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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (23,535) $ (134,231)
Adjustments to reconcile net loss to net cash provided by operating activities:    
MSR valuation adjustments, net 197,554 256,266
Gain on sale of MSRs, net (161) (869)
Provision for bad debts 11,939 17,158
Depreciation 11,093 19,563
Amortization of debt issuance costs 3,538 1,451
Equity-based compensation expense 1,523 1,664
Gain on valuation of financing liability (31,716) (76,981)
Net gain on valuation of loans held for investment and HMBS-related borrowings (15,351) (37,201)
Gain on loans held for sale, net (46,878) (17,300)
Bargain purchase gain 0 381
Origination and purchase of loans held for sale (1,949,022) (501,696)
Proceeds from sale and collections of loans held for sale 1,936,204 513,706
Changes in assets and liabilities:    
Decrease in advances, net 144,020 91,679
Decrease in receivables and other assets, net 39,998 79,931
Decrease in other liabilities (45,533) (79,753)
Other, net (8,854) (4,965)
Net cash provided by operating activities 224,819 128,803
Cash flows from investing activities    
Origination of loans held for investment (568,074) (427,021)
Principal payments received on loans held for investment 370,114 232,514
Purchase of MSRs (48,014) (99,382)
Proceeds from sale of MSRs 0 1,401
Proceeds from sale of advances 443 2,132
Additions to premises and equipment (2,756) (1,133)
Proceeds from sale of real estate 4,350 3,166
Proceeds from sale of premises and equipment 674 0
Other, net (122) 534
Net cash used in investing activities (243,385) (287,789)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (66,459) (106,488)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 2,696,563 1,137,418
Repayment of mortgage loan warehouse facilities and other secured borrowings (2,808,581) (1,222,471)
Proceeds from issuance of additional senior secured term loan (SSTL) 0 119,100
Repayment of SSTL borrowings (131,066) (12,716)
Payment of debt issuance costs (7,451) (1,284)
Proceeds from sale of MSRs accounted for as a financing 0 876
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 590,640 425,106
Repayment of HMBS-related borrowings (365,233) (228,015)
Repurchase of common stock (4,605) 0
Other, net (33) (1,118)
Net cash provided by (used in) financing activities (96,225) 110,408
Net decrease in cash, cash equivalents and restricted cash (114,791) (48,578)
Cash, cash equivalents and restricted cash at beginning of year 492,340 397,010
Cash, cash equivalents and restricted cash at end of period 377,549 348,432
Supplemental non-cash investing and financing activities:    
Deconsolidation of mortgage-backed securitization trust, Loans held for investment (10,715) 0
Deconsolidation of mortgage-backed securitization trust, Other financing liabilities (9,519) 0
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 2,608 66,231
Lease liability 2,597 66,247
Transfers of loans held for sale to real estate owned (REO) 841 3,153
Cash and cash equivalents 313,736 287,724
Debt service accounts 18,757 19,588
Other restricted cash $ 45,056 $ 41,120