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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 809 $ 1,000
Net income from discontinued operations 0 14
Net income from continuing operations 809 986
Adjustments to reconcile net income from continuing operations to net cash attributable to operating activities:    
Deferred tax expense 241 215
Net gain on mortgage loans held for sale (436) (1,261)
Provision for servicing and non-servicing reserves 11 21
Fair value changes in mortgage servicing rights (663) 190
Fair value changes in MSR related liabilities 131 2
Depreciation and amortization for property and equipment and intangible assets 20 31
Gain on sale of business 0 (487)
Gain on disposition of assets 223 0
Other operating activities 39 32
Repurchases of forward loan assets out of Ginnie Mae securitizations (2,686) (5,812)
Mortgage loans originated and purchased for sale, net of fees (19,370) (47,560)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 24,510 52,923
Changes in assets and liabilities:    
Advances and other receivables 311 48
Other assets 4 101
Payables and other liabilities (116) 4
Net cash attributable to operating activities - continuing operations 2,582 (567)
Net cash attributable to operating activities - discontinued operations 0 453
Net cash attributable to operating activities 2,582 (114)
Investing Activities    
Property and equipment additions, net of disposals (9) (26)
Purchase of mortgage servicing rights (1,151) (217)
Proceeds on sale of mortgage servicing rights 275 13
Other investing activities 0 (17)
Net cash attributable to investing activities - continuing operations (885) (247)
Net cash attributable to investing activities - discontinued operations 0 0
Net cash attributable to investing activities (885) (247)
Financing Activities    
(Decrease) increase in advance and warehouse facilities (1,597) 1,047
Repayments of excess spread financing (292) 0
Settlements of excess spread financing (61) (81)
Repurchase of common stock (135) (148)
Other financing activities (24) (23)
Net cash attributable to financing activities - continuing operations (2,109) 795
Net cash attributable to financing activities - discontinued operations 0 (441)
Net cash attributable to financing activities (2,109) 354
Net decrease in cash, cash equivalents, and restricted cash (412) (7)
Cash, cash equivalents, and restricted cash - beginning of period 1,041 913
Cash, cash equivalents, and restricted cash - end of period(1) [1] 629 906
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Equity consideration received from disposition of assets 250 0
Purchase of mortgage servicing rights 45 7
Noncash Transaction, Sale of Forward Mortgage Servicing Rights 15 0
Consideration from sale of business $ 0 $ 499
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets.
June 30, 2022June 30, 2021
Cash and cash equivalents$514 $716 
Restricted cash115 113 
Restricted cash within assets of discontinued operations 77 
Total cash, cash equivalents, and restricted cash$629 $906