Related Party Transactions

12 Months Ended

Dec. 31, 2016

Note 23 — Related Party Transactions

Ocwen’s former Executive Chairman, William C. Erbey, also formerly served as Chairman of the Board of Altisource Portfolio Solutions, S.A. (Altisource), HLSS, Altisource Residential Corporation (Residential) and Altisource Asset Management Corporation (AAMC). As a result, he had obligations to Ocwen as well as to Altisource, HLSS, Residential and AAMC. Effective January 16, 2015, Mr. Erbey resigned as an officer and director of Ocwen. Effective on that same date, Mr. Erbey also resigned from the boards of Altisource, HLSS, Altisource Residential and AAMC. Following his resignation, effective as of January 16, 2015, Mr. Erbey has no directorial, management, oversight, consulting or any other role at Ocwen, and we are expressly prohibited from providing any non-public information about Ocwen to Mr. Erbey pursuant to our settlement with the NY DFS. As a result of these and other relevant facts and circumstances, we believe that from and after January 17, 2015 Mr. Erbey does not possess the power, direct or indirect, to direct or cause the direction of our management and policies and, accordingly, we do not consider Altisource, HLSS, Residential or AAMC to be related parties. Revenues and expenses related to these agreements for the period from January 1 to January 16, 2015 are not significant and have not been disclosed. Absent a change in circumstances, we do not expect that we will consider any of these entities to be related parties in future periods.

The following table summarizes revenues and expenses related to our agreements with Altisource, HLSS (prior to the sale of its assets to NRZ), AAMC and Residential (and, as applicable, their subsidiaries) for the year ended December 31, 2014. See Note 25 — Commitments for additional discussion of our long-term agreements with Altisource. See Note 3 — Sales of Advances and MSRs, Note 5 — Loans Held for Sale, Note 8 — Mortgage Servicing and Note 13 — Borrowings for additional discussion of the NRZ/HLSS Transactions.



Revenues and Expenses:
Altisource agreements:
Revenues	$	43,075
Expenses	101,520
HLSS support services agreement:
Revenues	$	1,315
Expenses	1,729
AAMC support services and facilities agreements
Revenues	$	1,160
Residential servicing agreement
Revenues	$	15,658