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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 37 $ 658
Adjustments to reconcile net income to net cash attributable to operating activities:    
Deferred tax (benefit) expense (4) 197
Net gain on mortgage loans held for sale (69) (297)
Provision for servicing and non-servicing reserves 9 6
Fair value changes in mortgage servicing rights 230 (563)
Fair value changes in MSR related liabilities 6 99
Depreciation and amortization for property and equipment and intangible assets 9 11
Gain on disposition of assets 0 223
(Gain) loss on MSR hedging activities (59) 140
Other operating activities 30 21
Repurchases of loan assets out of Ginnie Mae securitizations (222) (2,249)
Mortgage loans originated and purchased for sale, net of fees (2,760) (11,598)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 2,931 14,471
Changes in assets and liabilities:    
Advances and other receivables 76 169
Other assets 66 79
Payables and other liabilities (120) 5
Net cash attributable to operating activities 160 926
Investing Activities    
Property and equipment additions, net of disposals (5) (3)
Purchase of mortgage servicing rights (114) (965)
Proceeds on sale of mortgage servicing rights 15 4
Other investing activities (3) 0
Net cash attributable to investing activities (107) (964)
Financing Activities    
Increase (decrease) in advance and warehouse facilities 51 (204)
Settlements and repayment of excess spread financing (22) (32)
Repurchase of common stock (89) (35)
Other financing activities (28) (23)
Net cash attributable to financing activities (88) (294)
Net decrease in cash, cash equivalents, and restricted cash (35) (332)
Cash, cash equivalents, and restricted cash - beginning of period 702 1,041
Cash, cash equivalents, and restricted cash - end of period(1) [1] 667 709
Supplemental Disclosures of Non-cash Investing Activities    
Equity consideration received from disposition of assets 0 250
Purchase of mortgage servicing rights $ 1 $ 64
[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, 2023March 31, 2022
Cash and cash equivalents$534 $579 
Restricted cash133 130 
Total cash, cash equivalents, and restricted cash$667 $709