v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net income (loss) $ 375,552 $ 995,677
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of investments in excess mortgage servicing rights 1,421 55,711
Change in fair value of investments in excess mortgage servicing rights, equity method investees (4,087) (5,624)
Change in fair value of investments in mortgage servicing rights financing receivables 133,200 (63,628)
Change in fair value of servicer advance investments (15,932) 86,581
Change in fair value of residential mortgage loans, at fair value, and notes and bonds payable, at fair value (85,303) 1,462
(Gain) / loss on settlement of investments (net) (157,013) (106,064)
(Gain) / loss on sale of originated mortgage loans (net) (194,029) (45,732)
Earnings from investments in consumer loans, equity method investees 890 (12,343)
Change in fair value of derivative instruments 1,988 (27,985)
Changes in fair value of contingent consideration 7,430 0
Unrealized (gain) / loss on other ABS (9,010) (12,001)
(Gain) / loss on transfer of loans to REO (7,814) (16,609)
(Gain) / loss on transfer of loans to other assets 378 1,648
(Gain) / loss on Excess MSR recapture agreements (1,771) (5,257)
(Gain) / loss on Ocwen common stock (3,134) (4,655)
Accretion and other amortization (298,933) (528,981)
Other-than-temporary impairment 21,942 23,190
Valuation and loss provision on loans and real estate owned 8,042 28,136
Non-cash portions of servicing revenue, net 619,914 (35,118)
Non-cash directors’ compensation 1,055 1,019
Deferred tax provision 18,080 (12,680)
Changes in:    
Servicer advances receivable 366,426 441,351
Other assets (516,107) (168,862)
Due to affiliates (41,920) (14,826)
Accrued expenses and other liabilities 263,420 161,246
Other operating cash flows:    
Interest received from excess mortgage servicing rights 19,180 33,521
Interest received from servicer advance investments 22,212 25,901
Interest received from Non-Agency RMBS 203,309 156,420
Interest received from PCD residential mortgage loans, held-for-investment 6,697 6,656
Interest received from PCD consumer loans, held-for-investment 23,789 27,681
Purchases of residential mortgage loans, held-for-sale (6,002,975) (3,295,378)
Origination of residential mortgage loans, held-for-sale (10,424,325) (1,678,606)
Proceeds from sales of purchased and originated residential mortgage loans, held-for-sale 13,046,546 3,752,066
Principal repayments from purchased residential mortgage loans, held-for-sale 295,584 146,170
Net cash provided by (used in) operating activities (2,316,358) (75,761)
Cash Flows From Investing Activities    
Acquisition of Shellpoint, net of cash required 0 (118,285)
Purchase of servicer advance investments (1,255,306) (1,790,635)
Purchase of Agency RMBS (25,212,307) (6,574,783)
Purchase of Non-Agency RMBS (689,308) (2,714,991)
Purchase of residential mortgage loans 0 (85,778)
Purchase of real estate owned and other assets (44,539) (26,807)
Purchase of investment in consumer loans, equity method investees (63,969) (292,616)
Draws on revolving consumer loans (42,231) (45,017)
Payments for settlement of derivatives (283,037) (59,113)
Return of investments in excess mortgage servicing rights 43,938 43,690
Principal repayments from servicer advance investments 1,402,187 1,845,411
Principal repayments from Agency RMBS 987,523 76,515
Principal repayments from Non-Agency RMBS 996,396 565,460
Principal repayments from residential mortgage loans 83,483 110,770
Proceeds from sale of residential mortgage loans 41,308 21,278
Principal repayments from consumer loans 203,607 237,129
Principal repayments from MSRs and MSR financing receivables 21,306 0
Proceeds from sale of mortgage servicing rights financing receivables 16,622  
Proceeds from sale of excess mortgage servicing rights 114 0
Proceeds from sale of Agency RMBS 17,998,736 4,121,325
Proceeds from sale of Non-Agency RMBS 1,664,017 81,325
Proceeds from settlement of derivatives 74,724 146,146
Proceeds from sale of real estate owned 103,258 111,459
Net cash provided by (used in) investing activities (5,250,933) (5,024,453)
Cash Flows From Financing Activities    
Repayments of repurchase agreements (144,545,608) (58,414,966)
Margin deposits under repurchase agreements and derivatives (2,913,627) (1,374,374)
Repayments of notes and bonds payable (7,306,541) (7,512,484)
Payment of deferred financing fees (7,821) (12,838)
Common stock dividends paid (600,027) (491,680)
Borrowings under repurchase agreements 152,101,817 63,696,426
Return of margin deposits under repurchase agreements and derivatives 2,589,160 1,263,220
Borrowings under notes and bonds payable 7,600,342 7,547,541
Issuance of preferred stock 423,444 0
Issuance of common stock 752,217 492,285
Costs related to issuance of common stock (824) (681)
Noncontrolling interest in equity of consolidated subsidiaries - contributions 0 0
Noncontrolling interest in equity of consolidated subsidiaries - distributions (38,952) (51,735)
Purchase of noncontrolling interests 0 (653)
Net cash provided by (used in) financing activities 8,053,580 5,140,061
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 486,289 39,847
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 415,078 446,050
Cash, Cash Equivalents, and Restricted Cash, End of Period 901,367 485,897
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 643,349 405,672
Cash paid during the period for income taxes 1,208 3,176
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid 213,098 170,177
Transfer from residential mortgage loans to real estate owned and other assets 70,080 88,376
Transfer from residential mortgage loans, held-for-investment to residential mortgage loans, held-for-sale 38,842 0
Real estate securities retained from loan securitizations 454,310 762,056
Residential mortgage loans subject to repurchase 168,532 110,181
Ocwen transaction (Note 5) - excess mortgage servicing rights 0 638,567
Ocwen transaction (Note 5) - servicer advance investments 0 3,175,891
Ocwen transaction (Note 5) - mortgage servicing rights financing receivables, at fair value 0 1,017,993
Shellpoint Acquisition    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase price holdback 0 10,173
Shellpoint Acquisition contingent consideration 0 42,770
Agency RMBS    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase of Agency and Non-Agency RMBS, settled after quarter end 2,536,188 1,791,191
Sale of investments, primarily Agency RMBS, settled after quarter end 4,487,772 3,424,865
Mortgage Servicing Rights    
Cash Flows From Investing Activities    
Purchase of MSRs, MSR financing receivables and servicer advances receivable (1,365,333) (971,079)
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Purchase price holdback 1,963 8,692
Excess MSRs Investees    
Other operating cash flows:    
Distributions of earnings from equity method investees 7,762 7,976
Cash Flows From Investing Activities    
Return of investments, equity method investees 12,030 14,474
Consumer Loans    
Other operating cash flows:    
Distributions of earnings from equity method investees 1,178 6,176
Cash Flows From Investing Activities    
Return of investments, equity method investees 55,848 279,669
MSRs    
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables 1,047 0
LoanCo    
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Non-cash distributions from LoanCo 21,314 25,739
New Residential Mortgage LLC | MSRs | Mortgage Servicing Rights Financing Receivable    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Change in fair value of investments in mortgage servicing rights financing receivables 133,200 (63,628)
Cash Flows From Investing Activities    
Proceeds from sale of mortgage servicing rights financing receivables $ 15,575 $ 0

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