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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2014
Debt Disclosure [Abstract] |
Schedule of Match Funded Liabilities | Match funded liabilities are comprised of the following at the dates indicated:
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Available Borrowing Capacity (2) |  | March 31, 2014 |  | December 31, 2013
Advance Receivable Backed Notes Series 2012-ADV1 |  | 1ML (4) + 250 bps |  | Jun. 2016 |  | Jun. 2014 |  | $ | 121,742 |  |  | $ | 353,258 |  |  | $ | 417,388 |
Advance Receivable Backed Note |  | 1ML + 300 bps |  | Dec. 2015 |  | Dec. 2014 |  | 18,630 |  |  | 31,370 |  |  | 33,211 |
2012-Homeward Agency Advance Funding Trust 2012-1 (3) |  | Cost of Funds + 300 bps |  | Mar. 2014 |  | Mar. 2014 |  | 1,562 |  |  | 23,438 |  |  | 21,019 |
Advance Receivables Backed Notes, Series 2013-VF1, Class A (5) |  | 1ML + 175 bps (6) |  | Oct. 2044 |  | Oct. 2014 |  | 23,202 |  |  | 976,798 |  |  | 1,494,628 |
Advance Receivables Backed Notes, Series 2013-VF2, Class A (5) |  | 1ML + 167 bps (7) |  | Oct. 2044 |  | Oct. 2014 |  | 10,954 |  |  | 472,758 |  |  | 385,645 |
Advance Receivables Backed Notes, Series 2013-VF2, Class B (5) |  | 1ML + 425 bps (8) |  | Oct. 2044 |  | Oct. 2014 |  | 647 |  |  | 15,641 |  |  | 12,923 |
Advance Receivables Backed Notes - Series 2014-VF3, Class A (9) |  | 1ML + 175 bps (9) |  | Oct. 2044 |  | Oct. 2014 |  | 11,601 |  |  | 488,399 |  |  | — |
|  |  |  |  |  |  |  | $ | 188,338 |  |  | $ | 2,361,662 |  |  | $ | 2,364,814 |
Weighted average interest rate |  |  |  |  |  |  |  |  |  | 2.04 | % |  | 2.08 | %
(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) | Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At March 31, 2014, none of the available borrowing capacity could be used based on the amount of eligible collateral that had been pledged.
(3) | Advance facility assumed in the Homeward Acquisition. This facility was terminated on April 16, 2014, and the advances pledged to the facility were transferred to another facility.
(4) | 1-Month LIBOR (1ML) was 0.15% and 0.17% at March 31, 2014 and December 31, 2013, respectively.
(5) | These notes were issued in connection with the OneWest MSR Transaction. On February 3, 2014, the maximum borrowing capacity on the 2013-VF2 notes was increased by $100.0 million to a total of $500.0 million. On March 17, 2014, the maximum borrowing capacity under the 2013-VF1 note declined by $500.0 million to a total of $1.0 billion.
(6) | The interest margin on these notes increases to 200 bps on July 15, 2014, to 225 bps on August 15, 2014 and 250 bps on September 15, 2014.
(7) | The interest margin on these notes increases to 191 bps on July 15, 2014, to 215 bps on August 15, 2014 and 238 bps on September 15, 2014.
(8) | The interest margin on these notes increases to 486 bps on July 15, 2014, to 546 bps on August 15, 2014 and 607 bps on September 15, 2014.
(9) | This note was issued on March 17, 2014 with a maximum borrowing capacity of $500.0 million. The interest margin on this note increases to 200 bps on July 15, 2014, to 225 bps on August 15, 2014 and 250 bps on September 15, 2014.
Schedule of Financing Liabilities | Financing liabilities are comprised of the following at the dates indicated:
Borrowings |  | Collateral |  | Interest Rate |  | Maturity |  | March 31, 2014 |  | December 31, 2013
Servicing: |  |  |  |  |  |  |  |  |  |
Financing liability – MSRs pledged |  | MSRs |  | (1) |  | (1) |  | $ | 634,399 |  |  | $ | 651,060 |
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 (2) |  | MSRs |  | (2) |  | Feb. 2028 |  | 121,352 |  |  | — |
Financing Liability – Advances Pledged (3) |  | Advances on loans |  | (3) |  | (3) |  | 56,732 |  |  | — |
|  |  |  |  |  |  |  | 812,483 |  |  | 651,060 |
Lending: |  |  |  |  |  |  |  |  |  |
Financing liability - MSRs pledged |  | MSRs |  | (4) |  | (4) |  | 10,202 |  |  | 17,593 |
HMBS-related borrowings (5) |  | Loans held for investment |  | 1ML + 220 bps |  | (5) |  | 870,462 |  |  | 615,576 |
|  |  |  |  |  |  |  | 880,664 |  |  | 633,169 |
|  |  |  |  |  |  |  | $ | 1,693,147 |  |  | $ | 1,284,229 |
(1) | The HLSS Transaction financing liabilities have no contractual maturity but are amortized over the estimated life of the transferred Rights to MSRs using the interest method with the servicing income that is remitted to HLSS representing payments of principal and interest. For purposes of applying the interest method, the balance of the liability is reduced each month based on the change in the present value of the estimated future cash flows underlying the related MSRs. See Note 4 — Sales of Advances and MSRs for additional information regarding the HLSS Transactions.
(2) | OASIS noteholders are entitled to receive a monthly payment amount equal to the sum of: a) the designated servicing fee amount (21 basis points of the UPB of the reference pool of Freddie Mac mortgages); b) any termination payment amounts; c) any excess refinance amounts; and d) the note redemption amounts, each as defined in the indenture supplement for the Notes. The Notes have a final stated maturity of February 2028. We accounted for this transaction as a financing. Monthly amortization of the liability is estimated using the proportion of monthly projected service fees on the underlying MSRs as a percentage of lifetime projected fees, adjusted for the term of the security.
(3) | Certain advances were sold to HLSS Mortgage on March 4, 2014. The sale of the advances did not qualify for sales accounting treatment and was accounted for as a financing. See Note 6 — Loans Held for Sale for additional information.
(4) | 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.
(5) | Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS. The beneficial interests have no maturity dates, and the borrowings mature as the related loans are repaid. See Note 2 — Securitizations and Variable Interest Entities for additional information.
Schedule of Other Secured Borrowings | Other secured borrowings are comprised of the following at the dates indicated:
Borrowings |  | Collateral |  | Interest Rate |  | Maturity |  | Available Borrowing Capacity |  | March 31, 2014 |  | December 31, 2013
Servicing: |  |  |  |  |  |  |  |  |  |  |  |
SSTL (2) |  | (1) |  | 1-Month Euro-dollar rate + 375 bps with a Eurodollar floor of 125 bps (1) |  | Feb. 2018 |  | $ | — |  |  | $ | 1,287,000 |  |  | $ | 1,290,250 |
Promissory note (2) |  | MSRs |  | 1ML + 350 bps |  | May 2017 |  | — |  |  | — |  |  | 15,529 |
Repurchase agreement |  | Loans held for sale (LHFS) |  | 1ML + 200 - 345 bps |  | Apr. 2014 |  | — |  |  | 434 |  |  | 17,507 |
|  |  |  |  |  |  |  | — |  |  | 1,287,434 |  |  | 1,323,286 |
Lending: |  |  |  |  |  |  |  |  |  |  |  |
Master repurchase agreement (3) |  | LHFS |  | 1ML + 175 bps |  | Apr. 2014 |  | 170,261 |  |  | 129,739 |  |  | 105,659 |
Participation agreement (4) |  | LHFS |  | N/A |  | May 2014 |  | — |  |  | 59,075 |  |  | 81,268 |
Master repurchase agreement |  | LHFS |  | 1ML + 175 - 275 bps |  | Jul. 2014 |  | 90,201 |  |  | 59,799 |  |  | 91,990 |
Master repurchase agreement |  | LHFS |  | 1ML + 175 - 200 bps |  | Sep. 2014 |  | 245,092 |  |  | 54,908 |  |  | 89,836 |
Master repurchase agreement |  | LHFS |  | 1ML + 275bps |  | Jul. 2014 |  | 72,894 |  |  | 27,106 |  |  | 51,975 |
Mortgage warehouse agreement |  | LHFS |  | 1ML + 275 bps; floor of 350 bps |  | Jun. 2014 |  | 43,480 |  |  | 16,520 |  |  | 34,292 |
|  |  |  |  |  |  |  | 621,928 |  |  | 347,147 |  |  | 455,020 |
Corporate Items and Other: |  |  |  |  |  |  |  |  |  |  |  |
Securities sold under an agreement to repurchase (5) |  | Ocwen Real Estate Asset Liquidating Trust 2007-1 Notes |  | Class A-2 notes: 1ML + 200 bps; Class A-3 notes: 1ML + 300 bps |  | Monthly |  | — |  |  | 4,437 |  |  | 4,712 |
|  |  |  |  |  |  |  | 621,928 |  |  | 1,639,018 |  |  | 1,783,018 |
Discount (1) |  |  |  |  |  |  |  | — |  |  | (5,019 | ) |  | (5,349 | )
|  |  |  |  |  |  |  | $ | 621,928 |  |  | $ | 1,633,999 |  |  | $ | 1,777,669 |
Weighted average interest rate |  |  |  |  |  |  |  |  |  | 5.00 | % |  | 4.86 | %
(1) | This facility had an initial balance of $1.3 billion and 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. 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. 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 one month Eurodollar floor of 1.25%. To date we have elected option (b) to determine the interest rate.
(2) | This note was repaid in full on February 28, 2014.
(3) | On April 17, 2014, the maturity date of this facility was extended to April 16, 2015.
(4) | Under this participation agreement, the lender provides financing on an uncommitted basis for $50.0 million to $90.0 million at the discretion of the lender. The participation agreement allows the lender to acquire a 100% beneficial interest in the underlying mortgage loans. The transaction does not qualify for sale accounting treatment and is accounted for as a secured borrowing. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement.
(5) | Represents repurchase agreement for Class A-2 and A-3 notes issued by Ocwen Real Estate Asset Liquidating Trust 2007-1 which have a current face value of $23.9 million at March 31, 2014. This agreement has no stated credit limit and lending is determined for each transaction based on the acceptability of the securities presented as collateral.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + 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.(e),(f)) -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 08 -Paragraph f -Article 4 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 210.5-02.19(b),22(b)) -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 02 -Paragraph 19, 22 -Article 5 + Details
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