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Restatement of Previously Issued Consolidated Financial Statements
 9 Months Ended
Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Consolidated Financial Statements
Note 1A — Restatement of Previously Issued Consolidated Financial Statements
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 accounting for a financing liability related to the Rights to MSRs sold to Home Loan Servicing Solutions, Ltd. and its wholly-owned subsidiary, HLSS Holdings, LLC (collectively HLSS). The error relates to the subsequent accounting for the financing liability at fair value 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.
The following tables summarize the effect of these restatements on our previously reported amounts.
 
Consolidated Statement of Operations for the Three Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Interest expense
$
(110,055
)
 
$
(6,830
)
 
$
(116,885
)
Total other expense, net
(108,705
)
 
(6,830
)
 
(115,535
)
Income before income taxes
76,275

 
(6,830
)
 
69,445

Income tax expense
9,273

 
(400
)
 
8,873

Net income
67,002

 
(6,430
)
 
60,572

Net income attributable to Ocwen common stockholders
61,155

 
(6,430
)
 
54,725

Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
Basic
$
0.45

 
$
(0.05
)
 
$
0.40

Diluted
$
0.44

 
$
(0.05
)
 
$
0.39

 
Consolidated Statement of Operations for the Nine Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Interest expense
$
(303,339
)
 
$
(16,225
)
 
$
(319,564
)
Total other expense, net
(306,780
)
 
(16,225
)
 
(323,005
)
Income before income taxes
215,120

 
(16,225
)
 
198,895

Income tax expense
26,250

 
(2,498
)
 
23,752

Net income
188,870

 
(13,727
)
 
175,143

Net income attributable to Ocwen common stockholders
177,847

 
(13,727
)
 
164,120

Earnings per share attributable to Ocwen common stockholders
 
 
 
 
 
Basic
$
1.31

 
$
(0.10
)
 
$
1.21

Diluted
$
1.27

 
$
(0.10
)
 
$
1.17

 
Consolidated Statement of Comprehensive Income for the Three Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net income
$
67,002

 
$
(6,430
)
 
$
60,572

Comprehensive income
71,747

 
(6,430
)
 
65,317

 
Consolidated Statement of Comprehensive Income for the Nine Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net income
$
188,870

 
$
(13,727
)
 
$
175,143

Comprehensive income
188,242

 
(13,727
)
 
174,515

 
Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net income
$
188,870

 
$
(13,727
)
 
$
175,143

 
Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2013
 
As Reported
 
Restatement
 
As Restated
Net income
$
188,870

 
$
(13,727
)
 
$
175,143

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Decrease (increase) in deferred tax assets, net
105

 
(2,498
)
 
(2,393
)
Net cash provided by operating activities
1,020,455

 
(16,225
)
 
1,004,230

Repayments of other secured borrowings
(7,182,275
)
 
16,225

 
(7,166,050
)
Net cash used in financing activities
(933,136
)
 
16,225

 
(916,911
)