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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net loss $ (529,158) $ (263,190) $ (110,328)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Net fair value gains on reverse loans and related HMBS obligations (59,022) (98,265) (109,972)
Amortization of servicing rights 21,801 26,827 43,101
Change in fair value of servicing rights 480,476 401,992 273,502
Change in fair value of servicing rights related liabilities (13,518) (1,587) (2,114)
Change in fair value of charged-off loans (20,716) (18,475) (7,598)
Other net fair value (gains) losses 11,087 1,682 (8,530)
Accretion of discounts on residential loans and advances (3,652) (7,130) (15,744)
Accretion of discounts on debt and amortization of deferred debt issuance costs 33,413 31,412 33,783
Provision for uncollectible advances 64,729 52,679 75,704
Depreciation and amortization of premises and equipment and intangible assets 59,426 69,128 72,721
Benefit for deferred income taxes (193,326) (196,326) (35,408)
Share-based compensation 6,568 20,937 14,533
Purchases and originations of residential loans held for sale (21,054,053) (25,942,841) (18,878,305)
Proceeds from sales of and payments on residential loans held for sale 21,410,118 25,896,204 19,042,387
Net gains on sales of loans (409,448) (453,840) (462,172)
Goodwill and intangible assets impairment 326,286 207,557 82,269
Proceeds from sale of trading security 0 70,390 0
Gain on sale of trading security 0 (10,296) 0
Gain on sale of investments 0 (8,959) 0
Other 4,999 (3,188) 1,104
Changes in assets and liabilities      
Decrease (increase) in receivables (81,695) (4,196) 67,416
Decrease (increase) in servicer and protective advances 380,298 135,831 (289,464)
Decrease (increase) in other assets 16,434 29,793 (17,332)
Increase (decrease) in payables and accrued liabilities (24,429) 5,936 67,018
Increase (decrease) in servicer payables, net of change in restricted cash 25,332 9,832 (40,841)
Cash flows provided by (used in) operating activities 451,950 (48,093) (204,270)
Investing activities      
Purchases and originations of reverse loans held for investment (896,879) (1,471,275) (1,505,215)
Principal payments received on reverse loans held for investment 1,122,267 871,832 548,660
Principal payments received on mortgage loans held for investment 92,619 114,906 162,257
Payments received on charged-off loans held for investment 23,060 26,385 14,929
Payments received on receivables related to Non-Residual Trusts 8,110 7,481 9,471
Proceeds from sales of real estate owned, net 111,091 76,703 55,306
Purchases of premises and equipment (32,866) (27,761) (21,573)
Decrease in restricted cash and cash equivalents 8,946 9,219 11,333
Payments for acquisitions of businesses, net of cash acquired (3,066) (5,095) (197,061)
Acquisitions of servicing rights, net (9,794) (264,743) (268,618)
Proceeds from sales of servicing rights, net 280,970 0 0
Proceeds from sale of residual interests in Residual Trusts 0 189,513 0
Proceeds from sale of investment 0 14,376 0
Acquisitions of charged-off loans held for investment 0 0 (64,548)
Other (4,649) 3,511 10,948
Cash flows provided by (used in) investing activities 699,809 (454,948) (1,244,111)
Financing activities      
Payments on corporate debt (480) (12,901) (17,220)
Extinguishments and settlement of debt (31,037) (79,877) 0
Proceeds from securitizations of reverse loans 960,157 1,622,481 1,617,399
Payments on HMBS related obligations (1,371,375) (1,025,458) (637,272)
Issuances of servicing advance liabilities 2,179,488 2,073,227 2,299,930
Payments on servicing advance liabilities (2,625,476) (2,206,965) (1,905,331)
Net change in warehouse borrowings related to mortgage loans (151,172) 207,305 75,726
Net change in warehouse borrowings related to reverse loans 14,139 (43,873) 15,667
Proceeds from sales of excess servicing spreads and servicing rights 34,307 55,698 75,426
Payments on servicing rights related liabilities (22,092) (12,317) (6,822)
Payments on mortgage-backed debt (107,598) (136,493) (181,155)
Other debt issuance costs paid (11,039) (13,949) (17,281)
Repurchase of shares under stock repurchase plan 0 (28,065) 0
Other 2,189 (13,119) (42,396)
Cash flows provided by (used in) financing activities (1,129,989) 385,694 1,276,671
Net increase (decrease) in cash and cash equivalents 21,770 (117,347) (171,710)
Cash and cash equivalents at the beginning of the year 202,828 320,175 491,885
Cash and cash equivalents at the end of the year $ 224,598 $ 202,828 $ 320,175