XML 118 R105.htm IDEA: XBRL DOCUMENT v2.4.0.8
Interest Expense - Schedule of Components of Interest Expense (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Debt securities:    
Interest expense $ 139,873 $ 89,459
Match Funded Liabilties [Member]
   
Debt securities:    
Interest expense 16,318 30,351
Financing Liabilities [Member]
   
Debt securities:    
Interest expense 100,230 [1],[2] 40,612 [1],[2]
Other Secured Borrowings [Member]
   
Debt securities:    
Interest expense 21,284 15,954
Other [Member]
   
Debt securities:    
Interest expense 2,041 2,542
HLSS [Member]
   
Debt securities:    
Financing Interest Expense $ 98,996 $ 40,583
[1] (1)Includes interest expense of $99.0 million and $40.6 million during the three months ended March 31, 2014 and 2013, respectively, related to financing liabilities recorded in connection with the HLSS Transactions as indicated in the table below. As discussed in Note 1A — Restatement of Previously Issued Consolidated Financial Statements , we are restating our previously issued unaudited Consolidated Financial Statements as of March 31, 2014 and for the reported periods to correct an error in applying the interest method to financing liabilities in connection with Rights to MSRs sold to HLSS. Interest expense on the HLSS Transaction financing liabilities for the three months ended March 31, 2014 and 2013 has been restated.2014 2013Servicing fees collected on behalf of HLSS$189,157 $102,258Less: Subservicing fee retained by Ocwen90,161 47,082Net servicing fees remitted to HLSS98,996 55,176Less: Reduction in financing liability— 14,593Interest expense on HLSS financing liability$98,996$40,583
[2] Interest expense that we expect to be paid on the HMBS-related borrowings is included with net fair value gains in Other revenues. See Note 2 — Securitizations and Variable Interest Entities for additional information.