XML 70 R116.htm IDEA: XBRL DOCUMENT
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Borrowings - Schedule of Match Funded Liabilities (Details) (USD $) | 0 Months Ended | 12 Months Ended |
--- | --- | --- | ---
Oct. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2013
Debt Instrument [Line Items] |  |  |  |  |
Match funded liabilities |  | $ 2,090,247,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount |  | $ 2,364,814,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount |
Weighted average interest rate |  | 1.97%us-gaap_DebtInstrumentInterestRateEffectivePercentage |  | 2.08%us-gaap_DebtInstrumentInterestRateEffectivePercentage |
Advance Receivable Backed Notes Series 2012-ADV1 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Jun. 30, 2017 | [1],[2] |  |
Amortization Date |  | Jun. 2015 | [1],[2] |  |
Available Committed Borrowing Capacity |  | 76,920,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesEMember | [1],[3] |  |
Match funded liabilities |  | 373,080,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesEMember | [1] | 417,388,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesEMember | [1]
Advance Receivable Backed Note [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Dec. 31, 2015 | [2],[4] |  |
Amortization Date |  | Dec. 2014 | [2],[4] |  |
Available Committed Borrowing Capacity |  | 49,506,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesFMember | [3],[4] |  |
Match funded liabilities |  | 494,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesFMember | [4] | 33,211,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesFMember | [4]
2012-Homeward Agency Advance Funding Trust 2012-1 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Apr. 30, 2014 | [2],[5] |  |
Amortization Date |  | Apr. 2014 | [2],[5] |  |
Available Committed Borrowing Capacity |  | 0 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_HomewardAgencyAdvanceFundingTrust20121Member | [3],[5] |  |
Match funded liabilities |  | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_HomewardAgencyAdvanceFundingTrust20121Member | [5] | 21,019,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_HomewardAgencyAdvanceFundingTrust20121Member | [5]
Advance Receivables Backed Notes, Series 2013-VF1, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Oct. 31, 2044 | [2],[6] |  |
Amortization Date |  | Oct. 2014 | [2],[6] |  |
Available Committed Borrowing Capacity |  | 0 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1TermNoteMember | [3],[6] |  |
Match funded liabilities |  | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1TermNoteMember | [6] | 1,494,628,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1TermNoteMember | [6]
Advance Receivables Backed Notes, Series 2013-VF2, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate | 1.67%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA2VariableFundingNoteMember |  |  |  |
Maturity |  | Oct. 31, 2045 | [2],[7] |  |
Amortization Date |  | Oct. 2015 | [2],[7] |  |
Available Committed Borrowing Capacity |  | 44,366,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA2VariableFundingNoteMember | [3],[7] |  |
Match funded liabilities |  | 519,634,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA2VariableFundingNoteMember | [7] | 385,645,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA2VariableFundingNoteMember | [7]
Advance Receivables Backed Notes, Series 2013-VF2, Class B [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate | 3.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassBTermNoteMember |  |  |  |
Maturity |  | Oct. 31, 2045 | [2],[8] |  |
Amortization Date |  | Oct. 2015 | [2],[8] |  |
Available Committed Borrowing Capacity |  | 3,081,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassBTermNoteMember | [3],[8] |  |
Match funded liabilities |  | 32,919,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassBTermNoteMember | [8] | 12,923,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassBTermNoteMember | [8]
Advance Receivables Backed Notes, Series 2014-VF3, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA3VariableFundingNoteMember |  |  |  |
Maturity |  | Oct. 31, 2045 | [2],[9] |  |
Amortization Date |  | Oct. 2015 | [2],[9] |  |
Available Committed Borrowing Capacity |  | 47,447,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA3VariableFundingNoteMember | [3],[9] |  |
Match funded liabilities |  | 552,553,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA3VariableFundingNoteMember | [9] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA3VariableFundingNoteMember | [9]
Advance Receivables Backed Notes, Series 2014-VF4 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA4VariableFundingNoteMember |  |  |  |
Maturity |  | Oct. 31, 2045 | [10],[2] |  |
Amortization Date |  | Oct. 2015 | [10],[2] |  |
Available Committed Borrowing Capacity |  | 47,447,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA4VariableFundingNoteMember | [10],[3] |  |
Match funded liabilities |  | 552,553,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA4VariableFundingNoteMember | [10] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA4VariableFundingNoteMember | [10]
Advance Receivables Backed Notes, Series 2014-VF1, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Dec. 31, 2045 | [11],[2] |  |
Amortization Date |  | Dec. 2015 | [11],[2] |  |
Available Committed Borrowing Capacity |  | 65,986,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1VariableFundingNoteMember | [11],[3] |  |
Match funded liabilities |  | 21,192,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1VariableFundingNoteMember | [11] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassA1VariableFundingNoteMember | [11]
Advance Receivables Backed Notes, Series 2014-VF1, Class B [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Dec. 31, 2045 | [11],[2] |  |
Amortization Date |  | Dec. 2015 | [11],[2] |  |
Available Committed Borrowing Capacity |  | 0 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassB1VariableFundingNoteMember | [11],[3] |  |
Match funded liabilities |  | 13,598,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassB1VariableFundingNoteMember | [11] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassB1VariableFundingNoteMember | [11]
Advance Receivables Backed Notes, Series 2014-VF1, Class C [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Dec. 31, 2045 | [11],[2] |  |
Amortization Date |  | Dec. 2015 | [11],[2] |  |
Available Committed Borrowing Capacity |  | 0 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassC1VariableFundingNoteMember | [11],[3] |  |
Match funded liabilities |  | 10,224,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassC1VariableFundingNoteMember | [11] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassC1VariableFundingNoteMember | [11]
Advance Receivables Backed Notes, Series 2014-VF1, Class D [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Maturity |  | Dec. 31, 2045 | [11],[2] |  |
Amortization Date |  | Dec. 2015 | [11],[2] |  |
Available Committed Borrowing Capacity |  | 0 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_ClassD1VariableFundingNoteMember | [11],[3] |  |
Match funded liabilities |  | 14,000,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassD1VariableFundingNoteMember | [11] | 0 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_ClassD1VariableFundingNoteMember | [11]
Match Funded Liabilties [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Available Committed Borrowing Capacity |  | 334,753,000 us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount / us-gaap_DebtInstrumentAxis = ocn_MatchFundedLiabiltiesMember | [3] |  |
Match funded liabilities |  | $ 2,090,247,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_MatchFundedLiabiltiesMember |  | $ 2,364,814,000 us-gaap_TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesCarryingAmount / us-gaap_DebtInstrumentAxis = ocn_MatchFundedLiabiltiesMember |
LIBOR [Member] | Advance Receivable Backed Notes Series 2012-ADV1 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesEMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [1],[12] |  |
LIBOR [Member] | Advance Receivable Backed Note [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 3.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_AdvanceReceivableBackedNotesSeriesFMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [4] |  |
LIBOR [Member] | 2012-Homeward Agency Advance Funding Trust 2012-1 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 3.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_HomewardAgencyAdvanceFundingTrust20121Member / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [5] |  |
LIBOR [Member] | Advance Receivables Backed Notes, Series 2013-VF1, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA1TermNoteMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [6] |  |
LIBOR [Member] | Advance Receivables Backed Notes, Series 2013-VF2, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 1.67%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA2VariableFundingNoteMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [7] |  |
LIBOR [Member] | Advance Receivables Backed Notes, Series 2013-VF2, Class B [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 3.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassBTermNoteMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [8] |  |
LIBOR [Member] | Advance Receivables Backed Notes, Series 2014-VF3, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA3VariableFundingNoteMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [9] |  |
LIBOR [Member] | Advance Receivables Backed Notes, Series 2014-VF4 [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 1.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA4VariableFundingNoteMember / us-gaap_VariableRateAxis = us-gaap_LondonInterbankOfferedRateLIBORMember | [10] |  |
Cost Of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class A [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 2.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassA1VariableFundingNoteMember / us-gaap_VariableRateAxis = ocn_CostOfFundsMember | [11] |  |
Cost Of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class B [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 3.25%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassB1VariableFundingNoteMember / us-gaap_VariableRateAxis = ocn_CostOfFundsMember | [11] |  |
Cost Of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class C [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 3.75%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassC1VariableFundingNoteMember / us-gaap_VariableRateAxis = ocn_CostOfFundsMember | [11] |  |
Cost Of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class D [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate |  | 4.70%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 / us-gaap_DebtInstrumentAxis = ocn_ClassD1VariableFundingNoteMember / us-gaap_VariableRateAxis = ocn_CostOfFundsMember | [11] |  |
[1] | On February 1, 2015, the borrowing capacity under this facility was reduced to $400.0 million.
[2] | 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.
[3] | Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At December 31, 2014, none of the available borrowing capacity could be used based on the amount of eligible collateral that had been pledged.
[4] | We voluntarily terminated this advance facility on January 30, 2015.
[5] | Advance facility assumed as part of the acquisition of Homeward. This facility was terminated on April 16, 2014, and the advances pledged to the facility were transferred to another facility.
[6] | These notes were issued in connection with the OneWest MSR Transaction. 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. On October 1, 2014, the 2013-VF1 note was fully repaid.
[7] | On October 1, 2014, the maximum borrowing capacity of the VF2, Class A notes was increased to $564.0 million. The interest margin on these notes was set at 167 bps and is scheduled to increase to 191 bps on July 15, 2015, to 215 bps on August 15, 2015 and 239 bps on September 15, 2015.
[8] | On October 1, 2014, the maximum borrowing capacity of the VF2, Class B notes was increased to $36.0 million. The interest margin on these notes was set at 300 bps and is scheduled to increase to 343 bps on July 15, 2015, to 386 bps on August 15, 2015 and 429 bps on September 15, 2015.
[9] | On October 1, 2014, the maximum borrowing capacity of the note was increased to $600.0 million. The interest margin was set at 175 bps and is scheduled to increase to 200 bps on July 15, 2015, to 225 bps on August 15, 2015 and to 250 bps on September 15, 2015.
[10] | The 2014-VF4 note was issued on October 1, 2014 with a maximum borrowing capacity of $600.0 million. The interest margin on this new series of notes was set at 175 bps and is scheduled to increase to 200 bps on July 15, 2015, to 212 bps on August 15, 2015 and to 250 bps on September 15, 2015.
[11] | The 2014-VF1 notes were issued on December 23, 2014. Maximum borrowing under the facility is $125.0 million. The maximum note balance for the Class A Note is $125.0 million less the actual borrowings under the Class B, C and D Notes. The maximum note balance for the Class B Note is $32.0 million, for the Class C Note $24.5 million and for the Class D note $32.5 million. Beginning April 23, 2015, the maximum borrowing under the facility will decrease by $6.3 million per month until it is reduced to $75.0 million.
[12] | 1-Month LIBOR was 0.17% and 0.17% at December 31, 2014 and 2013, respectively.

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