XML 98 R87.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Borrowings - Schedule of Other Secured Borrowings (Details) - USD ($) | 9 Months Ended |
--- | --- | ---
Sep. 30, 2016 | Dec. 31, 2015
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity |  | $ 0 |
Other secured borrowings |  | 3,828,019,000 | $ 3,089,255,000
Unamortized debt issuance costs - SSTL |  | (16,300,000) | (24,500,000)
Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1] | 132,046,000 |
Unamortized debt issuance costs - SSTL |  | (12,787,000) | (20,012,000)
Discount - SSTL |  | (728,000) | (1,351,000)
Long-term Debt |  | $ 663,170,000 | $ 762,411,000
Weighted average interest rate |  | 4.19% | 4.38%
Total Servicing Lines Of Credit [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1] | $ 132,046,000 |
Other secured borrowings |  | 676,685,000 | $ 783,774,000
Servicing [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1] | 35,587,000 |
Other secured borrowings |  | 338,206,000 | 441,427,000
Servicing [Member] | Senior Secured Term Loan [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[2] | 0 |
Other secured borrowings | [2] | $ 323,793,000 | 398,454,000
Maturity date | [2] | Feb. 28, 2018 |
Servicing [Member] | Repurchase Agreements [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[3] | $ 35,587,000 |
Other secured borrowings | [3] | $ 14,413,000 | 42,973,000
Maturity date | [3] | Sep. 30, 2017 |
Lending [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1] | $ 96,459,000 |
Other secured borrowings |  | 338,479,000 | 342,347,000
Lending [Member] | Master Repurchase Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[4] | 35,748,000 |
Other secured borrowings | [4] | $ 164,252,000 | 156,226,000
Maturity date | [4] | Nov. 30, 2016 |
Basis spread on variable rate |  | 0.00% |
Lending [Member] | Participation Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Other secured borrowings | [5] | $ 51,075,000 | 49,897,000
Maturity date | [5] | Apr. 30, 2017 |
Lending [Member] | Participation Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Other secured borrowings | [5] | $ 61,922,000 | 73,049,000
Maturity date | [5] | Apr. 30, 2017 |
Lending [Member] | Mortgage Warehouse Agreement [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Interest rate at index floor rate | [6] | 3.00% |
Lending [Member] | Mortgage Warehouse Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[6] | $ 0 |
Other secured borrowings | [6] | $ 21,941,000 | 63,175,000
Maturity date | [6] | Aug. 31, 2017 |
Interest rate at index floor rate | [6] | 3.50% |
Lending [Member] | Master Repurchase Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Available borrowing capacity | [1],[7] | $ 60,711,000 |
Other secured borrowings | [7] | $ 39,289,000 | $ 0
Maturity date | [7] | Jan. 31, 2017 |
London Interbank Offered Rate (LIBOR) [Member] | Lending [Member] | Master Repurchase Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [4] | 2.00% |
London Interbank Offered Rate (LIBOR) [Member] | Lending [Member] | Mortgage Warehouse Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [6] | 2.75% |
Eurodollar [Member] | Servicing [Member] | Senior Secured Term Loan [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [2] | 4.25% |
Interest rate at index floor rate | [2] | 1.25% |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Servicing [Member] | Repurchase Agreements [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [3] | 2.00% |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Lending [Member] | Master Repurchase Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [7] | 2.75% |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Servicing [Member] | Repurchase Agreements [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [3] | 3.45% |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Lending [Member] | Master Repurchase Agreement [Member] | Other Secured Borrowings [Member] |  |  |
Line of Credit Facility [Line Items] |  |  |
Basis spread on variable rate | [7] | 0.25% |
[1] | For our mortgage loan warehouse facilities, available borrowing capacity does not consider the amount of the facility that the lender has extended on an uncommitted basis.
[2] | The borrowings under the SSTL are secured by a first priority security interest in substantially all of the assets of Ocwen, OLS and the other guarantors thereunder, excluding among other things, 35% of the capital stock of foreign subsidiaries, securitization assets and equity interests of securitization entities, assets securing permitted funding indebtedness and non-recourse indebtedness, REO assets, servicing agreements where an acknowledgment from the GSE has not been obtained, as well as other customary carve-outs. Borrowings bear interest, at the election of Ocwen, at a rate per annum equal to either (a) the base rate (the greatest of (i) the prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) the one-month Eurodollar rate (1-Month LIBOR)), plus a margin of 3.25% and subject to a base rate floor of 2.25% or (b) the one month Eurodollar rate, plus a margin of 4.25% and subject to a one month Eurodollar floor of 1.25%. To date we have elected option (b) to determine the interest rate.We entered into Amendment No. 5 to Senior Secured Term Loan Facility Agreement (the Amendment) effective as of March 24, 2016. The Amendment, among other things:•permanently removes the consolidated total debt to consolidated tangible net worth ratio, corporate leverage ratio and interest coverage ratio financial covenants;•maintains the loan-to-value ratio covenant at its current 40% level throughout the remaining term of the SSTL;•limits the repurchase of Ocwen’s common stock or options to an amount not to exceed the sum of (i) $20 million plus (ii) an amount equal to (x) $20 million times (y) the aggregate amount of prepayments on the SSTL made after March 28, 2016 divided by $50 million;•limits the repurchase of Ocwen’s 6.625% Senior Notes (the Senior Unsecured Notes) due 2019 to an amount not to exceed the sum of (i) $30 million plus (ii) an amount equal to (x) $30 million times (y) the aggregate amount of prepayments on the SSTL made after March 28, 2016 divided by $50 million;•requires that we make a prepayment on the SSTL in an amount equal to $6.3 million (for a total of $19.0 million) on each of May 31, 2016, July 29, 2016 and September 30, 2016; and•provides for a fee payable to the consenting lenders equal to 1.0% of the aggregate amount of such consenting lenders’ SSTL loans outstanding.
[3] | The maximum borrowing under this facility is limited to the lesser of $100.0 million or $550.0 million less the lender’s current lending to Ocwen under advance funding facilities. Fifty percent of the maximum borrowing is available on a committed basis and fifty percent is available at the discretion of the lender. On September 29, 2016, we renewed this facility through September 28, 2017 with no change in interest rates or maximum borrowing capacity.
[4] | Under this repurchase agreement, the lender provides financing on a committed basis for $200.0 million. On September 30, 2016, we extended the term of this agreement to November 30, 2016 with no change in rates or maximum borrowing capacity, although a LIBOR floor of 0.0% was added to the terms of the facility. We are in discussions with our lender for the renewal of this facility and expect to renew the agreement in normal course.
[5] | Under these participation agreements, the lender provides financing for a combined total of $250.0 million at the discretion of the lender. The participation agreements allow the lender to acquire a 100% beneficial interest in the underlying mortgage loans. The transaction does not qualify for sale accounting treatment and is accounted for as a secured borrowing. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement. On April 26, 2016, the term of these agreements was extended to April 30, 2017.
[6] | Borrowing capacity of $110.0 million under this facility is available at the discretion of the lender. On August 7, 2016, the term of this agreement was extended to August 17, 2017.
[7] | We entered into this agreement on January 5, 2016. The lender provides financing on a committed basis for $100.0 million.

X
- Definition Represents the index floor rate used for interest rate on the debt instrument. + References No definition available. + Details
Name: | ocn_DebtInstrumentInterestRateAtIndexFloorRate
Namespace Prefix: | ocn_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
Name: | us-gaap_DebtInstrumentCarryingAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentMaturityDate
Namespace Prefix: | us-gaap_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount, after accumulated amortization, of debt discount. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 + Details
Name: | us-gaap_DebtInstrumentUnamortizedDiscount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount of unused borrowing capacity under the long-term financing arrangement that is available to the entity as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentUnusedBorrowingCapacityAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Weighted average interest rate of debt outstanding. + References No definition available. + Details
Name: | us-gaap_DebtWeightedAverageInterestRate
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_UnamortizedDebtIssuanceExpense
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_TotalServicingLinesOfCreditMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=ocn_ServicingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=us-gaap_SeniorNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=us-gaap_RepurchaseAgreementsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=ocn_LendingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_MasterRepurchaseAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_ParticipationAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_ParticipationAgreementTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_MortgageWarehouseAgreementMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_CreditFacilityAxis=ocn_MasterRepurchaseAgreementTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_EurodollarMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RangeAxis=us-gaap_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RangeAxis=us-gaap_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |