XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net loss $ (188,945) $ (22,455)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of mortgage servicing rights 18,595 88,188
Loss on valuation of mortgage servicing rights, at fair value 63,609 73,257
Impairment of mortgage servicing rights 37,164 25,052
Gain on sale of mortgage servicing rights (7,689) (97,958)
Realized and unrealized losses on derivative financial instruments 2,213 8,529
Provision for bad debts 61,191 25,272
Depreciation 18,277 13,467
Amortization of debt issuance costs 10,475 10,385
Gain on sale of fixed assets 0 (1,095)
Increase in deferred tax assets 0 5,700
Equity-based compensation expense 4,000 5,130
Gain on loans held for sale, net (69,074) (116,934)
Origination and purchase of loans held for sale (4,575,264) (3,713,311)
Proceeds from sale and collections of loans held for sale 4,493,887 3,935,420
Changes in assets and liabilities:    
Decrease in advances and match funded advances 343,129 491,654
Decrease (increase) in receivables and other assets, net 122,305 (1,899)
Increase in other liabilities 4,745 30,726
Other, net 11,802 14,866
Net cash provided by operating activities 350,420 773,994
Cash flows from investing activities    
Origination of loans held for investment – reverse mortgages (1,185,565) (781,002)
Principal payments received on loans held for investment - reverse mortgages 528,263 105,520
Purchase of mortgage servicing rights, net (15,969) (10,055)
Proceeds from sale of mortgage servicing rights 45,254 598,059
Proceeds from sale of advances and match funded advances 74,982 285,938
Additions to premises and equipment (28,649) (18,335)
Proceeds from sale of premises and equipment 0 4,758
Other 9,483 4,082
Net cash provided by (used in) investing activities (572,201) 188,965
Cash flows from financing activities    
Repayment of match funded liabilities (218,517) (500,401)
Proceeds from other secured borrowings 6,632,059 5,647,016
Repayments of other secured borrowings (6,996,715) (6,572,601)
Payment of debt issuance costs (2,242) (18,610)
Proceeds from sale of loans accounted for as a financing 820,438 803,924
Repurchase of common stock (5,890) 0
Proceeds from exercise of common stock options 406 413
Other (1,496) 6,501
Net cash provided by (used in) financing activities 228,043 (633,758)
Net increase in cash 6,262 329,201
Cash at beginning of year 257,272 129,473
Cash at end of period $ 263,534 $ 458,674