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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income $ 658 $ 561
Net income from discontinued operations 0 2
Net income from continuing operations 658 559
Adjustments to reconcile net income from continuing operations to net cash attributable to operating activities:    
Deferred tax expense 197 111
Net gain on mortgage loans held for sale (297) (679)
Provision for servicing and non-servicing reserves 6 13
Fair value changes and amortization of mortgage servicing rights (563) (278)
Fair value changes in MSR related liabilities 99 31
Depreciation and amortization for property and equipment and intangible assets 11 15
Gain on disposition of assets (223) 0
Other operating activities 21 20
Repurchases of forward loan assets out of Ginnie Mae securitizations (2,249) (2,255)
Mortgage loans originated and purchased for sale, net of fees (11,598) (25,214)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 14,727 27,048
Changes in assets and liabilities:    
Advances and other receivables 169 71
Other assets (99) 106
Payables and other liabilities 67 194
Net cash attributable to operating activities - continuing operations 926 (258)
Net cash attributable to operating activities - discontinued operations 0 182
Net cash attributable to operating activities 926 (76)
Investing Activities    
Property and equipment additions, net of disposals (3) (14)
Purchase of mortgage servicing rights (965) (69)
Proceeds on sale of mortgage servicing rights 4 0
Other investing activities 0 1
Net cash attributable to investing activities - continuing operations (964) (82)
Net cash attributable to investing activities - discontinued operations 0 0
Net cash attributable to investing activities (964) (82)
Financing Activities    
(Decrease) increase in advance and warehouse facilities (204) 608
Settlements and repayments of excess spread financing (32) (41)
Repurchase of common stock (35) (148)
Other financing activities (23) (22)
Net cash attributable to financing activities - continuing operations (294) 397
Net cash attributable to financing activities - discontinued operations 0 (217)
Net cash attributable to financing activities (294) 180
Net (decrease) increase in cash, cash equivalents, and restricted cash (332) 22
Cash, cash equivalents, and restricted cash - beginning of period 1,041 913
Cash, cash equivalents, and restricted cash - end of period(1) [1] 709 935
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Equity consideration received from disposition of assets 250 0
Purchase of mortgage servicing rights $ 64 $ 0
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets.
March 31, 2022March 31, 2021
Cash and cash equivalents$579 $674 
Restricted cash130 176 
Restricted cash within assets of discontinued operations 85 
Total cash, cash equivalents, and restricted cash$709 $935