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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net loss $ (134,231) $ (27,136)
Adjustments to reconcile net loss to net cash provided by operating activities:    
MSR valuation adjustments, net 256,266 50,247
Gain on sale of MSRs, net (869) (1,036)
Provision for bad debts 17,158 25,879
Depreciation 19,563 12,640
Equity-based compensation expense 1,664 772
Gain on valuation of financing liability (76,981) (8,642)
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (37,201) (7,930)
Gain on loans held for sale, net (19,887) (16,744)
Bargain purchase gain 381 0
Origination and purchase of loans held for sale (501,696) (838,581)
Proceeds from sale and collections of loans held for sale 513,706 800,982
Changes in assets and liabilities:    
Decrease in advances and match funded assets 91,679 182,481
Decrease in receivables and other assets, net 79,931 86,606
Decrease in other liabilities (79,753) (68,556)
Other, net (927) 5,588
Net cash provided by operating activities 128,803 196,570
Cash flows from investing activities    
Origination of loans held for investment (427,021) (487,472)
Principal payments received on loans held for investment 232,514 186,216
Purchase of MSRs (99,382) 0
Proceeds from sale of MSRs 1,401 224
Proceeds from sale of advances 2,132 4,726
Issuance of automotive dealer financing notes 0 (19,642)
Collections of automotive dealer financing notes 0 52,581
Additions to premises and equipment (1,133) (6,398)
Other, net 3,700 3,577
Net cash used in investing activities (287,789) (266,188)
Cash flows from financing activities    
Repayment of match funded liabilities, net (106,488) (247,924)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 1,137,418 1,546,226
Repayment of mortgage loan warehouse facilities and other secured borrowings (1,222,471) (1,812,568)
Proceeds from issuance of additional senior secured term loan (SSTL) 119,100 0
Repayment of SSTL borrowings (12,716) (58,375)
Payment of debt issuance costs related to SSTL (1,284) 0
Proceeds from sale of MSRs accounted for as a financing 876 279,586
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 425,106 499,576
Repayment of HMBS-related borrowings (228,015) (181,548)
Capital distribution to non-controlling interest 0 (822)
Other, net (1,118) (991)
Net cash provided by financing activities 110,408 23,160
Net decrease in cash and restricted cash (48,578) (46,458)
Cash and restricted cash at beginning of year 397,010 302,560
Cash and restricted cash at end of period 348,432 256,102
Supplemental non-cash investing and financing activities    
Issuance of common stock in connection with litigation settlement [1] 0 5,719
Right-of-use asset   0
Lease liability 66,247 0
Transfers of loans held for sale to real estate owned (REO) 3,153 $ 1,358
Premises and Equipment [Member]    
Supplemental non-cash investing and financing activities    
Right-of-use asset $ 66,231  
[1] In January 2018, Ocwen issued 1,875,000 shares of common stock in connection with a securities litigation settlement.