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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 923 $ 1,454 $ 307
Net loss from discontinued operations 0 (12) (2)
Net income from continuing operations 923 1,466 309
Adjustments to reconcile net income to net cash attributable to operating activities:      
Deferred tax expense 289 351 4
Net gain on mortgage loans held for sale (599) (2,251) (2,310)
Provision for servicing and non-servicing reserves 30 34 22
Fair value changes in mortgage servicing rights (549) 506 1,667
Fair value changes in MSR related liabilities 142 (33) (198)
Depreciation and amortization for property and equipment and intangible assets 37 57 73
Gain on sale of business 0 (528) 0
Gain on disposition of assets 223 0 0
Loss (gain) on MSR hedging activities 332 86 (41)
Loss on redemption of unsecured senior notes 0 0 138
Other operating activities 96 58 60
Repurchases of loan assets out of Ginnie Mae securitizations (3,067) (10,156) (4,822)
Mortgage loans originated and purchased for sale, net of fees (28,309) (84,684) (63,233)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 34,464 97,454 68,302
Changes in assets and liabilities:      
Advances and other receivables 153 (380) (48)
Other assets 278 286 86
Payables and other liabilities (230) (259) (625)
Net cash attributable to operating activities - continuing operations 3,767 2,007 (616)
Net cash attributable to operating activities - discontinued operations 0 625 947
Net cash attributable to operating activities 3,767 2,632 331
Investing Activities      
Sale of business, net of cash divested 0 465 0
Property and equipment additions, net of disposals (17) (41) (57)
Purchase of mortgage servicing rights (1,595) (922) (130)
Proceeds on sale of servicing rights 290 61 53
Other investing activities 0 2 0
Net cash attributable to investing activities - continuing operations (1,322) (435) (134)
Net cash attributable to investing activities - discontinued operations 0 1,627 0
Net cash attributable to investing activities (1,322) 1,192 (134)
Financing Activities      
(Decrease) increase in advance and warehouse facilities (2,113) (1,272) 1,861
Proceeds from issuance of excess spread financing 0 0 24
Settlements and repayment of excess spread financing (392) (156) (207)
Issuance of unsecured senior debt 0 600 2,100
Redemption and repayment of unsecured senior notes and notes payable 0 0 (2,508)
Repurchase of common stock (239) (572) (58)
Retirement of preferred stock 0 (28) 0
Other financing activities (40) (42) (55)
Net cash attributable to financing activities - continuing operations (2,784) (1,470) 1,157
Net cash attributable to financing activities - discontinued operations 0 (2,226) (1,053)
Net cash attributable to financing activities (2,784) (3,696) 104
Net (decrease) increase in cash, cash equivalents and restricted cash (339) 128 301
Cash, cash equivalents and restricted cash - beginning of period 1,041 [1] 913 [1] 612
Cash, cash equivalents and restricted cash - end of period [1] 702 1,041 913
Supplemental Disclosures of Cash Activities      
Cash paid for interest expense 152 118 206
Net cash paid for income taxes 17 159 76
Supplemental Disclosures of Non-cash Investing Activities      
Equity consideration received from disposition of assets 250 0 0
Equity consideration received from sale of business 0 58 0
Mortgage servicing rights sales price holdback 15 2 0
Purchase of mortgage servicing rights $ 11 $ 6 $ 5
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets.
December 31,
2022
December 31,
2021
December 31,
2020
Cash and cash equivalents$527 $895 $695 
Restricted cash175 146 135 
Restricted cash within assets of discontinued operations — 83 
Total cash, cash equivalents and restricted cash$702 $1,041 $913