XML 158 R142.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Results of Operations                      
Revenue $ 276,770 $ 284,642 $ 311,300 $ 321,864 $ 323,904 $ 359,448 $ 373,054 $ 330,757 $ 1,194,576 [1] $ 1,387,163 [1] $ 1,741,098 [1]
Expenses 168,303 [2],[3] 273,479 [2],[3] 280,480 [2],[3] 276,383 [2],[3] 237,901 271,678 385,018 328,657 998,645 [1] 1,223,254 [1] 1,478,184 [1]
Other income (expense):                      
Interest income                 15,965 19,083 18,320
Interest expense                 (363,238) (412,583) (482,373)
Gain on sale of mortgage servicing rights, net                 10,537 8,492 83,921
Other [1]                 (3,168) 14,738 (12,643)
Total other expense, net (153,781) [2] (37,716) [2] (72,428) [2] (75,979) [2] (96,205) (85,406) (84,434) (104,225) (339,904) (370,270) (392,775)
Loss before income taxes (45,314) $ (26,553) $ (41,608) $ (30,498) (10,202) $ 2,364 $ (96,398) $ (102,125) (143,973) (206,361) (129,861)
Total Assets                      
Balance 8,403,164       7,655,663       8,403,164 7,655,663 7,380,308
Servicing [Member]                      
Results of Operations                      
Revenue [1]                 1,041,290 1,247,159 1,613,537
Expenses [1]                 716,384 910,577 1,211,140
Other income (expense):                      
Interest income                 783 (109) 1,044
Interest expense                 (293,595) (357,413) (446,377)
Gain on sale of mortgage servicing rights, net                 10,537 8,492 83,921
Other [1]                 4,049 15,812 (14,370)
Total other expense, net                 (278,226) (333,218) (375,782)
Loss before income taxes                 46,680 3,364 26,615
Total Assets                      
Balance 3,033,243       3,312,371       3,033,243 3,312,371 4,089,911
Lending [Member]                      
Results of Operations                      
Revenue [1]                 127,475 112,363 124,724
Expenses [1]                 128,058 114,199 108,431
Other income (expense):                      
Interest income                 10,914 15,300 14,669
Interest expense                 (13,893) (14,398) (9,859)
Gain on sale of mortgage servicing rights, net                 0 0 0
Other [1]                 (869) 1,065 2,123
Total other expense, net                 (3,848) 1,967 6,933
Loss before income taxes                 (4,431) 131 23,226
Total Assets                      
Balance 4,945,456       3,863,862       4,945,456 3,863,862 2,811,165
Corporate Items and Other [Member]                      
Results of Operations                      
Revenue [1]                 25,811 27,646 2,895
Expenses [1]                 154,203 198,483 158,671
Other income (expense):                      
Interest income                 4,268 3,892 2,607
Interest expense                 (55,750) (40,772) (26,137)
Gain on sale of mortgage servicing rights, net                 0 0 0
Other [1]                 (6,348) (2,139) (396)
Total other expense, net                 (57,830) (39,019) (23,926)
Loss before income taxes                 (186,222) (209,856) (179,702)
Total Assets                      
Balance 424,465       479,430       424,465 479,430 479,232
Corporate Eliminations [Member]                      
Results of Operations                      
Revenue [1]                 0 (5) (58)
Expenses [1]                 0 (5) (58)
Other income (expense):                      
Interest income                 0 0 0
Interest expense                 0 0 0
Gain on sale of mortgage servicing rights, net                 0 0 0
Other [1]                 0 0 0
Total other expense, net                 0 0 0
Loss before income taxes                 0 0 0
Total Assets                      
Balance $ 0       $ 0       $ 0 $ 0 $ 0
[1] Inter-segment 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] A benchmarking valuation assumption update related to our non-Agency MSRs carried at fair value resulted in an $84.4 million increase in value and reduction in related losses (reported in Servicing and origination expense) during the quarter ended December 31, 2017. This reflects an upward trend in market pricing on non-Agency MSRs similar in profile to Ocwen’s portfolio. This valuation assumption update also resulted in a largely offsetting increase of $73.4 million in the value of the NRZ financing liability which was recognized as interest expense.
[3] Includes the recovery of $28.5 million of losses during the quarter ended December 31, 2017 related to a settlement of outstanding claims that arose from indemnification obligations in connection with our acquisition of MSRs and related servicing advances in 2013. We had recognized such losses on advances in prior periods and recorded the 2017 recovery in Servicing and origination expense.