XML 27 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 500 $ 923 $ 1,454
Net loss from discontinued operations 0 0 (12)
Net income from continuing operations 500 923 1,466
Adjustments to reconcile net income to net cash attributable to operating activities:      
Deferred tax expense 135 289 351
Net gain on mortgage loans held for sale (354) (599) (2,251)
Provision for servicing and non-servicing reserves 40 30 34
Fair value changes in mortgage servicing rights 483 (549) 506
Fair value changes in MSR related liabilities 18 142 (33)
Depreciation and amortization for property and equipment and intangible assets 38 37 57
Bargain purchase gain (96) 0 0
Loss on MSR hedging activities 68 332 86
(Gain) loss on MSR sales (23) 3 (7)
Gain on disposition of assets 0 223 0
Gain on sale of business 0 0 (528)
Other operating activities 105 96 58
Repurchases of loan assets out of Ginnie Mae securitizations (1,234) (3,067) (10,156)
Mortgage loans originated and purchased for sale, net of fees (12,805) (28,309) (84,684)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 14,130 34,461 97,461
Changes in assets and liabilities:      
Advances and other receivables 28 153 (380)
Other assets (6) 278 286
Payables and other liabilities (131) (230) (259)
Net cash attributable to operating activities - continuing operations 896 3,767 2,007
Net cash attributable to operating activities - discontinued operations 0 0 625
Net cash attributable to operating activities 896 3,767 2,632
Investing Activities      
Acquisitions of business, net of cash acquired (522) 0 0
Acquisition of assets (34) 0 0
Purchase of mortgage servicing rights (1,850) (1,595) (922)
Proceeds on sale of mortgage servicing rights and excess yield 603 290 61
Property and equipment additions, net of disposals (18) (17) (41)
Sale of business, net of cash divested 0 0 465
Other investing activities (15) 0 2
Net cash attributable to investing activities - continuing operations (1,836) (1,322) (435)
Net cash attributable to investing activities - discontinued operations 0 0 1,627
Net cash attributable to investing activities (1,836) (1,322) 1,192
Financing Activities      
Increase (decrease) in advance, warehouse and MSR facilities 1,375 (2,113) (1,272)
Settlements and repayment of excess spread financing (80) (392) (156)
Repurchase of common stock (276) (239) (572)
Issuance of unsecured senior debt 0 0 600
Retirement of preferred stock 0 0 (28)
Other financing activities (41) (40) (42)
Net cash attributable to financing activities - continuing operations 978 (2,784) (1,470)
Net cash attributable to financing activities - discontinued operations 0 0 (2,226)
Net cash attributable to financing activities 978 (2,784) (3,696)
Net increase (decrease) in cash, cash equivalents and restricted cash 38 (339) 128
Cash, cash equivalents and restricted cash - beginning of year 702 [1] 1,041 [1] 913
Cash, cash equivalents and restricted cash - end of period [1] 740 702 1,041
Supplemental Disclosures of Cash Activities      
Cash paid for interest expense from unsecured senior notes, excess spread financing, and advance, warehouse and MSR facilities 441 303 347
Net cash paid for income taxes 26 17 159
Supplemental Disclosures of Non-cash Investing and Financing Activities      
Equity consideration received from disposition of assets 0 250 0
Equity consideration received from sale of business 0 0 58
Sale of mortgage servicing rights holdback 16 15 2
Excise tax from repurchase of common stock 2 0 0
Purchase of mortgage servicing rights holdback $ 149 $ 11 $ 6
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets.
December 31,
2023		December 31,
2022		December 31,
2021
Cash and cash equivalents$571 $527 $895 
Restricted cash169 175 146 
Total cash, cash equivalents and restricted cash$740 $702 $1,041