XML 58 R96.htm IDEA: XBRL DOCUMENT
v2.4.0.8

NOTE 15 OTHER BORROWINGS (Detail) -(Table 1) (USD $) In Thousands, unless otherwise specified | 9 Months Ended |
--- | --- | ---
Sep. 30, 2013 | Dec. 31, 2012
Debt Instrument [Line Items] |  |  |  |
Balance Outstanding | $ 2,598,270 |  | $ 1,104,911 |
Available Borrowing Capacity | 683,478 |  |  |
Discount | (5,679) | [1],[2] | (8,232) | [1],[2]
Balance Outstanding | 2,592,591 |  | 1,096,679 |
Servicing |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Balance Outstanding | 2,006,380 |  | 714,003 |
Available Borrowing Capacity | 47,878 |  |  |
Servicing | SSTL | Sept. 2016 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Interest Rate | 1ML + 550 bps; LIBOR floor of 150 bps | [1] |  |
Maturity | Sept. 2016 | [1] |  |
Balance Outstanding |  | [1] | 314,229 | [1]
Servicing | SSTL | Feb. 2018 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Maturity | Feb. 2018 | [2] |  |
Balance Outstanding | 1,293,500 | [2] |  | [2]
Servicing | Senior unsecured term loan |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Interest Rate | 1-Month Euro-dollar rate + 675 bps with a Eurodollar floor of 150 bps | [3] |  |
Maturity | Mar. 2017 | [3] |  |
Balance Outstanding |  | [3] | 75,000 | [3]
Servicing | Financing liability - MSRs pledged | HLSS |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | MSRs | [4] |  |
Balance Outstanding | 643,595 | [4] | 303,705 | [4]
Servicing | Financing liability - MSRs pledged | Unrelated third party |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | MSRs | [5] |  |
Balance Outstanding |  | [5] | 2,603 | [5]
Servicing | Promissory note |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | MSRs | [6] |  |
Interest Rate | 1ML + 350 bps | [6] |  |
Maturity | May 2017 | [6] |  |
Balance Outstanding | 17,163 | [6] | 18,466 |
Servicing | Repurchase agreement | Apr 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | Loans held for sale (LHFS) |  |  |
Interest Rate | 1 ML + 250 - 345 bps |  |  |
Maturity | Apr. 2014 |  |  |
Balance Outstanding | 52,122 |  |  |
Available Borrowing Capacity | 47,878 |  |  |
Lending |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Balance Outstanding | 588,667 |  | 388,075 |
Available Borrowing Capacity | 635,600 |  |  |
Lending | Master repurchase agreement | Mar. 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS | [7] |  |
Interest Rate | 1ML + 175 bps | [7] |  |
Maturity | Mar. 31, 2014 | [7] |  |
Balance Outstanding | 69,915 | [7] | 88,122 | [7]
Available Borrowing Capacity | 230,085 | [7] |  |
Lending | Master repurchase agreement | Aug 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS | [8] |  |
Interest Rate | 1ML + 175 to 275 bps | [8] |  |
Maturity | Aug. 31, 2014 | [8] |  |
Balance Outstanding | 89,011 | [8] | 133,995 | [8]
Available Borrowing Capacity | 60,989 | [8] |  |
Lending | Master repurchase agreement | Sep. 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS | [9] |  |
Interest Rate | 1ML + 175 to 200 bps | [9] |  |
Maturity | Sep. 30, 2014 | [9] |  |
Balance Outstanding | 34,102 | [9] | 107,020 | [9]
Available Borrowing Capacity | 265,898 | [9] |  |
Lending | Master repurchase agreement | Nov. 2013 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS | [10] |  |
Interest Rate | 1ML + 275 bps | [10] |  |
Maturity | Nov. 30, 2013 | [10] |  |
Balance Outstanding | 78,127 | [10] |  | [10]
Available Borrowing Capacity | 21,873 | [10] |  |
Lending | Participation agreement | May 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS | [11] |  |
Maturity | May 31, 2014 | [11] |  |
Balance Outstanding | 19,588 | [11] | 58,938 | [11]
Lending | Secured borrowings owed to securitization investors |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | Loans held for investment | [12] |  |
Interest Rate | 1ML + 220 bps | [12] |  |
Balance Outstanding | 284,276 | [12] |  | [12]
Lending | Mortgage warehouse agreement | Jun. 2014 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | LHFS |  |  |
Interest Rate | 1 ML + 275 bps; floor of 3.50 |  |  |
Maturity | Jun. 30, 2014 |  |  |
Balance Outstanding | 3,245 |  |  |
Available Borrowing Capacity | 56,755 |  |  |
Lending | Financing liability - MSRs pledged |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | MSRs | [5] |  |
Balance Outstanding | 10,403 | [5] |  | [5]
Corporate Items and Other |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Balance Outstanding | 2,598,270 |  | 1,104,911 |
Available Borrowing Capacity | 683,478 |  |  |
Corporate Items and Other | Securities sold under an agreement to repurchase |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Collateral | Ocwen Real Estate Asset Liquidating Trust 2007-1 Notes | [13] |  |
Interest Rate | Class A-2 notes: 1ML + 200 bps; Class A-3 notes: 1ML + 300 bps | [13] |  |
Maturity | Monthly | [13] |  |
Balance Outstanding | $ 3,223 | [13] | $ 2,833 | [13]
[1] | In February 2013, we repaid this loan in full and wrote off the remaining discount as part of the loss on extinguishment.
[2] | On February 15, 2013, we entered into a new SSTL facility agreement and borrowed $1.3 billion that was used principally to fund the ResCap Acquisition and repay the balance of the previous SSTL. The loan was issued with an original issue discount of $6.5 million that we are amortizing over the term of the loan. We are required to repay the principal amount of the borrowings in consecutive quarterly installments of $3.3 million. In addition, we are generally required to use the net cash proceeds (as defined) from any asset sale (as defined) to repay loan principal. Generally, this provision applies to non-operating sales of assets, and net cash proceeds represent the proceeds from the sale of the assets, net of the repayment of any debt secured by a lien on the assets sold. However, for assets sales that are part of an HLSS Transaction, we have the option, within 180 days, either to invest the net cash proceeds in MSRs or related assets, such as advances, or to repay loan principal. The borrowings are secured by a first priority security interest in substantially all of the assets of Ocwen. Borrowings bear interest, at the election of Ocwen, at a rate per annum equal to either (a) the base rate [the greatest of (i) the prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) the one-month Eurodollar rate (1-Month LIBOR)], plus a margin of 2.75% and a base rate floor of 2.25% or (b) the one month Eurodollar rate, plus a margin of 3.75% with a 1-Month LIBOR floor of 1.25%. To date we have elected option (b) to determine the interest rate. On September 23, 2013, we entered into Amendment No. 1 to the Senior Secured Term Loan Facility Agreement and Amendment No. 1 to the related Pledge and Security Agreement. These amendments: permit repurchases of all of the Preferred Stock, which may be converted to common stock prior to repurchase, and up to $1.5 billion of common stock, subject, in each case, to pro forma financial covenant compliance;eliminate the dollar cap on Junior Indebtedness (as defined in the SSTL) but retain the requirement for any such issuance to be subject to pro forma covenant compliance; include a value for whole loans (i.e., loans held for sale) in collateral value for purposes of calculating the loan-to-value ratio and include specified deferred servicing fees and the fair value of specified mortgage servicing rights in net worth for purposes of calculating the ratio of consolidated total debt to consolidated tangible net worth; and modify the applicable quarterly covenant levels for the corporate leverage ratio, ratio of consolidated total debt to consolidated tangible net worth and loan-to-value ratio.
[3] | We repaid this loan in full in February 2013.
[4] | As part of the HLSS Transactions, we transfer certain Rights to MSRs to HLSS. Because we have not yet transferred legal title to the MSRs, we account for these transfers as financings with the proceeds from the sale of the Rights to MSRs recorded as a financing liability. The financing liability is amortized using the interest method with the servicing income that is remitted to HLSS representing payments of principal and interest. The liability has no contractual maturity but is amortized over the estimated life of the transferred Rights to MSRs. See Note 3 - Transfers of Financial Assets for additional information.
[5] | We sold MSRs for certain loans to an unrelated third party in December 2012 and June 2013; however, we are required to repurchase the MSRs for any loans that cannot be refinanced by the purchaser under the federal government's Home Affordable Refinance Program (HARP). As a result, the sale is being accounted for as a financing. The financing liability is being amortized using the interest method with the servicing income that is remitted to the purchaser representing payments of principal and interest. In June 2013 and September 2013, we derecognized the liability from the December 2012 sale related to loans that had been refinanced under HARP and recognized a total gain of $4.5 million gain on the retirement of the financing liability.
[6] | Prepayments of the balance on this note may be required if the borrowing base, as defined, falls below the amount of the note outstanding.
[7] | On March 19, 2013, the maturity date of the Master Repurchase Agreement was extended to March 18, 2014 and the maximum borrowing capacity was increased to $120.0 million to $300.0 million.
[8] | On August 3, 2013, we extended the maturity date of this facility to August 2, 2014.
[9] | On September 27, 2013, we extended the maturity date of this facility to September 26, 2014,
[10] | On October 28, 2013, we extended the maturity date of this facility to November 12, 2013.
[11] | Under this participation agreement, the lender provides financing on an uncommitted basis for up to $100.0 million at the discretion of the lender. The participation agreement allows the lender to acquire a 100% beneficial interest in the underlying mortgage loans. However, the transaction does not qualify for sales accounting treatment and is, therefore, accounted for as a financing. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement. In April 2013, we extended the participation agreement maturity date to May 31, 2014.
[12] | This represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed securitization that we include in our consolidated financial statements because the transfers of reverse mortgage loans to the trusts did not qualify for sales accounting treatment. There are no maturity dates; the borrowings mature as the related loans are repaid.
[13] | This agreement has no stated credit limit and lending is determined for each transaction based on the acceptability of the securities presented as collateral.

X
- Definition Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 + Details
Name: | us-gaap_DebtInstrumentCarryingAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentCollateral
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateTerms
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentMaturityDateDescription
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentUnamortizedDiscount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount borrowed under the credit facility as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityAmountOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Discussion of whether the borrowings under the credit facility are secured or unsecured and, if secured, a description of collateral (for example, accounts receivable less than 120 days old, finished goods inventory). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(b)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityCollateral
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Date the credit facility terminates, in CCYY-MM-DD format. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityExpirationDate1
Namespace Prefix: | us-gaap_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityInterestRateDescription
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The carrying amount as of the balance sheet date for the aggregate of other miscellaneous borrowings owed by the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13,16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13, 16 -Article 9 + Details
Name: | us-gaap_OtherBorrowings
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant