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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 105,375 $ 19,773
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
MSR valuation adjustments, net (190,989) 57,562
Loss on sale of MSRs, net 317 64
Provision for bad debts 15,235 16,069
Depreciation 7,649 7,527
Amortization of debt issuance costs and discount 7,526 5,438
Amortization of intangibles 3,332 0
Equity-based compensation expense 2,773 3,697
Loss (gain) on extinguishment of debt (914) 15,458
Loss on valuation of Pledged MSR financing liability 184,936 71,273
Net loss (gain) on valuation of loans held for investment and HMBS-related borrowings 15,802 (9,993)
Earnings of equity method investee (19,281) (1,282)
Distribution of earnings from equity method investee 5,175 0
Gain on loans held for sale, net (16,665) (108,136)
Origination and purchase of loans held for sale (13,489,346) (12,987,522)
Proceeds from sale and collections of loans held for sale 13,527,586 12,411,398
Changes in assets and liabilities:    
Decrease in advances, net 101,753 69,868
Decrease in receivables and other assets, net 22,350 9,659
Decrease (increase) in other liabilities (23,083) 9,582
Other, net 83 (3,271)
Net cash provided by (used in) operating activities 259,614 (412,836)
Cash flows from investing activities    
Origination of loans held for investment (1,493,951) (1,214,772)
Principal payments received on loans held for investment 1,322,519 1,172,011
Acquisition of loans held for investment, net (4,089) 0
Acquisition of reverse mortgage subservicing agreements (6,906) 0
Purchase of MSRs (174,886) (785,194)
Proceeds from sale of MSRs 149,051 0
Proceeds from sale of advances 2,462 305
Additions to premises and equipment (4,760) (2,062)
Purchase of real estate (863) (6,057)
Proceeds from sale of real estate 6,156 8,350
Proceeds from sale of premises and equipment 135 624
Investment in equity method investee (33,750) (18,512)
Distribution of capital from equity method investee 32,385 0
Other, net (1) (74)
Net cash used in investing activities (206,498) (845,381)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (54,845) (64,716)
Repayment of other financing liabilities (85,476) (62,076)
Proceeds from (repayment of) mortgage loan warehouse facilities, net (265,519) 617,457
Proceeds from MSR financing facilities 379,739 680,711
Repayment of MSR financing facilities (257,757) (170,500)
Repurchase and repayment of Senior notes (23,625) (319,156)
Proceeds from issuance of Senior notes and warrants 0 647,944
Repayment of senior secured term loan (SSTL) borrowings 0 (188,700)
Payment of debt issuance costs (1,261) (16,173)
Proceeds from sale of MSRs accounted for as secured financing 78,742 130,024
Proceeds from Excess Servicing Spread (ESS) liability financing 36,241 0
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 1,507,617 1,119,742
Repayment of HMBS-related borrowings (1,319,811) (1,161,609)
Issuance of common stock 0 9,878
Repurchase of common stock (38,768) 0
Other, net 0 (525)
Net cash provided by (used in) financing activities (44,723) 1,222,301
Net increase (decrease) in cash, cash equivalents and restricted cash 8,393 (35,916)
Cash, cash equivalents and restricted cash at beginning of year 263,446 357,265
Cash, cash equivalents and restricted cash at end of period 271,839 321,349
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
Purchase price holdback (454) 0
Net cash paid to acquire loans held for investment 4,089 0
Right-of-use asset 8,043 3,955
Lease liability 8,026 3,955
Transfers of loans held for sale to real estate owned (REO) 1,031 5,879
MSRs 39,045 0
Financing liability - MSRs pledged 35,925 0
Supplemental information - Sale and deconsolidation of subsidiary    
Cash proceeds received 0 4,409
Equity / cash balance held by subsidiary upon sale 0 (5,250)
Cash and cash equivalents 226,570 236,072
Debt service accounts 16,074 13,271
Other restricted cash 29,195 72,006
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 271,839 $ 321,349