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Business Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2014
Business Acquisition [Line Items] |
Schedule of Purchase Price Allocation | The following table summarizes the fair values of assets acquired and liabilities assumed as part of the ResCap Acquisition:
Purchase Price Allocation |  | February 15, 2013 |  | Adjustments |  | Final
MSRs (1) |  | $ | 393,891 |  |  | $ | 7,423 |  |  | $ | 401,314 |
Advances and match funded advances (1) |  | 1,622,348 |  |  | 164,061 |  |  | 1,786,409 |
Deferred tax assets |  | — |  |  | — |  |  | — |
Premises and equipment |  | 22,398 |  |  | (5,975 | ) |  | 16,423 |
Receivables and other assets |  | 2,989 |  |  | — |  |  | 2,989 |
Other liabilities: |  |  |  |  |  |  |  |  |
Liability for indemnification obligations |  | (49,500 | ) |  | — |  |  | (49,500 | )
Other |  | (24,840 | ) |  | (285 | ) |  | (25,125 | )
Total identifiable net assets |  | 1,967,286 |  |  | 165,224 |  |  | 2,132,510 |
Goodwill |  | 204,743 |  |  | 6,676 |  |  | 211,419 |
Total consideration |  | $ | 2,172,029 |  |  | $ | 171,900 |  |  | $ | 2,343,929 |
(1) | As of the acquisition date, the purchase of certain MSRs from ResCap was not complete pending the receipt of certain consents and court approvals. Subsequent to the acquisition, we obtained the required consents and approvals for a portion of these MSRs and paid an additional purchase price of $174.6 million to acquire the MSRs and related advances, including $54.2 million in 2014. The purchase price allocation has been revised to include the resulting adjustments to MSRs, advances and goodwill.
Schedule of Restructuring Reserve Liability | The following table provides a reconciliation of the beginning and ending liability balances for these termination costs for the nine months ended September 30, 2014:
| Employee termination benefits |  | Lease and other contract termination costs |  | Total
Liability balance as at December 31, 2013 | $ | 4,816 |  |  | $ | 7,432 |  |  | $ | 12,248 |
Additions charged to operations (1) | 14,748 |  |  | 2,813 |  |  | 17,561 |
Amortization of discount | — |  |  | 115 |  |  | 115 |
Payments | (17,215 | ) |  | (2,928 | ) |  | (20,143 | )
Liability balance as at September 30, 2014 (2) | $ | 2,349 |  |  | $ | 7,432 |  |  | $ | 9,781 |
(1) | Of the additions charged to operations during the period, $14.4 million was recognized in the Servicing segment, $(0.1) million was recognized in the Lending segment and the remaining $3.3 million was recognized in the Corporate Items and Other segment. Charges related to employee termination benefits, lease termination costs and other contract termination costs are reported in Compensation and benefits expense, Occupancy and equipment expense and Other operating expenses, respectively, in the unaudited Consolidated Statements of Operations. The liabilities are included in Other liabilities in the unaudited Consolidated Balance Sheet.
(2) | We expect the remaining liability for employee termination benefits at September 30, 2014 to be settled in late 2014 or early 2015.
ResCap [Member] |
Business Acquisition [Line Items] |
Post-Acquisition Results of Operations | The following table presents the revenue and earnings of the ResCap operations that are included in our unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2013 (from the acquisition date of February 15, 2013):
| Three Months |  | Nine Months
Revenues | $ | 212,164 |  |  | $ | 508,589 |
Net income | $ | 8,230 |  |  | $ | 81,362 |
Pro Forma Results of Operations | The following table presents unaudited supplemental pro forma information for Ocwen for the nine months ended September 30, 2013 as if the ResCap Acquisition occurred on January 1, 2012. Pro forma adjustments include:
• | conforming servicing revenues to the revenue recognition policies followed by Ocwen;
• | conforming the accounting for MSRs to the valuation and amortization policies of Ocwen;
• | adjusting interest expense to eliminate the pre-acquisition interest expense of ResCap and to recognize interest expense as if the acquisition-related debt of Ocwen had been outstanding at January 1, 2012; and
• | reporting acquisition-related charges for professional services as if they had been incurred in 2012 rather than 2013.
Revenues | $ | 1,530,055 |
Net income | $ | 205,062 |

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