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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (40,696) $ (71,505)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 7,666 9,443
Amortization of operating lease right-of-use asset 2,806 2,289
Amortization of debt discount and debt issuance costs 5,806 2,752
Gain on origination and sale of loans (150,750) (65,671)
Fair value change in trading securities (1,359) 927
Provision for loss obligation on sold loans and servicing rights 351 1,713
Deferred tax benefit (6,598) (13,660)
Fair value change in derivative assets 5,138 41,020
Fair value change in derivative liabilities (11,607) (73,729)
Fair value change in loans held for sale (34,347) 15,241
Fair value change in loans held for investment (958) 0
Fair value change in servicing rights 59,803 7,817
Stock-based compensation expense 5,716 4,855
Originations of loans (5,049,308) (4,502,323)
Proceeds from sales of loans 5,255,275 4,448,838
Proceeds from principal payments 17,352 26,073
Payments to investors for loan repurchases (257,165) (141,396)
Premium paid on derivatives (10,510) (11,501)
Disbursements from joint ventures 466 3,320
Changes in operating assets and liabilities:    
Other changes in operating assets and liabilities 23,029 36,974
Net cash used in operating activities (179,890) (278,523)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (6,796) (4,764)
Proceeds from sale of servicing rights 5,132 56,113
Cash flows received on trading securities 1,470 430
Investments in joint ventures (150) 0
Proceeds from principal payments on loans held for investment 3,139 0
Return of capital from joint ventures 0 245
Net cash flows provided by investing activities 2,795 52,024
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings on warehouse and other lines of credit 3,648,611 4,251,674
Repayment of borrowings on warehouse and other lines of credit (3,535,291) (4,129,112)
Proceeds from debt obligations 340,815 605,572
Payments on debt obligations (349,817) (565,321)
Payments of debt issuance costs (6,007) (2,819)
Treasury stock purchased to net settle and withhold taxes on vested shares (635) (423)
Dividends and shareholder distributions (2,075) (919)
Net cash provided by financing activities 95,601 158,652
Net change in cash and cash equivalents and restricted cash (81,494) (67,847)
Cash and cash equivalents and restricted cash at beginning of the period 527,221 745,856
Cash and cash equivalents and restricted cash at end of the period 445,727 678,009
Cash paid (received) during the period for:    
Interest 55,559 58,294
Income taxes (178) 17
Supplemental disclosure of noncash investing and financing activities    
Operating leases right-of-use assets obtained in exchange for lease liabilities 5,061 288
Cash and cash equivalents and restricted cash reconciliation    
Cash and cash equivalents 371,480 603,663
Restricted cash 74,247 74,346
Total cash and cash equivalents and restricted cash $ 445,727 $ 678,009