XML 29 R7.htm IDEA: XBRL DOCUMENT v3.20.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (32,955) $ (176,998)
Adjustments to reconcile net loss to net cash provided by operating activities:    
MSR valuation adjustments, net 231,368 121,705
Gain on sale of MSRs, net (48) (571)
Provision for bad debts 18,801 26,971
Depreciation 15,398 26,020
Gain on repurchase of senior notes 0 (5,099)
Amortization of debt issuance costs 4,631 2,268
Equity-based compensation expense 2,392 1,890
(Gain) loss on valuation of Pledged MSR financing liability (21,314) 123,721
Net gain on valuation of loans held for investment and HMBS-related borrowings (14,410) (50,221)
Gain on loans held for sale, net (92,764) (26,312)
Bargain purchase gain 0 381
Origination and purchase of loans held for sale (4,378,999) (872,914)
Proceeds from sale and collections of loans held for sale 4,259,127 787,683
Changes in assets and liabilities:    
Decrease in advances, net 210,688 189,876
Decrease in receivables and other assets, net 105,023 123,283
Decrease in other liabilities (47,981) (82,942)
Other, net (10,918) (4,671)
Net cash provided by operating activities 248,039 184,070
Cash flows from investing activities    
Origination of loans held for investment (867,702) (675,898)
Principal payments received on loans held for investment 619,486 383,806
Purchase of MSRs (82,990) (112,417)
Proceeds from sale of MSRs 0 1,159
Acquisition of advances in connection with the purchase of MSRs 0 (1,457)
Proceeds from sale of advances 561 2,876
Additions to premises and equipment (3,394) (1,342)
Proceeds from sale of real estate 5,123 5,572
Other, net 800 420
Net cash used in investing activities (328,116) (397,281)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (99,031) (90,787)
Repayment of other financing liabilities (84,185) (168,898)
Proceeds from mortgage loan warehouse facilities, net 109,538 87,484
Proceeds from MSR financing facilities 128,641 144,260
Repayment of MSR financing facilities (208,996) (6,648)
Repayment and repurchases of Senior notes 0 (131,791)
Proceeds from issuance of additional senior secured term loan (SSTL) 0 119,100
Repayment of SSTL borrowings (136,066) (19,074)
Payment of debt issuance costs (7,522) (1,284)
Proceeds from sale of MSRs accounted for as a financing 0 1,221
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 885,987 665,820
Repayment of HMBS-related borrowings (613,026) (377,094)
Repurchase of common stock (4,605) 0
Other, net (32) (2,363)
Net cash (used in) provided by financing activities (29,297) 219,946
Net (decrease) increase in cash, cash equivalents and restricted cash (109,374) 6,735
Cash, cash equivalents and restricted cash at beginning of year 492,340 397,010
Cash, cash equivalents and restricted cash at end of period 382,966 403,745
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) 2,554 4,240
Cash and cash equivalents 321,455 345,084
Debt service accounts 14,873 17,026
Other restricted cash $ 46,638 $ 41,635