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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (176,998) $ (68,254)
Adjustments to reconcile net loss to net cash provided by operating activities:    
MSR valuation adjustments, net 121,705 91,695
Gain on sale of MSRs, net (571) (303)
Provision for bad debts 26,971 40,269
Depreciation 26,020 18,199
Gain on repurchase of senior secured notes (5,099) 0
Equity-based compensation expense 1,890 1,244
Loss (gain) on valuation of financing liability 123,721 (11,323)
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (50,221) (8,057)
Gain on loans held for sale, net (29,820) (24,265)
Bargain purchase gain 381 0
Origination and purchase of loans held for sale (872,914) (1,234,830)
Proceeds from sale and collections of loans held for sale 787,683 1,154,526
Changes in assets and liabilities:    
Decrease in advances and match funded assets 189,876 243,831
Decrease in receivables and other assets, net 123,283 126,829
Decrease in other liabilities (82,942) (46,767)
Other, net 1,105 8,739
Net cash provided by operating activities 184,070 291,533
Cash flows from investing activities    
Origination of loans held for investment (675,898) (711,035)
Principal payments received on loans held for investment 383,806 296,800
Purchase of MSRs (112,417) (2,729)
Proceeds from sale of MSRs 1,159 6,138
Acquisition of advances in connection with the purchase of MSRs 1,457 0
Proceeds from sale of advances 2,876 7,882
Issuance of automotive dealer financing notes 0 (19,642)
Collections of automotive dealer financing notes 0 52,598
Additions to premises and equipment (1,342) (7,326)
Other, net 5,992 5,446
Net cash used in investing activities (397,281) (371,868)
Cash flows from financing activities    
Repayment of match funded liabilities, net (90,787) (284,372)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 1,875,926 2,211,606
Repayment of mortgage loan warehouse facilities and other secured borrowings (1,819,728) (2,522,723)
Repayment and repurchases of Senior notes (131,791) 0
Proceeds from issuance of additional senior secured term loan (SSTL) 119,100 0
Repayment of SSTL borrowings (19,074) (62,563)
Payment of debt issuance costs related to SSTL (1,284) 0
Proceeds from sale of MSRs accounted for as a financing 1,221 279,586
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 665,820 728,745
Repayment of HMBS-related borrowings (377,094) (290,338)
Capital distribution to non-controlling interest 0 (822)
Other, net (2,363) (991)
Net cash provided by financing activities 219,946 58,128
Net increase (decrease) in cash, cash equivalents and restricted cash 6,735 (22,207)
Cash, cash equivalents and restricted cash at beginning of year 397,010 302,560
Cash, cash equivalents and restricted cash at end of period 403,745 280,353
Supplemental non-cash investing and financing activities    
Loans held for investment 0 28,373
Other financing liabilities 0 26,643
Issuance of common stock in connection with litigation settlement 0 5,719
Right-of-use asset   0
Lease liability 66,247 0
Transfers of loans held for sale to real estate owned (REO) $ 4,240 $ 3,921