XML 25 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income before noncontrolling interests $ 211,834 $ 114,311 $ 82,595
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 (193,886) (192,825) (133,631)
Change in the fair value of premiums and origination fees (NOTE 2) 5,781 (10,796) 1,959
Amortization and depreciation 131,246 111,427 98,173
Stock compensation-equity and liability classified 21,134 18,477 14,084
Provision (benefit) for credit losses (243) (612) 1,644
Deferred tax expense (benefit) (30,961) 37,595 16,919
Originations of loans held for sale (17,018,424) (12,040,559) (12,111,553)
Sales of loans to third parties 17,937,915 12,697,209 10,688,356
Amortization of deferred loan fees and costs (2,298) (1,578) (1,775)
Amortization of debt issuance costs and debt discount 4,886 5,581 3,756
Origination fees received from loans held for investment 1,109 2,104 1,429
Tax shortfall (benefit) from vesting of equity awards     (1,410)
Cash paid to settle risk-sharing obligations   (1,613) (795)
Changes in:      
Servicing fees and other receivables (12,234) (5,744) (623)
Other assets (7,064) (1,014) 2,974
Accounts payable and other liabilities 22,866 22,035 7,739
Performance deposits from borrowers (4,019) 5,368 (8,556)
Net cash provided by (used in) operating activities 1,067,642 759,366 (1,338,715)
Cash flows from investing activities      
Capital expenditures (5,207) (2,478) (1,413)
Purchase of equity-method investments     (5,000)
Funding of preferred equity investments (16,884) (24,835)  
Capital invested in Interim Program JV (6,342)    
Net cash paid to increase ownership interest in a previously held equity method investment   (1,058)  
Acquisitions, net of cash received (15,000) (6,350) (12,767)
Purchase of mortgage servicing rights (7,781) (43,097)  
Originations of loans held for investment (183,916) (414,763) (180,375)
Principal collected on loans held for investment upon payoff 219,516 425,820 172,323
Transfer of loans held for investment upon formation of Interim Program JV 119,750    
Net cash provided by (used in) investing activities 104,136 (66,761) (27,232)
Cash flows from financing activities      
Borrowings (repayments) of warehouse notes payable, net (955,040) (649,845) 1,423,911
Borrowings of interim warehouse notes payable 140,341 325,828 137,397
Repayments of interim warehouse notes payable (237,912) (355,738) (125,542)
Repayments of note payable (1,104) (1,104) (4,819)
Proceeds from issuance of common stock 3,013 3,765 7,553
Repurchase of common stock (34,899) (12,893) (50,261)
Debt issuance costs (3,890) (3,630) (4,145)
Distributions to noncontrolling interests   (5)  
Tax benefit from vesting of equity awards     1,410
Net cash provided by (used in) financing activities (1,089,491) (693,622) 1,385,504
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2) 82,287 (1,017) 19,557
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 213,467 214,484 194,927
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 295,754 213,467 214,484
Supplemental Disclosure of Cash Flow Information:      
Cash paid to third parties for interest 56,267 39,311 32,854
Cash paid for income taxes $ 45,524 $ 34,432 $ 34,832