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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 922 $ 1,299
Net (loss) income from discontinued operations 0 3
Net income from continuing operations 922 1,296
Adjustments to reconcile net income from continuing operations to net cash attributable to operating activities:    
Deferred tax expense 280 326
Net gain on mortgage loans held for sale (551) (1,833)
Provision for servicing and non-servicing reserves 22 28
Fair value changes in mortgage servicing rights (719) 296
Fair value changes in MSR related liabilities 134 (7)
Depreciation and amortization for property and equipment and intangible assets 29 45
Gain on sale of business 0 (494)
Gain on disposition of assets 223 0
Loss on MSR hedging activities 329 82
Other operating activities 75 40
Repurchases of loan assets out of Ginnie Mae securitizations (2,904) (8,530)
Mortgage loans originated and purchased for sale, net of fees (25,120) (67,507)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 30,440 74,968
Changes in assets and liabilities:    
Advances and other receivables 355 (41)
Other assets 287 236
Payables and other liabilities (212) (289)
Net cash attributable to operating activities - continuing operations 3,144 (1,384)
Net cash attributable to operating activities - discontinued operations 0 614
Net cash attributable to operating activities 3,144 (770)
Investing Activities    
Sale of business, net of cash divested 0 432
Property and equipment additions, net of disposals (14) (33)
Purchase of mortgage servicing rights (1,257) (431)
Proceeds on sale of mortgage servicing rights 284 13
Other investing activities 0 1
Net cash attributable to investing activities - continuing operations (987) (18)
Net cash attributable to investing activities - discontinued operations 0 1,029
Net cash attributable to investing activities (987) 1,011
Financing Activities    
(Decrease) increase in advance and warehouse facilities (1,933) 1,950
Repayments of excess spread financing (293) 0
Settlements of excess spread financing (80) (118)
Repurchase of common stock (185) (516)
Payments for Repurchase of Preferred Stock and Preference Stock 0 28
Other financing activities (29) (33)
Net cash attributable to financing activities - continuing operations (2,520) 1,255
Net cash attributable to financing activities - discontinued operations 0 (1,495)
Net cash attributable to financing activities (2,520) (240)
Net (decrease) increase in cash, cash equivalents, and restricted cash (363) 1
Cash, cash equivalents, and restricted cash - beginning of period 1,041 913
Cash, cash equivalents, and restricted cash - end of period(1) [1] 678 914
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Equity consideration received from disposition of assets 250 0
Purchase of mortgage servicing rights 7 12
Noncash Transaction, Sale of Forward Mortgage Servicing Rights 15 2
Equity consideration received from sale of business $ 0 $ 53
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets.
September 30, 2022September 30, 2021
Cash and cash equivalents$530 $731 
Restricted cash148 118 
Restricted cash within assets of discontinued operations 65 
Total cash, cash equivalents, and restricted cash$678 $914