XML 147 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 13 MATCH FUNDED LIABILITIES | 12 Months Ended
--- | ---
Dec. 31, 2012
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:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Balance Outstanding |
Borrowing Type |  |  | Interest Rate |  |  | Maturity (1) |  |  | Amortization Date (1) |  |  | Unused Borrowing Capacity (2) |  |  |  | December 31, 2012 |  |  |  | December 31, 2011 |
2011-Servicer Advance Revolving Trust 1 (3) |  |  | 2.23 | % |  | May 2043 |  |  | May 2013 |  |  | — |  |  |  | 325,000 |  |  |  | — |
2011-Servicer Advance Revolving Trust 1 (3) |  |  | 3.37 – 5.92 | % |  | May 2043 |  |  | May 2013 |  |  | — |  |  |  | 525,000 |  |  |  | — |
2012-Servicing Advance Revolving Trust 2 (3) |  |  | 3.27 – 6.90 | % |  | Sep. 2043 |  |  | Sept. 2013 |  |  | — |  |  |  | 250,000 |  |  |  | — |
2012-Servicing Advance Revolving Trust 3 (3) |  |  | 2.98 | % |  | Mar. 2043 |  |  | Mar. 2013 |  |  | — |  |  |  | 248,999 |  |  |  | — |
2012-Servicing Advance Revolving Trust 3 (3) |  |  | 3.72 – 7.04 | % |  | Mar. 2044 |  |  | Mar. 2014 |  |  | — |  |  |  | 299,278 |  |  |  | — |
Promissory Note (4) |  |  | 3.3875 | % |  | Sept. 2013 |  |  | Sept. 2013 |  |  | — |  |  |  | — |  |  |  | 1,784,043 |
Advance Receivable Backed Note Series 2009-3 (5) |  |  | 4.14 | % |  | July 2023 |  |  | July 2012 |  |  | — |  |  |  | — |  |  |  | 210,000 |
Advance Receivable Backed Note Series 2010-1 (6) |  |  | 3.59 | % |  | Sep. 2023 |  |  | Feb. 2011 |  |  | — |  |  |  | — |  |  |  | 40,000 |
Total fixed rate |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 1,648,277 |  |  |  | 2,034,043 |
Variable Funding Note Series 2009-2 (7) |  |  | 1-Month LIBOR (1ML) + 350 bps |  |  | Nov. 2023 |  |  | Nov. 2012 |  |  | — |  |  |  | — |  |  |  | — |
Variable Funding Note Series 2009-1 (8) |  |  | Commercial paper (CP) rate + 200 bps or 1ML plus 325 bps |  |  | Dec. 2023 |  |  | Dec. 2012 |  |  | — |  |  |  | — |  |  |  | 11,687 |
Advance Receivable Backed Notes (9) |  |  | 1ML + 285 bps |  |  | Apr. 2015 |  |  | Apr. 2014 |  |  | 444,984 |  |  |  | 205,016 |  |  |  | — |
Advance Receivable Backed Notes Series 2012-ADV1 (9) |  |  | CP rate + 225 or 335 bps |  |  | Dec. 2043 |  |  | Dec. 2013 |  |  | 17,288 |  |  |  | 232,712 |  |  |  | — |
Advance Receivable Backed Notes Series 2012-ADV1 (10) |  |  | 1ML + 250 bps |  |  | June 2016 |  |  | June 2014 |  |  | 5,905 |  |  |  | 94,095 |  |  |  | — |
Advance Receivable Backed Note (11) |  |  | 1ML + 300 bps |  |  | Dec. 2015 |  |  | Dec. 2014 |  |  | 862 |  |  |  | 49,138 |  |  |  | — |
2011-Servicing Advance Revolving Trust 1 (3) |  |  | 1ML + 300 bps |  |  | May 2043 |  |  | May 2013 |  |  | 320,367 |  |  |  | 204,633 |  |  |  | — |
2012-Servicing Advance Revolving Trust 2 (3) |  |  | 1ML + 315 bps |  |  | Sep. 2043 |  |  | Sept. 2013 |  |  | 127,997 |  |  |  | 22,003 |  |  |  | — |
2012-Servicing Advance Revolving Trust 3 (3) |  |  | 1ML + 300 bps – 675 bps |  |  | Mar. 2044 |  |  | Mar. 2014 |  |  | 232,651 |  |  |  | 40,626 |  |  |  | — |
2012-Homeward Agency Advance Funding Trust 2012-1 (3) |  |  | 1ML + 300 bps |  |  | Sept. 2013 |  |  | Sept. 2013 |  |  | 8,906 |  |  |  | 16,094 |  |  |  | — |
2012-Homeward DSF Advance Revolving Trust 2012-1 (3) |  |  | 1ML + 450 bps |  |  | Feb. 2013 |  |  | Feb. 2013 |  |  | 1,849 |  |  |  | 20,151 |  |  |  | — |
Class A-1 Term Note (12) |  |  | CP rate + 350 bps |  |  | Aug. 2043 |  |  | Aug. 2013 |  |  | — |  |  |  | — |  |  |  | 340,185 |
Class A-2 Variable Funding Note (12) |  |  | CP rate + 350 bps |  |  | Aug. 2043 |  |  | Aug. 2013 |  |  | — |  |  |  | — |  |  |  | — |
Class B Term Note (12) |  |  | CP rate + 525 bps |  |  | Aug. 2043 |  |  | Aug. 2013 |  |  | — |  |  |  | — |  |  |  | 15,850 |
Class C Term Note (12) |  |  | CP rate + 625 bps |  |  | Aug. 2043 |  |  | Aug. 2013 |  |  | — |  |  |  | — |  |  |  | 15,056 |
Class D Term Note (12) |  |  | 1ML + 750 bps |  |  | Aug. 2043 |  |  | Aug. 2013 |  |  | — |  |  |  | — |  |  |  | 11,638 |
Advance Receivable Backed Notes (13) |  |  | 1ML + 200 bps |  |  | Jan. 2014 |  |  | July 2013 |  |  | — |  |  |  | — |  |  |  | 130,492 |
Total variable rate |  |  |  |  |  |  |  |  |  |  |  | 1,160,809 |  |  |  | 884,468 |  |  |  | 524,908 |
|  |  |  |  |  |  |  |  |  |  | $ | 1,160,809 |  |  | $ | 2,532,745 |  |  | $ | 2,558,951 |
Weighted average interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.52 | % |  |  | 3.50 | %
(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) | Advance facility assumed in the Homeward Acquisition. The 2011-Servicing Advance Revolving Trust 1, 2012-Servicing Advance Revolving Trust 2 and 2012-Homeward DSF Advance Revolving Trust 2012-1 facilities were repaid in February 2013 from the proceeds of a new $1,700,000 bridge facility which has an amortization date of August 14, 2013.
(4) | This note was issued in connection with the financing of advances acquired in connection with the acquisition of Litton on September 1, 2011. Following the sale of advance collateral to HLSS in December 2012, the outstanding balance was repaid, the facility was terminated and the remaining collateral was transferred to other facilities.
(5) | On July 19, 2012, the borrowing under this note was transferred to the Series 2009-1 variable funding note.
(6) | The amortization period for this note ended in January 2012, at which time the remaining balance of $40,000 was repaid. The advances pledged to this note were transferred to the Series 2009-1 variable funding note and were re-pledged under that note.
(7) | The facility was terminated on September 28, 2012.
(8) | Effective March 12, 2012, the lender transferred this note from its commercial paper conduit and began charging interest based on 1-Month LIBOR. On September 28, 2012, the remaining balance was repaid, and the facility was terminated.
(9) | These notes were issued to finance the advances acquired in connection with the 2012 Saxon MSR Transaction.
(10) | These notes were issued to finance the advances acquired from BANA in connection with the acquisition of MSRs.
(11) | This note was issued to finance advances on the small balance commercial loan servicing portfolio that we acquired as part of the Litton Acquisition.
(12) | These notes were issued in connection with the financing of advances acquired as part of the HomEq Acquisition. The Class D Term Note was repaid in full on March 2, 2012. On March 5, 2012, HLSS assumed the remaining balances.
(13) | On September 13, 2012, the remaining balance was repaid, the facility was terminated and the remaining collateral was transferred to another facility.

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