating partnership units 39,778   39,778    
Cumulative-effect adjustment (Note 2) (1,257,776) $ (1,185,978) (1,257,776) (1,185,978) (1,356,027)
Issuance of common stock from convertible debt     93 2,507  
Settlements of convertible senior unsecured notes     (4,778) (1,337)  
Fair value of conversion feature of convertible senior unsecured notes     (185) 1,175  
Special dividend - common stock issued       10,079  
Special dividend - special voting preferred stock and operating partnership units issued       2,478  
Cumulative-effect adjustment          
Supplemental schedule of non-cash investing and financing activities:          
Cumulative-effect adjustment (Note 2) $ 28,607   28,607   $ 28,607
8.25% Series A preferred stock          
Supplemental schedule of non-cash investing and financing activities:          
Distributions accrued on preferred stock     267 267  
7.75% Series B preferred stock          
Supplemental schedule of non-cash investing and financing activities:          
Distributions accrued on preferred stock     203 203  
8.50% Series C preferred stock          
Supplemental schedule of non-cash investing and financing activities:          
Distributions accrued on preferred stock     $ 159 $ 159