XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income (loss) $ (198,419) $ 44,295
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of mortgage servicing rights 21,153 70,080
Loss on valuation of mortgage servicing rights, at fair value 59,104 48,480
Impairment of mortgage servicing rights 39,030 1,608
Gain on sale of mortgage servicing rights (2,028) (56,712)
Realized and unrealized losses on derivative financial instruments 2,080 7,268
Provision for bad debts 32,785 24,686
Depreciation 11,850 8,420
Amortization of debt issuance costs 6,498 7,311
Gain on sale of fixed assets 0 (1,095)
Increase in deferred tax assets 0 (18,909)
Equity-based compensation expense 3,079 3,581
Gain on loans held for sale, net (43,429) (89,636)
Origination and purchase of loans held for sale (2,883,124) (2,314,488)
Proceeds from sale and collections of loans held for sale 2,789,433 2,517,096
Changes in assets and liabilities:    
Decrease in advances and match funded advances 215,525 383,028
Decrease (increase) in receivables and other assets, net 75,208 (29,957)
Increase (decrease) in other liabilities 40,951 (84,690)
Other, net 2,469 14,599
Net cash provided by operating activities 172,165 534,965
Cash flows from investing activities    
Origination of loans held for investment – reverse mortgages (675,665) (530,402)
Principal payments received on loans held for investment - reverse mortgages 238,838 63,942
Purchase of mortgage servicing rights, net (12,432) (6,252)
Proceeds from sale of mortgage servicing rights 15,122 388,938
Proceeds from sale of advances and match funded advances 66,651 128,821
Additions to premises and equipment (17,312) (8,038)
Proceeds from sale of premises and equipment 0 4,758
Other 8,179 2,158
Net cash provided by (used in) investing activities (376,619) 43,925
Cash flows from financing activities    
Repayment of match funded liabilities (152,668) (349,125)
Proceeds from other secured borrowings 4,173,609 3,895,539
Repayments of other secured borrowings (4,368,903) (4,455,813)
Payment of debt issuance costs (2,242) (18,610)
Proceeds from sale of loans accounted for as a financing 522,981 532,856
Repurchase of common stock (5,890) 0
Proceeds from exercise of common stock options 406 413
Other (1,196) 6,457
Net cash provided by (used in) financing activities 166,097 (388,283)
Net increase (decrease) in cash (38,357) 190,607
Cash at beginning of year 257,272 129,473
Cash at end of period $ 218,915 $ 320,080