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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net loss $ (77,059) $ (198,419)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of mortgage servicing rights 25,412 21,153
Loss on valuation of mortgage servicing rights, at fair value 51,959 59,104
Impairment of mortgage servicing rights 4,650 39,030
Gain on sale of mortgage servicing rights, net (1,320) (2,028)
Realized and unrealized (gains) losses on derivative financial instruments (31) 2,080
Provision for bad debts 31,918 32,785
Depreciation 13,439 11,850
Amortization of debt issuance costs 1,334 6,498
Equity-based compensation expense 3,263 3,079
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (11,381) (14,451)
Gain on loans held for sale, net (29,512) (35,794)
Origination and purchase of loans held for sale (2,243,475) (2,883,124)
Proceeds from sale and collections of loans held for sale 2,217,259 2,789,433
Changes in assets and liabilities:    
Decrease in advances and match funded assets 226,742 215,525
Decrease in receivables and other assets, net 87,548 75,208
(Decrease) increase in other liabilities (28,053) 40,955
Other, net 8,043 9,285
Net cash provided by operating activities 280,736 172,169
Cash flows from investing activities    
Origination of loans held for investment (698,473) (675,665)
Principal payments received on loans held for investment 192,569 238,838
Purchase of mortgage servicing rights (1,657) (12,432)
Proceeds from sale of mortgage servicing rights 1,464 15,122
Proceeds from sale of advances 3,719 66,651
Issuance of automotive dealer financing notes (85,076) 0
Collections of automotive dealer financing notes 76,264 0
Additions to premises and equipment (7,243) (17,312)
Other 2,277 8,179
Net cash used in investing activities (516,156) (376,619)
Cash flows from financing activities    
Repayment of match funded liabilities, net (172,620) (152,668)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 4,216,466 4,173,609
Repayments of mortgage loan warehouse facilities and other secured borrowings (4,475,642) (4,368,903)
Payment of debt issuance costs (841) (2,242)
Proceeds from sale of reverse mortgages (HECM loans) accounted for as a financing (HMBS-related borrowings) 664,453 522,981
Repurchase of common stock 0 (5,890)
Other (1,473) (794)
Net cash provided by financing activities 230,343 166,093
Net decrease in cash (5,077) (38,357)
Cash at beginning of year 256,549 257,272
Cash at end of period $ 251,472 $ 218,915