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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (25,489) $ (44,494)
Adjustments to reconcile net loss to net cash provided by operating activities:    
MSR valuation adjustments, net 174,120 108,998
Gain on sale of MSRs, net (286) (369)
Provision for bad debts 4,879 9,170
Depreciation 3,997 8,551
Amortization of debt issuance costs 1,733 700
Equity-based compensation expense 746 857
Gain on valuation of financing liability (30,697) (26,237)
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (17,910) (23,487)
Gain on loans held for sale, net (13,331) (11,112)
Origination and purchase of loans held for sale (831,474) (304,182)
Proceeds from sale and collections of loans held for sale 843,178 305,322
Changes in assets and liabilities:    
Decrease in advances, net 29,428 91,114
Decrease in receivables and other assets, net 13,642 23,627
Increase (decrease) in other liabilities 18,033 (36,755)
Other, net 408 (1,039)
Net cash provided by operating activities 170,977 100,664
Cash flows from investing activities    
Origination of loans held for investment (294,932) (209,264)
Principal payments received on loans held for investment 175,095 104,630
Purchase of MSRs (29,828) (48,641)
Proceeds from sale of MSRs 0 868
Proceeds from sale of advances 105 1,070
Additions to premises and equipment (1,072) (531)
Proceeds from sale of real estate 2,814 1,682
Other, net 491 (1,157)
Net cash used in investing activities (147,327) (151,343)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (53,158) (128,900)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 1,330,667 616,891
Repayment of mortgage loan warehouse facilities and other secured borrowings (1,478,616) (727,711)
Proceeds from issuance of additional senior secured term loan (SSTL) 0 119,100
Repayment of SSTL borrowings (126,066) (6,358)
Payment of debt issuance costs related to SSTL (7,267) (1,284)
Proceeds from sale of MSRs accounted for as a financing 0 577
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 312,249 210,563
Repayment of HMBS-related borrowings (172,429) (102,389)
Repurchase of common stock (4,605) 0
Other, net (33) (253)
Net cash used in financing activities (199,258) (19,764)
Net decrease in cash, cash equivalents and restricted cash (175,608) (70,443)
Cash, cash equivalents and restricted cash at beginning of year 492,340 397,010
Cash, cash equivalents and restricted cash at end of period 316,732 326,567
Supplemental non-cash investing and financing activities:    
MSRs (263,344) 0
Financing liability - MSRs pledged (Rights to MSRs) (263,344) 0
Recognition of future draw commitments for HECM loans at fair value upon adoption of FASB ASU No. 2016-13 47,038 0
Right-of-use asset 2,695 66,231
Lease liability 2,695 66,247
Transfers of loans held for sale to real estate owned (REO) 768 1,791
Cash and cash equivalents 263,555 263,188
Debt service accounts 15,868 22,087
Other restricted cash $ 37,309 $ 41,292