XML 134 R164.htm IDEA: XBRL DOCUMENT v3.3.0.814
Business Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Results of Operations                            
Revenue $ 404,946 [1] $ 493,292 $ 513,698 [1] $ 553,074 $ 551,261 $ 555,955 $ 531,240 $ 544,812 $ 406,266 $ 1,378,641 [1] $ 1,618,033 [1] $ 2,111,325 $ 2,038,273 $ 845,203
Total expenses [1],[2] 387,726   455,039             1,118,336 1,149,696      
Operating expenses   885,512 [3],[4] 455,039 [3],[4] 345,463 [3],[4] 349,194 [3],[4] 340,876 [5] 346,260 [5] 371,508 [5] 242,650 [5]     2,035,208 1,301,294 363,907
Other income (expense):                            
Interest income 5,693   6,593             16,306 17,472 22,991 22,355 8,329
Interest expense (118,313)   (133,049)             (362,606) (409,129) (541,757) (395,586) (223,455)
Other [1] 39,482   (4,469)             85,406 (66)      
Other income (expense), net (73,138)   (130,925)             (260,894) (391,723)      
Loss before income taxes (55,918) (519,773) (72,266) $ 77,177 $ 71,703 153,584 $ 69,445 $ 74,158 $ 55,292 (589) 76,614 (443,159) 352,479 257,508
Total Assets                            
Balance 8,011,054 8,267,278 8,355,640     7,927,003       8,011,054 8,355,640 8,267,278 7,927,003  
Servicing [Member]                            
Results of Operations                            
Revenue 374,936 [1]   485,303 [1]             1,269,269 [1] 1,526,606 [1] 1,985,436 [6] 1,895,921 [6] 840,630 [6]
Total expenses [1],[2] 318,439   313,964             940,764 919,998      
Operating expenses [6],[7]                       1,643,323 1,096,084 344,315
Income (loss) from operations                       342,113 799,837 496,315
Other income (expense):                            
Interest income 1,175   903             3,232 1,805 2,981 1,599 9
Interest expense (109,357)   (124,106)             (336,088) (391,122) (515,141) (381,477) (221,948)
Other 38,943 [1]   (3,618) [1]             82,909 [1] (4,622) [1] (4,043) [6] (28,292) [6] (13) [6]
Other income (expense), net (69,239)   (126,821)             (249,947) (393,939) (516,203) (408,170) (221,952)
Loss before income taxes (12,742)   44,518             78,558 212,669 (174,090) 391,667 274,363
Total Assets                            
Balance 4,681,176 5,881,862 6,059,359     6,295,976       4,681,176 6,059,359 5,881,862 6,295,976 4,575,489
Lending [Member]                            
Results of Operations                            
Revenue 29,662 [1]   26,877 [1]             106,721 [1] 86,811 [1] 119,220 [6] 120,899 [6] 356 [6]
Total expenses [1],[2] 23,126   22,632             73,497 81,261      
Operating expenses [6],[7]                       156,272 98,194 409
Income (loss) from operations                       (37,052) 22,705 (53)
Other income (expense):                            
Interest income 3,883   4,825             11,025 13,117 16,459 16,295 309
Interest expense (2,256)   (2,601)             (7,058) (8,271) (10,725) (13,508) (514)
Other 425 [1]   139 [1]             1,826 [1] 3,846 [1] 4,476 [6] 10,132 [6] 0 [6]
Other income (expense), net 2,052   2,363             5,793 8,692 10,210 12,919 (205)
Loss before income taxes 8,588   6,608             39,017 14,242 (26,842) 35,624 (258)
Total Assets                            
Balance 2,571,893 1,963,729 1,706,964     1,195,812       2,571,893 1,706,964 1,963,729 1,195,812 476,434
Corporate Items and Other [Member]                            
Results of Operations                            
Revenue 348 [1]   1,557 [1]             2,709 [1] 4,734 [1] 6,825 [6] 22,092 [6] 5,122 [6]
Total expenses [1],[2] 46,161   118,482             104,133 148,555      
Operating expenses [6],[7]                       235,769 107,188 19,667
Income (loss) from operations                       (228,944) (85,096) (14,545)
Other income (expense):                            
Interest income 635   865             2,049 2,550 3,551 4,461 8,011
Interest expense (6,700)   (6,342)             (19,460) (9,736) (15,891) (601) (993)
Other 114 [1]   (990) [1]             671 [1] 710 [1] (943) [6] 6,424 [6] (9,070) [6]
Other income (expense), net (5,951)   (6,467)             (16,740) (6,476) (13,283) 10,284 (2,052)
Loss before income taxes (51,764)   (123,392)             (118,164) (150,297) (242,227) (74,812) (16,597)
Total Assets                            
Balance 757,985 421,687 589,317     435,215       757,985 589,317 421,687 435,215 634,039
Corporate Eliminations [Member]                            
Results of Operations                            
Revenue 0 [1]   (39) [1]             (58) [1] (118) [1] (156) [6] (639) [6] (905) [6]
Total expenses [1],[2] 0   (39)             (58) (118)      
Operating expenses [6],[7]                       (156) (172) (484)
Income (loss) from operations                       0 (467) (421)
Other income (expense):                            
Interest income 0   0             0 0 0 0 0
Interest expense 0   0             0 0 0 0 0
Other 0 [1]   0 [1]             0 [1] 0 [1] 0 [6] 467 [6] 421 [6]
Other income (expense), net 0   0             0 0 0 467 421
Loss before income taxes 0   0             0 0 0 0 0
Total Assets                            
Balance $ 0 0 $ 0     0       $ 0 $ 0 0 0 0
Business Segments Consolidated [Member]                            
Results of Operations                            
Revenue [6]                       2,111,325 2,038,273 845,203
Operating expenses [6],[7]                       2,035,208 1,301,294 363,907
Income (loss) from operations                       76,117 736,979 481,296
Other income (expense):                            
Interest income                       22,991 22,355 8,329
Interest expense                       (541,757) (395,586) (223,455)
Other [6]                       (510) (11,269) (8,662)
Other income (expense), net                       (519,276) (384,500) (223,788)
Loss before income taxes                       (443,159) 352,479 257,508
Total Assets                            
Balance   $ 8,267,278       $ 7,927,003           $ 8,267,278 $ 7,927,003 $ 5,685,962
[1] Intersegment billings for services rendered to other segments are recorded as revenues, as contra-expense or as other income, depending on the type of service that is rendered.
[2] Depreciation and amortization expense are as follows: Servicing Lending Corporate Items and Other Business Segments ConsolidatedFor the three months ended September 30, 2015Depreciation expense$694 $96 $4,256 $5,046Amortization of mortgage servicing rights18,023 85 — 18,108Amortization of debt discount329 — — 329Amortization of debt issuance costs 2,981 — 344 3,325 For the three months ended September 30, 2014Depreciation expense$2,636 $98 $3,022 $5,756Amortization of mortgage servicing rights60,689 94 — 60,783Amortization of debt discount331 — — 331Amortization of debt issuance costs 1,114 — 344 1,458 For the nine months ended September 30, 2015Depreciation expense$1,736 $292 $11,439 $13,467Amortization of mortgage servicing rights87,926 262 — 88,188Amortization of debt discount1,022 — — 1,022Amortization of debt issuance costs 9,336 — 1,049 10,385 For the nine months ended September 30, 2014Depreciation expense$8,099 $235 $8,267 $16,601Amortization of mortgage servicing rights185,263 613 199 186,075Amortization of debt discount991 — — 991Amortization of debt issuance costs 3,241 — 513 3,754
[3] Operating expenses for the fourth quarter of 2014 include the recognition of a goodwill impairment loss of $420.2 million.
[4] Operating expenses for the third and fourth quarter of 2014 include charges of $100.0 million and $50.0 million, respectively, for losses related to a regulatory settlement with the NY DFS. These charges are included in Professional services on the Consolidated Statement of Operations and were recorded in the Corporate Items and Other segment.
[5] Operating expenses for the second quarter of 2013 include a $52.8 million charge recorded in connection with the Ocwen National Mortgage Settlement. This charge is included in Professional services on the Consolidated Statement of Operations and is recorded in the Corporate Items and Other segment.
[6] Intersegment billings for services rendered to other segments are recorded as revenues, as contra-expense or as other income, depending on the type of service that is rendered.
[7] Depreciation and amortization expense are as follows: Servicing Lending Corporate Items and Other Business Segments ConsolidatedFor the year ended December 31, 2014: Depreciation expense$9,955 $332 $11,623 $21,910Amortization of MSRs249,471 705 199 250,375Amortization of debt discount1,318 — — 1,318Amortization of debt issuance costs 4,294 — 845 5,139 For the year ended December 31, 2013: Depreciation expense$13,525 $320 $10,400 $24,245Amortization of MSRs282,526 255 — 282,781Amortization of debt discount1,412 — — 1,412Amortization of debt issuance costs 4,395 — — 4,395 For the year ended December 31, 2012: Depreciation expense$1,469 $8 $4,243 $5,720Amortization of MSRs72,897 — — 72,897Amortization of debt discount3,259 — — 3,259Amortization of debt issuance costs 3,718 — — 3,718