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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss $ (32,623) $ (111,201)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of mortgage servicing rights 12,715 12,806
Loss on valuation of mortgage servicing rights, at fair value 26,335 29,293
Impairment of mortgage servicing rights 1,401 29,953
Gain on sale of mortgage servicing rights, net (287) (1,175)
Realized and unrealized (gains) losses on derivative financial instruments (359) 1,496
Provision for bad debts 22,410 11,382
Depreciation 7,081 5,039
Amortization of debt issuance costs 673 3,277
Equity-based compensation expense 2,132 1,416
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (5,360) (3,667)
Gain on loans held for sale, net (15,306) (15,216)
Origination and purchase of loans held for sale (1,237,535) (1,211,076)
Proceeds from sale and collections of loans held for sale 1,173,912 1,165,503
Changes in assets and liabilities:    
Decrease in advances and match funded assets 105,958 109,076
Decrease in receivables and other assets, net 84,857 84,512
Increase (decrease) in other liabilities (62,423) 21,477
Other, net 2,089 7,997
Net cash provided by operating activities 85,670 140,892
Cash flows from investing activities    
Origination of loans held for investment (347,080) (304,058)
Principal payments received on loans held for investment 80,290 87,237
Purchase of mortgage servicing rights (1,229) (4,263)
Proceeds from sale of mortgage servicing rights 729 15,305
Proceeds from sale of advances 1,115 41,003
Issuance of automotive dealer financing notes (39,100) 0
Collections of automotive dealer financing notes 37,129 0
Additions to premises and equipment (5,258) (19,800)
Other (1,644) 1,624
Net cash used in investing activities (275,048) (182,952)
Cash flows from financing activities    
Repayment of match funded liabilities, net (65,785) (46,953)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 2,224,774 1,902,472
Repayments of mortgage loan warehouse facilities and other secured borrowings (2,263,685) (2,014,474)
Payment of debt issuance costs (841) (2,242)
Proceeds from sale of reverse mortgages (HECM loans) accounted for as a financing (HMBS-related borrowings) 306,749 233,174
Repurchase of common stock 0 (5,890)
Other (63) (786)
Net cash provided by financing activities 201,149 65,301
Net increase in cash 11,771 23,241
Cash at beginning of year 256,549 257,272
Cash at end of period $ 268,320 $ 280,513