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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ 33,900 $ (63,700) $ 25,700
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
MSR valuation adjustments, net 166,900 326,400 121,100
Provision for bad debts (advances and receivables) 24,000 25,700 20,500
Provision for (reversal of) representation and warranty obligations 4,000 4,600 7,600
Depreciation 5,400 7,000 10,500
Amortization of debt discount and issuance costs 34,900 18,000 10,100
Amortization of Intangible Assets 2,900 5,100 4,300
Loss (gain) on extinguishment of debt 49,400 (1,300) (900)
Equity-based compensation expense 7,800 9,700 4,600
Gain on reverse loans held for investment and HMBS-related borrowings, net (26,300) (35,000) (8,100)
Net gain on sale of investment in equity method investee (13,700) 0 0
Gain on loans held for sale, net (59,000) (40,600) (22,000)
Origination and purchase of loans held for sale (17,797,500) (12,797,700) (17,582,000)
Proceeds from sale and collections of loans held for sale 16,960,500 12,539,800 17,590,100
Changes in assets and liabilities:      
Decrease in advances 81,900 76,100 28,300
Decrease in receivables and other assets 10,700 47,800 4,200
Increase (Decrease) in Derivative Assets and Liabilities (46,000) (37,300) 6,900
Increase (decrease) in other liabilities 16,500 (65,000) (47,600)
Other, net (29,900) (9,100) (100)
Net cash provided by (used in) operating activities (573,800) 10,400 173,200
Cash flows from investing activities      
Origination of loans held for investment (1,125,000) (1,033,400) (1,658,100)
Principal payments received on loans held for investment 1,495,800 1,078,000 1,581,100
Purchase of MSRs (232,400) (120,000) (199,400)
Proceeds from sale of MSRs 204,800 900 155,700
Acquisition of loans held for investment, net 0 0 (4,500)
Acquisition of reverse mortgage subservicing agreements 0 0 (6,900)
Distribution of capital from equity method investee 4,700 4,400  
Distribution from (investment in) equity method investee, net     (19,000)
Net proceeds from sale of investment in equity method investee 46,300 0 0
Acquisition of advances in connection with MSR transactions (800) (42,200)  
Proceeds from sale of advances in connection with MSR transactions 14,600 6,400 2,500
Purchase of real estate (36,900) (10,700) (1,800)
Proceeds from sale of real estate 30,700 18,500 6,600
Additions to premises and equipment (800) (2,200) (5,500)
Other, net 400 100 200
Net cash provided by (used in) investing activities 401,300 (100,300) (149,100)
Cash flows from financing activities      
Proceeds from (repayment of) advance match funded liabilities, net (82,600) (13,900) 1,400
Proceeds from (repayment of) mortgage loan financing facilities, net 802,800 6,000 (382,300)
Proceeds from MSR financing facilities 1,469,500 978,600 652,100
Repayment of MSR financing facilities (1,426,100) (1,014,600) (596,900)
Repurchase and repayment of Senior notes (659,200) (13,500) (23,600)
Proceeds from issuance of Senior notes 497,800 0 0
Payment of debt issuance costs (16,800) (4,200) (1,300)
Proceeds from other financing liabilities - Sale of MSRs accounted for as secured financing 28,000 174,700 86,200
Proceeds from other financing liabilities - Excess Servicing Spread (ESS) liability 23,800 68,700 200,900
Repayment of other financing liabilities (71,200) (95,300) (111,900)
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 1,073,500 1,054,600 1,780,400
Repayment of HMBS-related borrowings (1,474,700) (1,070,100) (1,568,400)
Proceeds from issuance of preferred stock 20,000 0 0
Payment of preferred stock issuance costs (1,300) 0 0
Payment of preferred stock dividend (500) 0 0
Net cash provided by (used in) financing activities 182,900 70,800 (13,400)
Net increase (decrease) in cash, cash equivalents and restricted cash 10,400 (19,100) 10,700
Cash, cash equivalents and restricted cash at beginning of year 255,100 274,200 263,500
Cash, cash equivalents and restricted cash at end of year 265,600 255,100 274,200
Supplemental cash flow information      
Interest paid 251,200 253,800 168,500
Income tax payments (refunds), net 12,800 (4,600) (26,900)
HECM loans held for investment acquired at fair value (2,912,700) 0 (224,100)
HMBS-related borrowings assumed at fair value 2,880,900 0 219,500
Series B Preferred stock issuance at fair value 51,300 0 0
Other, net 500 0 0
Net cash received (paid) on HECM transactions 20,000 0 (4,500)
Supplemental non-cash investing and financing activities      
Right-of-use asset 2,500 (2,300) 11,400
Lease liability 2,400 (2,300) 11,400
Derecognition of MSRs (85,700) (454,300) (39,000)
Derecognition of financing liabilities: (85,700) (454,300) (35,900)
Restricted cash and equivalents:      
Cash and cash equivalents 184,800 201,600 208,000
Debt service accounts 33,600 32,300 22,300
Other restricted cash 47,100 21,200 43,900
Federal      
Supplemental cash flow information      
Income tax payments (refunds), net 9,500 100 (25,800)
State      
Supplemental cash flow information      
Income tax payments (refunds), net 600 500 (4,100)
Foreign      
Supplemental cash flow information      
Income tax payments (refunds), net $ 2,600 $ (5,200) $ 3,000