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Borrowings - Schedule of Match Funded Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended |
--- | --- | ---
Sep. 30, 2018 | Dec. 31, 2017
Debt Instrument [Line Items] |  |  |
Available borrowing capacity |  | $ 52,800 |
Match funded liabilities (related to VIEs) |  | 714,246 | $ 998,618
Advance Receivables Backed Notes, Series 2018-T1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Match funded liabilities (related to VIEs) |  | 150,000 |
Advance Receivables Backed Notes, Series 2018-T2 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Match funded liabilities (related to VIEs) |  | 150,000 |
Advance Financing Facilities [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1] | $ 165,754 |
Weighted average interest rate | [2] | 3.46% | 3.16%
Match funded liabilities (related to VIEs) |  | $ 714,246 | $ 974,036
Match Funded Liabilties [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1] | $ 165,754 |
Weighted average interest rate | [2] | 3.46% | 3.25%
Match funded liabilities (related to VIEs) |  | $ 714,246 | $ 998,618
Total Ocwen Master Advance Receivables Trust (OMART) [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1] | $ 46,178 |
Weighted average interest rate | [2] | 3.46% | 3.02%
Match funded liabilities (related to VIEs) |  | $ 713,822 | $ 884,190
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes - Series 2014-VF4 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[3] | $ 0 |
Weighted average interest rate | [2],[3] | 0.00% | 4.29%
Match funded liabilities (related to VIEs) | [3] | $ 0 | $ 67,095
Maturity date | [3],[4] | Aug. 31, 2048 |
Amortization date | [3],[4] | Aug. 31, 2018 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes - Series 2015-VF5 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[3] | $ 46,178 |
Weighted average interest rate | [2],[3] | 3.76% | 4.29%
Match funded liabilities (related to VIEs) | [3] | $ 178,822 | $ 67,095
Maturity date | [3],[4] | Dec. 31, 2049 |
Amortization date | [3],[4] | Dec. 31, 2019 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes - Series 2016-T1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Weighted average interest rate | [2],[5] | 0.00% | 2.77%
Match funded liabilities (related to VIEs) | [5] | $ 0 | $ 265,000
Maturity date | [4],[5] | Aug. 31, 2048 |
Amortization date | [4],[5] | Aug. 31, 2018 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes - Series 2016-T2 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Weighted average interest rate | [2],[5] | 2.99% | 2.99%
Match funded liabilities (related to VIEs) | [5] | $ 235,000 | $ 235,000
Maturity date | [4],[5] | Aug. 31, 2049 |
Amortization date | [4],[5] | Aug. 31, 2019 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes - Series 2017-T1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Weighted average interest rate | [2],[5] | 0.00% | 2.64%
Match funded liabilities (related to VIEs) | [5] | $ 0 | $ 250,000
Maturity date | [4],[5] | Sep. 30, 2048 |
Amortization date | [4],[5] | Sep. 30, 2018 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes, Series 2018-T1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Weighted average interest rate | [2],[5] | 3.50% | 0.00%
Match funded liabilities (related to VIEs) | [5] | $ 150,000 | $ 0
Maturity date | [4],[5] | Aug. 31, 2049 |
Amortization date | [4],[5] | Aug. 31, 2019 |
Total Ocwen Master Advance Receivables Trust (OMART) [Member] | Advance Receivables Backed Notes, Series 2018-T2 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[5] | $ 0 |
Weighted average interest rate | [2],[5] | 3.81% | 0.00%
Match funded liabilities (related to VIEs) | [5] | $ 150,000 | $ 0
Maturity date | [4],[5] | Aug. 31, 2050 |
Amortization date | [4],[5] | Aug. 31, 2020 |
Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member] | Advance Receivables Backed Notes, Series 2014-VF1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[6] | $ 54,626 |
Weighted average interest rate | [2],[6] | 5.49% | 4.63%
Match funded liabilities (related to VIEs) | [6] | $ 374 | $ 33,768
Maturity date | [4],[6] | Dec. 31, 2048 |
Amortization date | [4],[6] | Dec. 31, 2018 |
Total Ocwen Freddie Advance Funding Facility (OFAF) [Member] | Advance Receivables Backed Notes, Series 2015-VF1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[7] | $ 64,950 |
Weighted average interest rate | [2],[7] | 4.83% | 4.52%
Match funded liabilities (related to VIEs) | [7] | $ 50 | $ 56,078
Maturity date | [4],[7] | Jun. 30, 2049 |
Amortization date | [4],[7] | Jun. 30, 2019 |
Total Automotive Capital Asset Receivables Trust [Member] | Loan Series 2017-1 [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Available borrowing capacity | [1],[8] | $ 0 |
Weighted average interest rate | [2],[8] | 0.00% | 6.77%
Match funded liabilities (related to VIEs) | [8] | $ 0 | $ 24,582
Maturity date | [4],[8] | Feb. 28, 2021 |
Amortization date | [4],[8] | Feb. 28, 2019 |
[1] | Borrowing capacity is available to us provided that we have eligible collateral to pledge. Collateral may only be pledged to one facility. At September 30, 2018, $52.8 million of the available borrowing capacity of our advance financing notes could be used based on the amount of eligible collateral that had been pledged.
[2] | 1ML was 2.26% and 1.56% at September 30, 2018 and December 31, 2017, respectively.
[3] | Effective January 1, 2018, the borrowing capacity of the Series 2014-VF4 and the Series 2015-VF5 variable rate notes were each reduced from $105.0 million to $70.0 million. The interest rate was based on 1ML, with a ceiling of 125 basis points (bps), plus a margin of 235 to 635 bps. On July 13, 2018, we increased the borrowing capacity of the Series 2015-VF5 variable notes to $225.0 million and extended the amortization date to December 15, 2019, with interest computed based on the lender’s cost of funds plus a margin of 105 to 250 bps. The increased capacity was used on July 16, 2018 to redeem the Series 2016-T1 term notes with an outstanding balance of $265.0 million and an amortization date of August 15, 2018. We also voluntarily terminated the Series 2014-VF4 variable notes on July 16, 2018.
[4] | The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In all of our advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied to reduce the balance of the note outstanding, and any new advances are ineligible to be financed.
[5] | Under the terms of the agreement, we must continue to borrow the full amount of the Series 2016-T2, 2018-T1 and 2018-T2 fixed-rate term notes until the amortization date. If there is insufficient eligible collateral to support the level of borrowing, the excess cash proceeds in an amount necessary to make up the deficit are not distributed to Ocwen but are held by the trustee, and interest expense continues to be based on the full amount of the outstanding notes. The Series 2016-T2, 2018-T1 and 2018-T2 term notes have a total combined borrowing capacity of $535.0 million. Rates on the individual classes of notes range from 2.72% to 4.53%. The Series 2016-T1 and Series 2017-T1 term notes were redeemed on July 16, 2018 and August 14, 2018, respectively. On August 15, 2018, we issued two $150.0 million fixed-rate term notes (Series 2018 T-1 and Series 2018-T2) with amortization dates of August 15, 2019 and August 2020, respectively.
[6] | The maximum borrowing capacity under this facility is $55.0 million. There is a ceiling of 300 bps for the 3ML in determining the interest rate for these variable rate notes. Rates on the individual notes are based on the lender’s cost of funds plus a margin of 235 to 475 bps.
[7] | On June 7, 2018, borrowing capacity was reduced from $110.0 million to $65.0 million with interest computed based on the lender’s cost of funds plus a margin of 180 to 450 bps. There is a ceiling of 300 bps for 3ML in determining the interest rate for these variable rate notes.
[8] | On January 23, 2018, we voluntarily terminated the Loan Series 2017-1 Notes.

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