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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 19,773 $ (32,955)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
MSR valuation adjustments, net 57,562 231,368
Loss (gain) on sale of MSRs, net 64 (48)
Provision for bad debts 16,069 18,801
Depreciation 7,527 15,398
Amortization of debt issuance costs and discount 5,438 5,335
Equity-based compensation expense 3,697 2,392
Loss on extinguishment of debt 15,458 0
Loss (gain) on valuation of Pledged MSR financing liability 71,273 (21,314)
Net gain on valuation of loans held for investment and HMBS-related borrowings (9,993) (14,410)
Earnings of equity method investee (1,282) 0
Gain on loans held for sale, net (108,136) (92,764)
Origination and purchase of loans held for sale (12,987,522) (4,378,999)
Proceeds from sale and collections of loans held for sale 12,411,398 4,259,127
Changes in assets and liabilities:    
Decrease in advances, net 69,868 210,688
Decrease in receivables and other assets, net 9,659 105,023
Decrease (increase) in other liabilities 9,582 (47,981)
Other, net (3,271) (11,622)
Net cash (used in) provided by operating activities (412,836) 248,039
Cash flows from investing activities    
Origination of loans held for investment (1,214,772) (867,702)
Principal payments received on loans held for investment 1,172,011 619,486
Purchase of MSRs (785,194) (82,990)
Investment in equity method investee (18,512) 0
Other, net 1,086 3,090
Net cash used in investing activities (845,381) (328,116)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (64,716) (99,031)
Repayment of other financing liabilities (62,076) (84,185)
Proceeds from mortgage loan warehouse facilities, net 617,457 109,538
Proceeds from MSR financing facilities 680,711 128,641
Repayment of MSR financing facilities (170,500) (208,996)
Repayment of Senior notes (319,156) 0
Proceeds from issuance of Senior notes and warrants 647,944 0
Repayment of senior secured term loan (SSTL) borrowings (188,700) (136,066)
Payment of debt issuance costs (16,173) (7,522)
Proceeds from sale of MSRs accounted for as secured financing 130,024 0
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 1,119,742 885,987
Repayment of HMBS-related borrowings (1,161,609) (613,026)
Issuance of common stock 9,878 0
Repurchase of common stock 0 (4,605)
Other, net (525) (32)
Net cash provided by (used in) financing activities 1,222,301 (29,297)
Net decrease in cash, cash equivalents and restricted cash (35,916) (109,374)
Cash, cash equivalents and restricted cash at beginning of year 357,265 492,340
Cash, cash equivalents and restricted cash at end of period 321,349 382,966
Supplemental non-cash investing and financing activities:    
Right-of-use asset 3,955 2,608
Lease liability 3,955 2,597
Transfers of loans held for sale to real estate owned (REO) 5,312 2,554
Transfer from loans held for investment to loans held for sale 2,898 1,900
MSRs 0 (263,344)
Financing liability - MSRs pledged 0 (263,344)
Deconsolidation of mortgage-backed securitization trusts (VIEs), Loans held for investment 0 (10,715)
Deconsolidation of mortgage-backed securitization trusts (VIEs), Other financing liabilities 0 (9,519)
Recognition of future draw commitments for HECM loans at fair value upon adoption of FASB ASU No. 2016-13 0 47,038
Cash proceeds received 4,409 0
Equity / cash balance held by subsidiary upon sale (5,250) 0
Cash and cash equivalents 236,072 321,455
Debt service accounts 13,271 14,873
Other restricted cash $ 72,006 $ 46,638