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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,878) $ (88,150)
(Gain) loss on sale of mortgage servicing rights (160) 6,547
Change in fair value of mortgage servicing rights 126 21,962
Gain on sale of mortgage loans (66,086) (35,193)
Change in fair value of mortgage loans held-for-sale (3,395) 15,955
Change in fair value of derivatives lending, net 4,076 7
Change in provision for repurchases 111 5,227
Origination of mortgage loans held-for-sale (2,903,454) (2,746,893)
Sale and principal reduction on mortgage loans held-for-sale 2,828,344 3,381,758
Gain from trust REO (111) (7,393)
Change in fair value of net trust assets, excluding trust REO (6,471) 13,081
Change in fair value of long-term debt (2,098) (1,899)
Accretion of interest income and expense 50,751 65,524
Amortization of debt issuance costs and discount on note payable   4
Stock-based compensation 884 702
Accretion of interest expense on corporate debt   242
Loss on disposal of premises and equipment 99  
Net change in other assets 2,307 18,289
Net change in other liabilities (5,559) (15,918)
Net cash (used in) provided by operating activities (104,514) 633,852
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in securitized mortgage collateral 592,545 425,152
Proceeds from the sale of mortgage servicing rights 160 14,716
Investment in corporate-owned life insurance (129) (1,183)
Purchase of premises and equipment (298) (402)
Proceeds from the sale of trust REO 7,703 21,977
Net cash provided by investing activities 599,981 460,260
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of MSR financing   (15,448)
Borrowings under MSR financing   15,448
Repayment of warehouse borrowings (2,640,818) (3,200,268)
Borrowings under warehouse agreements 2,774,425 2,650,637
Repayment of securitized mortgage borrowings (654,073) (518,594)
Repayment of convertible notes   (5,000)
Net change in liabilities related to corporate owned life insurance 458 1,812
Issuance of restricted stock 1  
Retirement of restricted stock   (125)
Proceeds from exercise of stock options   46
Net cash used in financing activities (520,007) (1,071,492)
Net change in cash, cash equivalents and restricted cash (24,540) 22,620
Cash, cash equivalents and restricted cash at beginning of year 59,752 37,132
Cash, cash equivalents and restricted cash at end of period 35,212 59,752
SUPPLEMENTARY INFORMATION:    
Interest paid 25,719 50,647
Taxes (paid) refunded, net (41) 370
NON-CASH TRANSACTIONS    
Transfer of securitized mortgage collateral from trust REO 7,976 10,922
Mortgage servicing rights retained from issuance of mortgage backed securities and loan sales $ 536 2,094
Recognition of corporate-owned life insurance cash surrender value (included in Other assets)   9,476
Recognition of corporate-owned life insurance trusts (included in Other liabilities)   10,757
Issuance of warrants   242
Recognition of operating lease right of use assets   125
Recognition of operating lease liabilities   $ 125