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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (83,194) $ (188,945)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of mortgage servicing rights 38,560 18,595
Loss on valuation of mortgage servicing rights, at fair value 78,437 63,609
Impairment charge (reversal) on mortgage servicing rights (1,551) 37,164
Gain on sale of mortgage servicing rights, net (7,863) (7,689)
Realized and unrealized losses on derivative financial instruments 364 2,213
Provision for bad debts 57,274 61,191
Depreciation 20,430 18,277
Loss on write-off of fixed assets 6,834 0
Amortization of debt issuance costs 1,979 10,475
Equity-based compensation expense 4,489 4,000
Gain on valuation of financing liability (27,024) 0
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (18,637) (22,329)
Gain on loans held for sale, net (39,542) (52,206)
Origination and purchase of loans held for sale (3,074,725) (4,575,264)
Proceeds from sale and collections of loans held for sale 3,067,522 4,493,887
Changes in assets and liabilities:    
Decrease in advances and match funded assets 285,066 343,129
Decrease in receivables and other assets, net 156,008 122,305
(Decrease) increase in other liabilities (66,321) 4,749
Other, net 3,102 17,263
Net cash provided by operating activities 401,208 350,424
Cash flows from investing activities    
Origination of loans held for investment (961,642) (1,185,565)
Principal payments received on loans held for investment 311,560 528,263
Purchase of mortgage servicing rights (1,658) (15,969)
Proceeds from sale of mortgage servicing rights 2,263 45,254
Proceeds from sale of advances 6,119 74,982
Issuance of automotive dealer financing notes (129,471) 0
Collections of automotive dealer financing notes 119,389 0
Additions to premises and equipment (7,365) (28,649)
Other 1,480 9,483
Net cash used in investing activities (659,325) (572,201)
Cash flows from financing activities    
Repayment of match funded liabilities, net (252,981) (218,517)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 5,810,591 6,632,059
Repayments of mortgage loan warehouse facilities and other secured borrowings (6,016,169) (6,834,720)
Payment of debt issuance costs (841) (2,242)
Proceeds from sale of mortgage servicing rights accounted for as a financing 54,601 0
Proceeds from sale of reverse mortgages (HECM loans) accounted for as a financing (HMBS-related borrowings) 981,730 820,438
Repayment of HMBS-related borrowings (287,908) (161,995)
Issuance of common stock 13,913 0
Repurchase of common stock 0 (5,890)
Other (1,480) (1,094)
Net cash provided by financing activities 301,456 228,039
Net increase in cash 43,339 6,262
Cash at beginning of year 256,549 257,272
Cash at end of period $ 299,888 $ 263,534