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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities      
Net income $ 1,004,531 $ 1,014,652 $ 582,716
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Change in fair value of investments in excess mortgage servicing rights 58,656 (4,322) 7,297
Change in fair value of investments in excess mortgage servicer rights, equity method investees (8,357) (12,617) (16,526)
Change in fair value of investments in mortgage servicing rights financing receivables (31,550) (66,394) 0
Change in fair value of servicer advance investments 89,332 (84,418) 7,768
Change in fair value of residential mortgage loans, at fair value, and notes and bonds payable, at fair value (72,624) 0 0
(Gain) / loss on remeasurement of consumer loans investment 0 0 (71,250)
(Gain) / loss on settlement of investments (net) (103,842) (10,310) 48,800
(Gain) / loss on sale of originated mortgage loans (net) (89,017) 0 0
Earnings from investments consumer loans, equity method investees (10,803) (25,617) 0
Unrealized (gain) / loss on derivative instruments 113,558 2,190 (5,774)
Changes in fair value of contingent consideration 1,581 0 0
Unrealized (gain) / loss on other ABS (10,283) (2,883) 2,322
(Gain) / loss on transfer of loans to REO (19,519) (22,938) (18,356)
(Gain) / loss on transfer of loans to other assets 1,977 (488) (2,938)
(Gain) / loss on Excess MSR recapture agreements (979) (2,384) (2,802)
(Gain) / loss on Ocwen common stock 10,860 (5,346) 0
Accretion and other amortization (701,967) (1,031,384) (747,932)
Other-than-temporary impairment 30,017 10,334 10,264
Valuation and loss provision (reversal) on loans and real estate owned 60,624 75,758 77,716
Non-cash portions of servicing revenue, net 191,245 67,672 (88,325)
Non-cash directors’ compensation 1,020 699 300
Deferred tax provision (80,054) 168,518 34,846
Changes in:      
Servicer advances receivable 381,400 (30,688) (2,503)
Other assets (193,681) (32,174) 229,916
Due to affiliates 12,510 41,613 23,563
Accrued expenses and other liabilities 186,311 26,081 3,223
Other operating cash flows:      
Interest received from excess mortgage servicing rights 45,947 79,612 152,589
Interest received from servicer advance investments 33,821 168,595 185,204
Interest received from Non-Agency RMBS 219,704 211,599 100,883
Interest received from residential mortgage loans, held-for-investment 8,962 8,021 2,815
Interest received from PCD consumer loans, held-for-investment 36,660 52,372 49,582
Distributions of earnings, equity method investees 11,059 13,668 22,046
Purchases of residential mortgage loans, held-for-sale (5,767,172) (5,135,700) (1,196,018)
Origination of residential mortgage loans, held-for-sale (3,385,868) 0 0
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 6,546,613 3,514,108 1,109,876
Principal repayments from purchased residential mortgage loans, held-for-sale 194,038 106,213 61,494
Net cash provided by (used in) operating activities (1,229,114) (899,718) 560,796
Cash Flows From Investing Activities      
Acquisition of investments in excess mortgage servicing rights (1,186,000)    
Acquisition of Shellpoint, net of cash acquired (123,185) 0 0
SpringCastle Transaction (Note 9), net of cash acquired 0 0 (55,523)
Restricted cash acquired from SpringCastle Transaction 0 0 74,604
Purchase of servicer advance investments (2,306,043) (12,168,519) (15,266,816)
Purchase of Non-Agency RMBS (2,969,308) (2,570,753) (2,577,625)
Purchase of derivatives 0 (2,350) (8,292)
Purchase of real estate owned and other assets (33,377) (38,127) (14,097)
Purchase of consumer loans 0 0 (176,107)
Purchase of investment in consumer loans, equity method investees (308,050) (470,344) 0
Purchase of commercial real estate, equity method investees (75,000) 0 0
Draws on revolving consumer loans (63,971) (56,321) (49,289)
Payments for settlement of derivatives (172,152) (164,025) (84,587)
Return of investments in excess mortgage servicing rights 53,055 172,395 175,243
Return of investments in equity method investments 300,056 393,722 0
Principal repayments from servicer advance investments 2,421,334 13,820,019 17,158,395
Principal repayments from Agency RMBS 111,202 107,666 95,030
Principal repayments from Non-Agency RMBS 939,690 815,451 726,176
Principal repayments from residential mortgage loans 147,403 94,807 38,700
Proceeds from sale of residential mortgage loans 25,511 13,313 11,176
Principal repayments from consumer loans 311,222 401,403 301,876
Proceeds from sale of excess mortgage servicing rights 5,776 0 0
Proceeds from sale of Agency RMBS 7,528,490 8,880,766 6,594,868
Proceeds from sale of Non-Agency RMBS 86,443 182,384 261,489
Proceeds from settlement of derivatives 242,422 126,319 55,851
Proceeds from sale of real estate owned 140,301 86,241 71,570
Net cash provided by (used in) investing activities (5,171,090) (1,777,579) (182,583)
Cash Flows From Financing Activities      
Repayments of repurchase agreements (93,214,286) (54,289,124) (29,866,052)
Margin deposits under repurchase agreements and derivatives (1,934,868) (1,056,408) (487,072)
Repayments of notes and bonds payable (9,892,659) (8,971,523) (10,843,732)
Payment of deferred financing fees (12,498) (6,610) (37,908)
Common stock dividends paid (661,859) (570,232) (433,414)
Borrowings under repurchase agreements 99,662,678 57,762,563 31,015,797
Return of margin deposits under repurchase agreements and derivatives 1,733,387 1,058,791 486,050
Borrowings under notes and bonds payable 9,770,909 8,057,720 9,719,242
Issuance of common stock 983,149 835,465 279,600
Costs related to issuance of common stock (1,087) (936) (825)
Noncontrolling interest in equity of consolidated subsidiaries - contributions 0 0 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (64,559) (84,196) (97,560)
Purchase of noncontrolling interests in the Buyer 925 (65,860) (3,280)
Net cash provided by (used in) financing activities 6,369,232 2,669,650 (269,154)
Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash (30,972) (7,647) 109,059
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 446,050 453,697 344,638
Cash, Cash Equivalents, and Restricted Cash, End of Period 415,078 446,050 453,697
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 564,722 442,287 350,028
Cash paid during the period for income taxes 5,012 5,021 1,109
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Dividends declared but not paid 184,552 153,681 115,356
Transfer from residential mortgage loans to real estate owned and other assets 109,527 141,968 249,497
Transfer from residential mortgage loans, held-for-investment to residential mortgage loans, held-for-sale 23,080 23,080 316,199
Non-cash distributions to noncontrolling interest 0 0 69,466
Real estate securities retained from loan securitizations 900,491 403,270 165,782
Residential mortgage loans subject to repurchase 121,602 0 0
Remeasurement of Consumer Loan Companies noncontrolling interest 0 0 110,438
Ocwen transaction - excess mortgage servicing rights 638,567 71,982 0
Ocwen transaction - servicer advance investments 3,175,891 481,220 0
Ocwen transaction - mortgage servicing rights financing receivables, at fair value 1,017,993 64,450 0
Excess MSRs      
Cash Flows From Investing Activities      
Acquisition of investments in excess mortgage servicing rights 0 0 (2,146)
Proceeds from sale of excess mortgage servicing rights 19,064 13,505 0
Mortgage Servicing Rights and Servicer Advances      
Cash Flows From Investing Activities      
Acquisition of investments in excess mortgage servicing rights (1,194,467) (1,661,608) (526,653)
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Purchase price holdback (697) 40,854 90,058
Agency Residential Mortgage Backed Securities      
Cash Flows From Investing Activities      
Purchase of Agency RMBS (10,200,299) (9,165,868) (6,812,258)
Mortgage-backed Securities, Issued by Private Enterprises      
Cash Flows From Investing Activities      
Purchase of residential mortgage loans (85,778) (609,627) (191,081)
Loans and Finance Receivables      
Cash Flows From Investing Activities      
Proceeds from sale of excess mortgage servicing rights 7,472 0 0
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Purchase of Agency and Non-Agency RMBS, settled after year end 2,048,348 1,169,896 1,381,968
Sale of investments, primarily Agency RMBS, settled after year end 3,925,198 1,030,850 1,687,788
Consumer Loans      
Other operating cash flows:      
Distributions of earnings, equity method investees 6,176 6,240 0
Excess MSRs Investees      
Cash Flows From Investing Activities      
Return of investments in equity method investments 21,099 21,972 16,913
Consumer Loan Companies      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Non-cash distributions from Consumer Loan Companies 0 0 25
Non-cash distributions from LoanCo 0 0 25
LoanCo      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Non-cash distributions from Consumer Loan Companies 25,739 44,587 0
Non-cash distributions from LoanCo 25,739 44,587 0
Shellpoint Acquisition      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Purchase price holdback 8,173 0 0
Shellpoint Acquisition contingent consideration $ 39,300 $ 0 $ 0