Create a nice and thick mudsplash in Unreal Engine 4, using a FLIP tank in Houdini. Literally go from an empty scene, set up your FLIP tank, throw a rock down (it's really just a deformed sphere) and then reduce it to the barebones shape and export that single frame of geo into unreal. After that, load it into UE4, apply material on it and then using a particle system, bring in the splash mesh and tweak it till it looks good! Now that you have the setup for this, you can freely and easily make multiple versions of the splash for your game by making some tweaks in Houdini.
You can download the scene files used in this video here! It includes the *.hip file, *.fbx mesh, and UE4 project files.
Unreal Engine 4.14