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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
Note 25 — Quarterly Results of Operations (Unaudited)
 
Quarters Ended
 
December 31,
2017
 
September 30,
2017
 
June 30,
2017
 
March 31,
2017
Revenue
$
276,770

 
$
284,642

 
$
311,300

 
$
321,864

Expenses (1) (2)
168,303

 
273,479

 
280,480

 
276,383

Other expense, net (1)
(153,781
)
 
(37,716
)
 
(72,428
)
 
(75,979
)
Loss before income taxes
(45,314
)
 
(26,553
)
 
(41,608
)
 
(30,498
)
Income tax expense (benefit)
(51
)
 
(20,418
)
 
2,828

 
2,125

Net loss
(45,263
)
 
(6,135
)
 
(44,436
)
 
(32,623
)
Net loss (income) attributable to non-controlling interests
780

 
(117
)
 
(71
)
 
(101
)
Net loss attributable to Ocwen stockholders
$
(44,483
)
 
$
(6,252
)
 
$
(44,507
)
 
$
(32,724
)
 
 
 
 
 
 
 
 
Loss per share attributable to Ocwen stockholders
 
 
 
 
 
 
 
Basic
$
(0.34
)
 
$
(0.05
)
 
$
(0.36
)
 
$
(0.26
)
Diluted
$
(0.34
)
 
$
(0.05
)
 
$
(0.36
)
 
$
(0.26
)
(1)
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.
(2)
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.
 
Quarters Ended
 
December 31,
2016
 
September 30,
2016
 
June 30,
2016
 
March 31,
2016
Revenue
$
323,904

 
$
359,448

 
$
373,054

 
$
330,757

Expenses
237,901

 
271,678

 
385,018

 
328,657

Other expense, net
(96,205
)
 
(85,406
)
 
(84,434
)
 
(104,225
)
Income (loss) before income taxes
(10,202
)
 
2,364

 
(96,398
)
 
(102,125
)
Income tax expense (benefit)
228

 
(7,110
)
 
(9,180
)
 
9,076

Net income (loss)
(10,430
)
 
9,474

 
(87,218
)
 
(111,201
)
Net income attributable to non-controlling interests
(14
)
 
(83
)
 
(160
)
 
(130
)
Net income (loss) attributable to Ocwen stockholders
$
(10,444
)
 
$
9,391

 
$
(87,378
)
 
$
(111,331
)
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Ocwen stockholders
 
 
 
 
 
 
 
Basic
$
(0.08
)
 
$
0.08

 
$
(0.71
)
 
$
(0.90
)
Diluted
$
(0.08
)
 
$
0.08

 
$
(0.71
)
 
$
(0.90
)