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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 8,543 $ (25,489)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
MSR valuation adjustments, net (21,208) 174,120
Loss (gain) on sale of MSRs, net 25 (286)
Provision for bad debts 6,545 4,879
Depreciation 2,859 3,997
Amortization of debt issuance costs and discount 1,624 2,662
Equity-based compensation expense 863 746
Loss on extinguishment of debt 15,458 0
Loss (gain) on valuation of Pledged MSR financing liability 1,551 (30,697)
Net gain on valuation of loans held for investment and HMBS-related borrowings (6,513) (17,910)
Gain on loans held for sale, net (5,721) (13,331)
Origination and purchase of loans held for sale (3,333,999) (831,474)
Proceeds from sale and collections of loans held for sale 3,179,487 843,178
Changes in assets and liabilities:    
Decrease in advances, net 38,704 29,428
(Increase) decrease in receivables and other assets, net (2,447) 13,642
(Decrease) increase in other liabilities (13,245) 18,033
Other, net (2,833) (521)
Net cash (used in) provided by operating activities (130,307) 170,977
Cash flows from investing activities    
Origination of loans held for investment (326,735) (294,932)
Principal payments received on loans held for investment 315,105 175,095
Purchase of MSRs (41,556) (29,828)
Proceeds from sale of real estate 2,306 2,814
Other, net (1,952) (476)
Net cash used in investing activities (52,832) (147,327)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (30,851) (53,158)
Repayment of other financing liabilities (18,566) (50,427)
Proceeds from (repayment of) mortgage loan warehouse facilities, net 157,720 (43,103)
Proceeds from MSR financing facilities 64,098 61,028
Repayment of MSR financing facilities (44,661) (115,447)
Repayment of Senior notes (319,156) 0
Proceeds from issuance of Senior notes and warrants 572,944 0
Repayment of senior secured term loan (SSTL) borrowings (188,700) (126,066)
Payment of debt issuance costs (6,795) (7,267)
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 287,830 312,249
Repayment of HMBS-related borrowings (311,562) (172,429)
Repurchase of common stock 0 (4,605)
Other, net 0 (33)
Net cash provided by (used in) financing activities 162,301 (199,258)
Net decrease in cash, cash equivalents and restricted cash (20,838) (175,608)
Cash, cash equivalents and restricted cash at beginning of year 357,265 492,340
Cash, cash equivalents and restricted cash at end of period 336,427 316,732
Supplemental non-cash investing and financing activities:    
Right-of-use asset 292 2,695
Lease liability 292 2,695
Transfers of loans held for sale to real estate owned (REO) 2,052 768
Transfer from loans held for investment to loans held for sale 901 578
MSRs 0 (263,344)
Financing liability - MSRs pledged (Rights to MSRs) 0 (263,344)
Recognition of future draw commitments for HECM loans at fair value upon adoption of FASB ASU No. 2016-13 0 47,038
Cash and cash equivalents 259,108 263,555
Debt service accounts 15,930 15,868
Other restricted cash $ 61,389 $ 37,309