XML 59 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.6

NOTE 13 MATCH FUNDED LIABILITIES | 12 Months Ended
--- | ---
Dec. 31, 2011
Transfers Accounted For As Secured Borrowings Associated Liabilities [Text Block] | NOTE 13 MATCH FUNDED LIABILITIES Match funded liabilities, as more fully described in Note 1—Principles of Consolidation – Financings of Advances on Loans Serviced for Others, are comprised of the following:
|  |  |  |  |  |  |  | Unused |  |  | Balance Outstanding |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Borrowing Capacity (2) |  |  | December 31, 2011 |  |  | December 31, 2010 |
Promissory Note (3) |  | 3.3875% |  |  | Sept. 2013 |  | Sept. 2013 |  | $ | 342,699 |  |  | $ | 1,784,043 |  |  | $ | — |
Advance Receivable Backed Note Series 2009-3 (4) |  | 4.14% |  |  | July 2023 |  | July 2012 |  |  | — |  |  |  | 210,000 |  |  |  | 210,000 |
Variable Funding Note Series 2009-2 (5) |  | 1-Month LIBOR + 350 bps |  | Nov. 2023 |  | Nov. 2012 |  |  | 100,000 |  |  |  | — |  |  |  | — |
Variable Funding Note Series 2009-1 (6) |  | Commercial paper rate + 200 bps or 1-Month LIBOR plus 325 bps |  | Dec. 2023 |  | Dec. 2012 |  |  | 788,313 |  |  |  | 11,687 |  |  |  | 1,095 |
Advance Receivable Backed Note Series 2010-1 (4)(7) |  | 3.59% |  |  | Sep. 2023 |  | Feb. 2011 |  |  | — |  |  |  | 40,000 |  |  |  | 200,000 |
Class A-1 Term Note (8) (9) |  | Commercial paper rate + 350 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | — |  |  |  | 340,185 |  |  |  | 721,000 |
Class A-2 Variable Funding Note (8) (9) |  | Commercial paper rate + 350 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | 200,000 |  |  |  | — |  |  |  | — |
Class B Term Note (8) (9) |  | Commercial paper rate + 525 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | — |  |  |  | 15,850 |  |  |  | 33,500 |
Class C Term Note (8) (9) |  | Commercial paper rate + 625 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | — |  |  |  | 15,056 |  |  |  | 31,900 |
Class D Term Note (8) (9) |  | 1-Month LIBOR + 750 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | — |  |  |  | 11,638 |  |  |  | 24,600 |
Advance Receivable Backed Notes (10) |  | 1-Month LIBOR + 400 bps |  | Mar. 2020 |  | June 2011 |  |  | — |  |  |  | — |  |  |  | 10,315 |
Advance Receivable Backed Notes (9) (11) |  | 1-Month LIBOR + 200 bps |  | Jan. 2014 |  | July 2013 |  |  | 134,508 |  |  |  | 130,492 |  |  |  | 250,119 |
|  |  |  |  |  |  |  |  | $ | 1,565,520 |  |  | $ | 2,558,951 |  |  | $ | 1,482,529 |
Weighted average interest rate |  |  |  | 3.50 | % |  |  | 3.71 | %
(1) | The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In two advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied to reduce the balance of the note outstanding, and any new advances are ineligible to be financed.
(2) | Unused borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility.
(3) | This note was issued in connection with the financing of advances acquired in connection with the acquisition of Litton on September 1, 2011.
(4) | These notes were issued under the Term Asset-Backed Securities Loan Facility program administered by the Federal Reserve Bank of New York.
(5) | In accordance with the terms of the note purchase agreement, the maximum funding obligation of this note increased from $88,000 to $100,000 in November 2011.
(6) | The interest rate for this note is determined using a commercial paper rate that reflects the borrowing costs of the lender plus a margin of 200 bps or 1-Month LIBOR plus 325 bps if the lender funds its lending other than through commercial paper. On December 9, 2011, the maximum borrowing under this note was increased to $800,000, and the amortization date was extended to December 2012. Beginning June 15, 2012, maximum borrowing capacity under this note will be reduced to the extent that the lender’s commitment under any other advance facilities of Ocwen or its affiliates exceeds $200,000.
(7) | This note entered into its amortization period in February 2011. The 2010-1 Indenture Supplement provides for scheduled amortization of $40,000 per quarter through January 2012.
(8) | These notes were issued in connection with the financing of advances acquired as part of the HomEq Acquisition.
(9) | In connection with the Fitch Ratings downgrade of OLS in December 2011, certain pooling and servicing agreements underlying the advances pledged to this facility experienced servicer termination events, and the lender waived the occurrence of any early amortization events or collateral disqualifications due to those servicer termination events.
(10) | On June 30, 2011, we terminated this facility and repaid the outstanding balance.
(11) | We renewed this facility on June 30, 2011 at which time the maximum borrowing capacity was reduced to $265,000 from $500,000 and the amortization date was extended by two years to July 2013. In addition, the annual facility fee, which is payable in monthly installments, was reduced from 1.30% of the maximum borrowing capacity to 1.00%.

X
- Definition The disclosure for debt associated with advances transferred to special purpose entities in transactions accounted for as secured borrowings recognized in the transferor's statement of financial position, including repayment terms, interest rates, unused borrowings capacity, and other matters important to users of the financial statements, such as the effects of refinancing and any non-compliance with debt covenants. + References No definition available. + Details
Name: | ocn_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesTextBlock
Namespace Prefix: | ocn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration