Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net income (loss) $ 292,867 $ (38,502)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization of fixed assets 4,686 5,636
Valuation adjustment of mortgage servicing rights 245,816 251,190
Valuation adjustment of mortgage loans held for sale (52,904) (9,093)
Valuation adjustment of derivatives (160,167) (26,628)
Provision for investor reserves 10,009 6,805
Provision for foreclosure losses 2,407 2,271
Changes in estimated fair value of contingent liabilities due to acquisitions 27,905 7,277
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (897,467) (467,573)
Deferred income taxes 20,031 (33,647)
Other (1,224) 2,148
Investor reserves (7,289) (5,338)
Foreclosure loss reserve (2,362) (2,672)
Changes in operating assets and liabilities:    
Origination of mortgage loans held for sale (24,657,750) (15,696,586)
Proceeds on sale of and payments from mortgage loans held for sale 24,873,813 15,425,424
Accounts and interest receivable 4,659 4,757
Other assets 6,024 9,746
Mortgage servicing rights (219,605) (101,753)
Accounts payable and accrued expenses 37,088 10,087
Accrued compensation and benefits 40,464 20,554
Contingent liability payments (7,552) (649)
Deferred compensation plan liability 22,683 (2,987)
Proceeds from real estate owned conveyed to HUD 1,096 4,435
Purchase and advances of real estate owned (954) (2,926)
Net cash used in operating activities (417,726) (638,024)
Cash Flows from Investing Activities    
Proceeds from the sale of property & equipment 35 59
Purchase of property and equipment (6,988) (2,368)
Payment made on behalf of affiliate (12,035) (1,193)
Acquisitions   (8,817)
Net cash used in investing activities (18,988) (12,319)
Cash Flows from Financing Activities    
Borrowings on warehouse lines of credit 24,083,543 15,292,047
Repayments on warehouse lines of credit (23,473,255) (14,575,327)
Borrowings on MSR notes payable 67,000 22,250
Repayments on MSR notes payable (77,000) (29,250)
Contingent liability payments (6,336) (2,318)
Net change in notes payable (1,670) 7,089
Repurchase of stock   (7,987)
Dividends paid (10,000) (12,500)
Net cash provided by financing activities 582,282 694,004
Increase in cash, cash equivalents and restricted cash 145,568 43,661
Cash, cash equivalents and restricted cash, beginning of period 106,735 62,755
Cash, cash equivalents and restricted cash, end of period 252,303 106,416
Supplemental information    
Net cash paid for interest 31,567 29,062
Net cash paid for taxes 15,525 2,918
Net assets acquired due to acquisition   10,552
Cash and cash equivalents 247,293 101,416
Restricted cash 5,010 5,000
Cash, cash equivalents and restricted cash, end of period $ 252,303 $ 106,416