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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (64,731) $ (12,612)
Gain on sale of mortgage servicing rights (521) (865)
Change in fair value of mortgage servicing rights 18,831 6,488
Gain on sale of mortgage loans (29,003) (10,984)
Change in fair value of mortgage loans held-for-sale 45,493 (3,469)
Change in fair value of derivatives lending, net 6,277 609
Provision for repurchases 5,395 1,630
Origination of mortgage loans held-for-sale (1,516,315) (581,509)
Sale and principal reduction on mortgage loans held-for-sale 1,782,674 487,207
Gains from trust REO (1,713) (3,473)
Change in fair value of net trust assets, excluding trust REO 4,096 6,156
Change in fair value of long-term debt (9,036) (265)
Accretion of interest income and expense 14,894 7,412
Amortization of intangible and other assets   143
Amortization of debt issuance costs and discount on note payable 3 8
Stock-based compensation 238 107
Net change in other assets 796 3,241
Net change in other liabilities 145 (7,553)
Net cash provided by (used in) operating activities 257,523 (107,729)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net change in securitized mortgage collateral 121,173 123,865
Purchase of premises and equipment (385) (134)
Purchase of mortgage-backed securities   (5,347)
Proceeds from the sale of trust REO 7,775 5,587
Net cash provided by investing activities 128,563 123,971
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings under MSR financing 15,000  
Repayment of warehouse borrowings (1,651,513) (405,840)
Borrowings under warehouse agreements 1,451,036 526,466
Repayment of securitized mortgage borrowings (145,644) (137,272)
Principal payments on capital lease   (49)
Tax payments on stock based compensation awards (2) (39)
Proceeds from exercise of stock options 47 163
Net cash used in financing activities (331,076) (16,571)
Net change in cash, cash equivalents and restricted cash 55,010 (329)
Cash, cash equivalents and restricted cash at beginning of year 37,132 30,189
Cash, cash equivalents and restricted cash at end of year 92,142 29,860
NON-CASH TRANSACTIONS:    
Transfer of securitized mortgage collateral to trust REO 3,891 5,825
Mortgage servicing rights retained from issuance of mortgage backed securities and loan sales 1,689 1,583
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  
Recognition of operating lease right of use assets (net of $3.8 million of deferred rent)   19,694
Recognition of operating lease liabilities   $ 23,447