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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 1,454 $ 307 $ 270
Net (loss) income from discontinued operations (12) (2) 16
Net income from continuing operations 1,466 309 254
Adjustments to reconcile net income to net cash attributable to operating activities:      
Deferred tax expense (benefit) 351 4 (371)
Net gain on mortgage loans held for sale (2,251) (2,310) (1,098)
Provision for servicing and non-servicing reserves 34 22 63
Fair value changes and amortization of mortgage servicing rights 506 1,667 1,117
Fair value changes in MSR related liabilities (33) (198) (164)
Depreciation and amortization for property and equipment and intangible assets 57 73 90
Gain on sale of business (528) 0 0
Loss on redemption of unsecured senior notes 0 138 0
Other operating activities 60 60 37
Repurchases of forward loan assets out of Ginnie Mae securitizations (10,156) (4,822) (2,895)
Mortgage loans originated and purchased for sale, net of fees (84,684) (63,233) (40,257)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 97,515 67,894 41,948
Changes in assets and liabilities:      
Advances and other receivables (380) (48) 161
Other assets 41 18 375
Payables and other liabilities 9 (190) (330)
Net cash attributable to operating activities - continuing operations 2,007 (616) (1,070)
Net cash attributable to operating activities - discontinued operations 625 947 1,772
Net cash attributable to operating activities 2,632 331 702
Investing Activities      
Sale of business, net of cash divested 465 0 0
Acquisitions, net of cash acquired 0 0 (85)
Property and equipment additions, net of disposals (41) (57) (53)
Purchase of forward mortgage servicing rights (922) (130) (547)
Proceeds on sale of forward mortgage servicing rights 61 53 343
Other investing activities 2 0 0
Net cash attributable to investing activities - continuing operations (435) (134) (342)
Net cash attributable to investing activities - discontinued operations 1,627 0 4
Net cash attributable to investing activities 1,192 (134) (338)
Financing Activities      
(Decrease) increase in advance and warehouse facilities (1,272) 1,861 1,651
Proceeds from issuance of excess spread financing 0 24 542
Settlement and repayment of excess spread financing (156) (207) (246)
Issuance of unsecured senior debt 600 2,100 0
Redemption and repayment of unsecured senior notes and notes payable 0 (2,508) (394)
Repurchase of common stock (572) (58) 0
Retirement of preferred stock (28) 0 0
Other financing activities (42) (55) (37)
Net cash attributable to financing activities - continuing operations (1,470) 1,157 1,516
Net cash attributable to financing activities - discontinued operations (2,226) (1,053) (1,829)
Net cash attributable to financing activities (3,696) 104 (313)
Net increase in cash, cash equivalents and restricted cash 128 301 51
Cash, cash equivalents and restricted cash - beginning of period 913 [1] 612 [1] 561
Cash, cash equivalents and restricted cash - end of period [1] 1,041 913 612
Supplemental Disclosures of Cash Activities      
Cash paid for interest expense 118 206 174
Net cash paid for income taxes 159 76 42
Supplemental Disclosures of Non-cash Investing Activities      
Equity consideration received from sale of business 58 0 0
Forward mortgage servicing rights sales price holdback 2 0 49
Purchase of forward mortgage servicing rights $ 6 $ 5 $ 28
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amount reported within the consolidated balance sheets.
December 31,
2021
December 31,
2020
December 31,
2019
Cash and cash equivalents$895 $695 $329 
Restricted cash146 135 169 
Restricted cash within assets of discontinued operations 83 114 
Total cash, cash equivalents and restricted cash$1,041 $913 $612