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Restatement of Previously Issued Consolidated Financial Statements
 6 Months Ended
Jun. 30, 2014
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Consolidated Financial Statements
Note 1A — Restatement of Previously Issued Consolidated Financial Statements
Restatement
Subsequent to the issuance of our Original Form 10-K for the year ended December 31, 2013 and our Original Form 10-Q for the quarter ended March 31, 2014, we determined there was an error in the application of the interest method used to calculate the appropriate allocation between principal and interest in connection with the accounting for a financing liability related to the Rights to MSRs sold to HLSS.  The error relates to the subsequent accounting for the financing liability and does not impact the initial accounting for the sale of Rights to MSRs to HLSS. As a result, the financial amounts noted below have been restated from amounts previously reported.
Other
In the unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2013, we revised Gains on loans held for sale, net within the Revenue section and Other, net within the Other income (expense) section from the amounts previously reported to correctly report gains on the sale of certain loans. As a result, certain As Reported amounts noted below have been revised from amounts previously reported.

The following tables summarize the effect of these restatements on our previously reported amounts.
 
Consolidated Balance Sheet as of December 31, 2013
 
As Reported
 
Restatement
 
As Restated
Deferred tax assets, net
$
116,558

 
$
(987
)
 
$
115,571

Financing liabilities
1,284,229

 
(17,256
)
 
1,266,973

Retained earnings
986,694

 
16,269

 
1,002,963

Total stockholders’ equity
1,796,322

 
16,269

 
1,812,591

 
Consolidated Statement of Operations for the Three Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Interest expense
$
(99,868
)
 
$
(13,352
)
 
$
(113,220
)
Total other expense, net (1)
(67,659
)
 
(28,199
)
 
(95,858
)
Income before income taxes
87,510

 
(13,352
)
 
74,158

Income tax expense
10,789

 
(2,293
)
 
8,496

Net income
76,721

 
(11,059
)
 
65,662

Net income attributable to Ocwen stockholders
76,721

 
(11,059
)
 
65,662

Net income attributable to Ocwen common stockholders
74,116

 
(11,059
)
 
63,057

Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
Basic
$
0.55

 
$
(0.09
)
 
$
0.46

Diluted
$
0.53

 
$
(0.08
)
 
$
0.45

 
Consolidated Statement of Operations for the Six Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Interest expense
$
(193,284
)
 
$
(9,395
)
 
$
(202,679
)
Total other expense, net (1)
(177,533
)
 
(25,665
)
 
(203,198
)
Income before income taxes
138,845

 
(9,395
)
 
129,450

Income tax expense
16,977

 
(2,098
)
 
14,879

Net income
121,868

 
(7,297
)
 
114,571

Net income attributable to Ocwen stockholders
121,868

 
(7,297
)
 
114,571

Net income attributable to Ocwen common stockholders
116,692

 
(7,297
)
 
109,395

Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
Basic
$
0.86

 
$
(0.05
)
 
$
0.81

Diluted
$
0.84

 
$
(0.06
)
 
$
0.78

(1)
In the unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2013, we revised Gains on loans held for sale, net within the Revenue section and Other, net within the Other income (expense) section from the amounts previously reported to correctly report gains on the sale of certain loans. These revisions increased Gains on loans held for sale, net by $14.8 million and $16.3 million for the three and six months ended June 30, 2013, respectively, with a corresponding decrease to Other, net. These revisions did not impact the As Reported Income before income tax or Net income for the periods presented.
 
Consolidated Statement of Comprehensive Income for the Three Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net Income
$
76,721

 
$
(11,059
)
 
$
65,662

Comprehensive income
75,027

 
(11,059
)
 
63,968

Comprehensive income attributable to Ocwen stockholders
75,027

 
(11,059
)
 
63,968


 
Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net Income
$
121,868

 
$
(7,297
)
 
$
114,571

Comprehensive income
116,495

 
(7,297
)
 
109,198

Comprehensive income attributable to Ocwen stockholders
116,495

 
(7,297
)
 
109,198

 
Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net Income
$
121,868

 
$
(7,297
)
 
$
114,571

 
Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net income
$
121,868

 
$
(7,297
)
 
$
114,571

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Decrease in deferred tax assets, net
130

 
(2,098
)
 
(1,968
)
Net cash provided by operating activities
877,027

 
(9,395
)
 
867,632

Repayments of other secured borrowings
(5,555,805
)
 
9,395

 
(5,546,410
)
Net cash provided by financing activities
846,331

 
9,395

 
855,726