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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 58,082 $ 8,543
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
MSR valuation adjustments, net (62,632) (21,208)
Loss on sale of MSRs, net 100 25
Provision for bad debts 4,147 6,545
Depreciation 2,602 2,859
Amortization of debt issuance costs and discount 2,539 1,624
Equity-based compensation expense (143) 863
Loss on extinguishment of debt 33 15,458
Loss on valuation of Pledged MSR financing liability 55,459 1,551
Net loss (gain) on valuation of loans held for investment and HMBS-related borrowings 3,132 (6,513)
Earnings of equity method investee (12,003) 0
Loss (gain) on loans held for sale, net 3,206 (5,721)
Origination and purchase of loans held for sale (3,472,610) (3,333,999)
Proceeds from sale and collections of loans held for sale 3,600,893 3,179,487
Changes in assets and liabilities:    
Decrease in advances, net 27,299 38,704
Increase in receivables and other assets, net (12,017) (2,447)
Decrease in other liabilities (12,812) (13,245)
Other, net 799 (2,833)
Net cash provided by (used in) operating activities 186,074 (130,307)
Cash flows from investing activities    
Origination of loans held for investment (620,237) (326,735)
Acquisition of loans held for investment, net (3,634) 0
Principal payments received on loans held for investment 518,974 315,105
Purchase of MSRs (64,297) (41,556)
Proceeds from sale of MSRs 134,284 0
Additions to premises and equipment (1,411) (137)
Purchase of real estate (197) (2,165)
Proceeds from sale of real estate 2,058 2,306
Investment in equity method investee (16,500) 0
Distribution of capital from equity method investee 16,875 0
Other, net 401 350
Net cash used in investing activities (33,684) (52,832)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (14,987) (30,851)
Repayment of other financing liabilities (28,423) (18,566)
Proceeds from (repayment of) mortgage loan warehouse facilities, net (125,956) 157,720
Proceeds from MSR financing facilities 114,220 64,098
Repayment of MSR financing facilities (121,048) (44,661)
Repayment of Senior notes 0 (319,156)
Proceeds from issuance of Senior notes and warrants 0 572,944
Repayment of senior secured term loan (SSTL) borrowings 0 (188,700)
Payment of debt issuance costs (948) (6,795)
Proceeds from sale of MSRs accounted for as secured financing 39,772 0
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 583,899 287,830
Repayment of HMBS-related borrowings (517,380) (311,562)
Net cash provided by (used in) financing activities (70,851) 162,301
Net increase (decrease) in cash, cash equivalents and restricted cash 81,539 (20,838)
Cash, cash equivalents and restricted cash at beginning of year 263,446 357,265
Cash, cash equivalents and restricted cash at end of period 344,985 336,427
Supplemental non-cash investing and financing activities:    
Loans held for investment acquired at fair value 224,052 0
HMBS-related borrowings assumed at fair value (219,509) 0
Holdback (909) 0
Net cash paid to acquire loans held for investment 3,634 0
Right-of-use asset 8,097 292
Lease liability 8,097 292
Transfers of loans held for sale to real estate owned (REO) 358 2,525
Transfer from loans held for investment to loans held for sale 3,138 901
Cash and cash equivalents 268,691 259,108
Debt service accounts 13,119 15,930
Other restricted cash 63,175 61,389
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 344,985 $ 336,427