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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (74,704) $ (134,685)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 20,774 27,329
Amortization of operating lease right-of-use asset 7,955 8,161
Amortization of debt discount and debt issuance costs 18,739 11,966
Gain on origination and sale of loans (528,426) (391,437)
Fair value change in trading securities (3,113) (4,026)
Provision (benefit) for loss obligation on sold loans and servicing rights 6,843 (5,993)
Deferred tax benefit (29,993) (34,115)
Fair value change in derivative assets 9,794 18,989
Fair value change in derivative liabilities (12,974) (62,819)
Fair value change in loans held for sale (36,051) (19,219)
Fair value change in loans held for investment (3,831) (3,035)
Fair value change in servicing rights 158,562 132,457
Stock-based compensation expense 7,060 18,952
Originations of loans (18,021,887) (17,026,481)
Proceeds from sales of loans 19,079,417 16,742,208
Proceeds from principal payments 52,734 200,983
Payments to investors for loan repurchases (748,062) (468,779)
Premiums (paid) received on derivatives (19,987) 5,938
Loss on extinguishment of debt 0 5,680
Disbursements from joint ventures 3,455 8,865
Changes in operating assets and liabilities:    
Other changes in operating assets and liabilities 44,845 63,079
Net cash used in operating activities (68,850) (905,982)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (17,761) (19,469)
Proceeds from sale of servicing rights 27,087 470,994
Cash flows received on trading securities 4,599 4,602
Investments in joint ventures (150) 0
Proceeds from principal payments on loans held for investment 9,117 3,502
Return of capital from joint ventures 0 245
Net cash flows provided by investing activities 22,892 459,874
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings on warehouse and other lines of credit 15,859,614 16,228,053
Repayment of borrowings on warehouse and other lines of credit (15,854,036) (15,609,397)
Proceeds from debt obligations 1,026,974 1,052,851
Payments on debt obligations (969,263) (1,375,191)
Payments of debt issuance costs (12,577) (12,288)
Treasury stock purchased to net settle and withhold taxes on vested shares (8,640) (2,308)
Exercise of stock options 5,690 0
Dividends and shareholder distributions (3,153) (2,827)
Net cash provided by financing activities 44,609 278,893
Net change in cash and cash equivalents and restricted cash (1,349) (167,215)
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 525,872 578,641
Cash paid during the period for:    
Interest 208,221 215,821
Income taxes 507 4,904
Supplemental disclosure of noncash investing and financing activities    
Loans transferred from held for sale to held for investment 0 122,533
Operating leases right-of-use assets obtained in exchange for lease liabilities 12,197 2,975
Cash and cash equivalents and restricted cash reconciliation    
Cash and cash equivalents 459,161 483,048
Restricted cash 66,711 95,593
Total cash and cash equivalents and restricted cash $ 525,872 $ 578,641