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NOTE 3 TRANSFERS OF FINANCIAL ASSETS | 9 Months Ended
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Sep. 30, 2013
Asset Sales and Financing [Abstract] |
TRANSFERS OF FINANCIAL ASSETS |
| NOTE 3 | TRANSFERS OF FINANCIAL ASSETS
In order to efficiently finance our assets and operations and create liquidity, we periodically sell MSRs, Rights to MSRs and servicing advances to market participants, including Home Loan Servicing Solutions, Ltd. and its wholly owned subsidiary, HLSS Holdings, LLC (collectively HLSS). We typically retain the right to subservice loans when we sell MSRs and rights to MSRs. To the extent applicable, HLSS may also acquire advance SPEs and the related match funded liabilities (together with the purchase of Rights to MSRs and servicing advances, the HLSS Transactions). During the nine months ended September 30, 2013 and 2012, we completed HLSS Transactions relating to the Rights to MSRs for $109.8 billion and $48.2 billion of UPB, respectively. As part of the HLSS Transactions, we retain legal ownership of the MSRs and continue to service the related mortgage loans. We are obligated to transfer legal ownership of the MSRs to HLSS upon obtaining all required third party consents. At that time, we would subservice the MSRs pursuant to our subservicing agreement, as amended, with HLSS. See Note 23 – Related Party Transactions for additional information. The following table provides a summary of the assets and liabilities sold to HLSS in connection with the HLSS Transactions during the nine months ended September 30:
|  | 2013 |  |  | 2012 |
Sale of MSRs accounted for as a financing |  | $ | 388,472 |  |  | $ | 184,269 |
Sale of match funded advances |  |  | 3,489,907 |  |  |  | 1,088,505 |
Sale of advance SPEs: |  |  |  |  |  |  |  |
Match funded advances |  |  | — |  |  |  | 413,374 |
Debt service account |  |  | — |  |  |  | 14,786 |
Prepaid lender fees and debt issuance costs |  |  | — |  |  |  | 5,422 |
Other prepaid expenses |  |  | — |  |  |  | 1,928 |
Match funded liabilities |  |  | — |  |  |  | (358,335 | )
Accrued interest payable and other accrued expenses |  |  | — |  |  |  | (841 | )
Net assets of advance SPEs |  |  | — |  |  |  | 76,334 |
Sales price, as adjusted |  |  | 3,878,379 |  |  |  | 1,349,108 |
Amount due to (from) HLSS for post-closing adjustments at September 30 |  |  | — |  |  |  | (4,260 | )
|  |  | 3,878,379 |  |  |  | 1,344,848 |
Amount received from (paid to) HLSS as settlement of post-closing adjustments outstanding at the end of the previous year |  |  | 1,410 |  |  |  | — |
Total cash received |  | $ | 3,879,789 |  |  | $ | 1,344,848 |
Because we retained legal title to the MSRs, the sales of Rights to MSRs are accounted for as financings. To the extent that we obtain all third party consents, legal title will transfer to HLSS, at which point we will derecognize the related MSRs. Upon derecognition, any resulting gain or loss will be deferred and amortized over the expected life of the related subservicing agreement. Until such time, we continue to recognize the full amount of servicing revenue and amortization of the MSRs. The related advance sales meet the requirements for sale accounting under GAAP. When HLSS acquired advance SPEs from Ocwen, we derecognized the consolidated assets and liabilities of the Advance SPEs at the time of the sale. In subsequent sales of advances, HLSS acquired the advances directly and the transferred financial assets were accounted for as a sale and were derecognized from our financial statements. We have also evaluated our relationship with the financing SPEs to which HLSS has transferred the servicing advances that it has acquired from us and have determined that we are not required to consolidate these SPEs.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References No definition available. + Details
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