XML 21 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income before noncontrolling interests $ 82,595 $ 51,422 $ 41,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Gains attributable to the fair value of future servicing rights, net of guaranty obligation (133,631) (96,515) (91,972)
Change in the fair value of premiums and origination fees (NOTE 2) 1,959 2,059 9,457
Amortization and depreciation 98,173 80,138 75,955
Amortization and depreciation 96,193 79,367 72,876
Stock compensation-equity and liability classified 14,084 9,994 9,194
Provision for credit losses 1,644 2,206 1,322
Deferred tax expense 16,919 10,260 18,211
Originations of loans held for sale (12,111,553) (8,103,452) (5,818,792)
Sales of loans to third parties 10,688,356 7,326,908 6,616,515
Amortization of deferred loan fees and costs (1,775) (1,273) (200)
Amortization of debt issuance costs and debt discount 3,756 4,174 3,036
Origination fees received from loans held for investment 1,429 2,145 691
Tax shortfall (benefit) from vesting of equity awards (1,410) 38 (1,257)
Cash paid to settle risk-sharing obligations (795) (2,138) (5,290)
Changes in:      
Restricted cash and pledged securities 4,268 (26,495) (14,467)
Servicing fees and other receivables (623) 1,943 9,746
Other assets (2,217) (11,759) 6,755
Accounts payable and other liabilities 7,739 12,415 (19,257)
Performance deposits from borrowers (8,556) 8,434 (4,269)
Net cash provided by (used in) operating activities (1,339,638) (729,496) 836,908
Cash flows from investing activities      
Capital expenditures (1,413) (2,525) (4,519)
Acquisitions, net of cash acquired (12,767) (23,417)  
Originations of loans held for investment (180,375) (339,802) (147,820)
Principal collected on loans held for investment 172,323 250,104 21,700
Net cash provided by (used in) investing activities (22,232) (115,640) (130,639)
Cash flows from financing activities      
Borrowings (repayments) of warehouse notes payable, net 1,423,911 774,935 (797,275)
Borrowings of interim warehouse notes payable 137,397 248,024 102,755
Repayments of interim warehouse notes payable (125,542) (179,941) (16,912)
Borrowings of note payable     173,258
Repayments of note payable (4,819) (1,750) (80,925)
Proceeds from issuance of common stock 7,553 7,756 1,139
Repurchase of common stock (50,261) (37,593) (3,025)
Secured borrowings     22,050
Repayments of secured borrowings   (22,050)  
Debt issuance costs (4,145) (1,416) (3,055)
Tax benefit (shortfall) from vesting of equity awards 1,410 (38) 1,257
Net cash provided by (used in) financing activities 1,385,504 787,927 (600,733)
Net increase (decrease) in cash and cash equivalents 23,634 (57,209) 105,536
Cash and cash equivalents at beginning of period 113,354 170,563 65,027
Cash and cash equivalents at end of period 136,988 113,354 170,563
Supplemental Disclosure of Cash Flow Information:      
Cash paid to third parties for interest 32,854 23,950 14,813
Cash paid for taxes $ 34,832 $ 18,481 $ 881