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Borrowings | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Borrowings | Note 13 — Borrowings
Match Funded Liabilities |  |  |  |  |  |  |  | December 31, 2018 |  | December 31, 2017
Borrowing Type |  | Maturity (1) |  | Amorti-zation Date (1) |  | Available Borrowing Capacity (2) |  | Weighted Average Interest Rate (3) |  | Balance |  | Weighted Average Interest Rate (3) |  | Balance
Advance Financing Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advance Receivables Backed Notes, Series 2014-VF4 (4) |  | Aug. 2048 |  | Aug. 2018 |  | $ | — |  |  | — | % |  | $ | — |  |  | 4.29 | % |  | $ | 67,095 |
Advance Receivables Backed Notes - Series 2015-VF5 (4) |  | Dec. 2049 |  | Dec. 2019 |  | 8,441 |  |  | 4.06 |  |  | 216,559 |  |  | 4.29 |  |  | 67,095 |
Advance Receivables Backed Notes - Series 2016-T1 (5) |  | Aug. 2048 |  | Aug. 2018 |  | — |  |  | — |  |  | — |  |  | 2.77 |  |  | 265,000 |
Advance Receivables Backed Notes - Series 2016-T2 (5) |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 2.99 |  |  | 235,000 |  |  | 2.99 |  |  | 235,000 |
Advance Receivables Backed Notes - Series 2017-T1 (5) |  | Sep. 2048 |  | Sep. 2018 |  | — |  |  | — |  |  | — |  |  | 2.64 |  |  | 250,000 |
Advance Receivables Backed Notes, Series 2018-T1 (5) |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 3.50 |  |  | 150,000 |  |  | — |  |  | — |
Advance Receivables Backed Notes, Series 2018-T2 (5) |  | Aug. 2050 |  | Aug. 2020 |  | — |  |  | 3.81 |  |  | 150,000 |  |  | — |  |  | — |
Total Ocwen Master Advance Receivables Trust (OMART) |  |  |  |  |  | 8,441 |  |  | 3.56 |  |  | 751,559 |  |  | 3.02 |  |  | 884,190 |
Ocwen Servicer Advance Receivables Trust III (OSART III) - Advance Receivables Backed Notes, Series 2014-VF1 (6) |  | Dec. 2048 |  | Dec. 2018 |  | — |  |  | — |  |  | — |  |  | 4.63 |  |  | 33,768 |
Ocwen Freddie Advance Funding (OFAF) - Advance Receivables Backed Notes, Series 2015-VF1 (7) |  | Jun. 2049 |  | Jun. 2019 |  | 38,275 |  |  | 5.03 |  |  | 26,725 |  |  | 3.54 |  |  | 56,078 |
Total Servicing Advance Financing Facilities |  |  |  |  |  | 46,716 |  |  | 3.61 | % |  | 778,284 |  |  | 3.16 | % |  | 974,036 |
Automotive Capital Asset Receivables Trust (ACART) - Loan Series 2017-1 (8) |  | Feb. 2021 |  | Feb. 2019 |  | — |  |  | — | % |  | — |  |  | 6.77 | % |  | 24,582 |
|  |  |  |  |  | $ | 46,716 |  |  | 3.61 | % |  | $ | 778,284 |  |  | 3.25 | % |  | $ | 998,618 |
(1) | 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.
(2) | Borrowing capacity is available to us provided that we have eligible collateral to pledge. Collateral may only be pledged to one facility. At December 31, 2018, none of the available borrowing capacity of our advance financing notes could be used based on the amount of eligible collateral that had been pledged.
(3) | 1ML was 2.50% and 1.56% at December 31, 2018 and 2017, respectively.
(4) | 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.
(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 17, 2020, respectively
(6) | We voluntarily terminated the Series 2014-VF1 variable notes on December 5, 2018. The maximum borrowing capacity under this facility was $55.0 million. There was a ceiling of 300 bps for 3ML in determining the interest rate for these variable rate notes. Rates on the individual notes were 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.
Pursuant to the 2017 Agreements and New RMSR Agreements, NRZ is obligated to fund new servicing advances with respect to the MSRs underlying the Rights to MSRs. We are dependent upon NRZ for funding the servicing advance obligations for Rights to MSRs where we are the servicer. NRZ currently uses advance financing facilities in order to fund a substantial portion of the servicing advances that they are contractually obligated to purchase pursuant to our agreements with them. As of December 31, 2018, we were the servicer of Rights to MSRs sold to NRZ pertaining to $88.3 billion in UPB and the associated outstanding servicing advances as of such date were approximately $2.7 billion. Should NRZ’s advance financing facilities fail to perform as envisaged or should NRZ otherwise be unable to meet its advance funding obligations, our liquidity, financial condition and business could be materially and adversely affected. As the servicer, we are contractually required under our servicing agreements to make certain servicing advances even if NRZ does not perform its contractual obligations to fund those advances. See Note 9 — Rights to MSRs for additional information. In addition, although we are not an obligor or guarantor under NRZ’s advance financing facilities, we are a party to certain of the facility documents as the servicer of the underlying loans on which advances are being financed. As the servicer, we make certain representations, warranties and covenants, including representations and warranties in connection with advances subsequently sold to, or reimbursed by, NRZ.
Financing Liabilities |  |  |  |  |  |  |  | Outstanding Balance at December 31,
Borrowing Type |  | Collateral |  | Interest Rate |  | Maturity |  | 2018 |  | 2017
HMBS-Related Borrowings, at fair value (1) |  | Loans held for investment |  | 1ML + 260 bps |  | (1) |  | $ | 5,380,448 |  |  | $ | 4,601,556 |
Other Financing Liabilities |  |  |  |  |  |  |  |  |  |
MSRs pledged, at fair value |  |  |  |  |  |  |  |  |  |
Original Rights to MSRs Agreements |  | MSRs |  | (2) |  | (2) |  | 436,511 |  |  | 499,042 |
2017 Agreements and New RMSR Agreements |  | MSRs |  | (3) |  | (3) |  | 138,854 |  |  | 9,249 |
PHH MSR Agreements |  | MSRs |  | (4) |  | (4) |  | 457,491 |  |  | — |
|  |  |  |  |  |  |  | 1,032,856 |  |  | 508,291 |
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 (5) |  | MSRs |  | (5) |  | Feb. 2028 |  | 65,523 |  |  | 72,575 |
Financing liability - Owed to securitization investors, at fair value: |  |  |  |  |  |  |  |  |  |
IndyMac Mortgage Loan Trust (INDX 2004-AR11) (6) |  | Loans held for investment |  | (6) |  | (6) |  | 11,012 |  |  | — |
Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) (6) |  | Loans held for investment |  | (6) |  | (6) |  | 13,803 |  |  | — |
|  |  |  |  |  |  |  | 24,815 |  |  | — |
Advances pledged (7) |  | Advances on loans |  | (7) |  | (7) |  | 4,419 |  |  | 12,652 |
|  |  |  |  |  |  |  | 1,127,613 |  |  | 593,518 |
|  |  |  |  |  |  |  | $ | 6,508,061 |  |  | $ | 5,195,074 |
(1) | Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS. The beneficial interests have no maturity dates, and the borrowings mature as the related loans are repaid.
(2) | This financing liability has no contractual maturity or repayment schedule. The balance of the liability is adjusted each reporting period to its fair value based on the present value of the estimated future cash flows underlying the related MSRs.
(3) | This financing liability arose in connection with lump sum payments received upon transfer of legal title of the MSRs related to the Rights to MSRs transactions to NRZ in September 2017. In connection with the execution of the New RMSR Agreements in January 2018, we received a lump sum payment of $279.6 million as compensation for foregoing certain payments under the Original Rights to MSRs Agreements. The balance of the liability is adjusted each reporting period to its fair value based on the present value of the estimated future cash flows. The expected maturity of the liability is April 30, 2020, the date through which we were scheduled to be the servicer on loans underlying the Rights to MSRs per the Original Rights to MSRs Agreements.
(4) | Represents a liability for sales of MSRs that are accounted for as a secured borrowing which we assumed in connection with the acquisition of PHH. Under this accounting treatment, the MSRs transferred to NRZ remain on the consolidated balance sheet and the proceeds from the sale are recognized as a secured liability. We elected to record the liability at fair value consistent with the related MSRs.
(5) | OASIS noteholders are entitled to receive a monthly payment equal to the sum of: (a) 21 basis points of the UPB of the reference pool of Freddie Mac mortgages; (b) any termination payment amounts; (c) any excess refinance amounts; and (d) the note redemption amounts, each as defined in the indenture supplement for the notes. Monthly amortization of the liability is estimated using the proportion of monthly projected service fees on the underlying MSRs as a percentage of lifetime projected fees, adjusted for the term of the notes.
(6) | Consists of securitization debt certificates due to third parties that represent beneficial interests in trusts that we include in our unaudited consolidated financial statements, as more fully described in Note 3 — Securitizations and Variable Interest Entities. The holders of these certificates have no recourse against the assets of Ocwen. The certificates in the INDX 2004-AR11 Trust pay interest based on variable rates which are generally based on weighted average net mortgage rates and which range between 3.68% and 4.26% at December 31, 2018. The certificates in the RAST 2003-A11 Trust pay interest based on fixed rates ranging between 4.25% and 5.75% and a variable rate based on 1ML plus 0.45%. The maturity of the certificates occurs upon maturity of the loans held by the trust. The remaining loans in the INDX 2004-AR11 Trust and RAST 2003-A11 Trust have maturity dates extending through November 2034 and October 2033, respectively.
(7) | Certain sales of advances did not qualify for sales accounting treatment and were accounted for as a financing. This financing liability has no contractual maturity. The effective interest rate is based on 1ML plus a margin of 450 bps.
Other Secured Borrowings |  |  |  |  |  |  |  |  |  | Outstanding Balance at December 31,
Borrowing Type |  | Collateral |  | Interest Rate |  | Termination / Maturity |  | Available Borrowing Capacity (1) |  | 2018 |  | 2017
SSTL (2) |  | (2) |  | 1-Month Euro-dollar rate + 500 bps with a Eurodollar floor of 100 bps (2) |  | Dec. 2020 |  | $ | — |  |  | $ | 231,500 |  |  | $ | 298,251 |
Mortgage loan warehouse facilities |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreement (3) |  | Loans held for sale (LHFS) |  | 1ML + 195 - 300 bps |  | Sep. 2019 |  | 25,307 |  |  | 74,693 |  |  | 8,221 |
Participation agreements (4) |  | LHFS |  | N/A |  | (4) |  | — |  |  | 42,331 |  |  | 161,433 |
Mortgage warehouse agreement (5) |  | LHFS (reverse mortgages) |  | 1ML + 275 bps; 1ML floor of 350 bps |  | Aug. 2019 |  | — |  |  | 8,009 |  |  | 32,042 |
Master repurchase agreement (6) |  | LHFS (forward and reverse mortgages) |  | 1ML + 225 bps forward; 1ML + 275 bps reverse |  | Dec. 2019 |  | 169,320 |  |  | 30,680 |  |  | 54,086 |
Master repurchase agreement (7) |  | LHFS (reverse mortgages) |  | Prime + 0.0% (4.0% floor) |  | Jan. 2020 |  | — |  |  | — |  |  | — |
Master repurchase agreement (8) |  | N/A |  | 1ML + 170bps |  | N/A |  | — |  |  | — |  |  | — |
|  |  |  |  |  |  |  | 194,627 |  |  | 155,713 |  |  | 255,782 |
|  |  |  |  |  |  |  | $ | 194,627 |  |  | 387,213 |  |  | 554,033 |
Unamortized debt issuance costs - SSTL |  | (3,098 | ) |  | (5,423 | )
Discount - SSTL |  | (1,577 | ) |  | (2,760 | )
|  |  |  |  |  |  |  |  |  |  | $ | 382,538 |  |  | $ | 545,850 |
Weighted average interest rate |  | 5.49 | % |  | 5.22 | %
(1) | Available borrowing capacity for our mortgage loan warehouse facilities does not consider the amount of the facility that the lender has extended on an uncommitted basis. Of the borrowing capacity extended on a committed basis, $62.4 million could be used at December 31, 2018 based on the amount of eligible collateral that could be pledged.
(2) | Under the terms of the Amended and Restated Senior Secured Term Loan Facility Agreement with an original borrowing capacity of $335.0 million, we may request increases to the loan amount of up to $100.0 million, with additional increases subject to certain limitations. We are required to make quarterly principal payments of $4.2 million on the SSTL.
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) 1ML, plus a margin of 4.00% and subject to a base rate floor of 2.00% or (b) 1ML, plus a margin of 5.00% and subject to a 1ML floor of 1.00%. To date we have elected option (b) to determine the interest rate.
(3) | On September 28, 2018, we renewed this facility through September 27, 2019. In connection with the renewal, we increased the maximum borrowing amount from $137.5 million to $175.0 million, of which $100.0 million is available on a committed basis and the remainder is available at the discretion of the lender.
(4) | 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 May 31, 2018, we renewed these facilities through April 30, 2019 ($175.0 million) and May 31, 2019 ($75.0 million).
(5) | Under this participation agreement, the lender provides financing for $100.0 million at the discretion of the lender. The participation agreement allows 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. On August 15, 2018, we renewed these facilities through August 15, 2019.
(6) | On December 7, 2018, we renewed this facility through December 6, 2019. In connection with the renewal, we increased the maximum borrowing amount from $150.0 million to $250.0 million, of which $200.0 million is available on a committed basis and the remainder is available at the discretion of the lender. The agreement allows 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.
(7) | Under this agreement, t he lender provides financing for up to $50.0 million at the discretion of the lender. On January 23, 2019, we renewed this facility through January 22, 2020.
(8) | This agreement was originally entered into by PHH and subsequently assumed by Ocwen in connection with its acquisition of PHH. T he lender provides financing for up to $200.0 million at the discretion of the lender. The agreement has no stated maturity date.
In addition to the above mortgage loan warehouse facilities, we entered into a master participation agreement on February 4, 2019 under which the lender will provide $300.0 million of borrowing capacity to PMC on an uncommitted basis to finance single family mortgage loans held for sale.
Senior Notes |  |  |  |  | Outstanding Balance at December 31,
| Interest Rate |  | Maturity |  | 2018 |  | 2017
Senior unsecured notes: |  |  |  |  |  |  |
Ocwen (1) | 6.625% |  | May 2019 |  | $ | — |  |  | $ | 3,122 |
PHH (2) | 7.375% |  | Sep. 2019 |  | 97,521 |  |  | — |
PHH (2) | 6.375% |  | Aug. 2021 |  | 21,543 |  |  | — |
|  |  |  |  | 119,064 |  |  | 3,122 |
Senior secured notes (3) | 8.375% |  | Nov. 2022 |  | 330,878 |  |  | 346,878 |
|  |  |  |  | 449,942 |  |  | 350,000 |
Unamortized debt issuance costs |  | (2,075 | ) |  | (2,662 | )
Fair value adjustments (2) |  |  |  |  | 860 |  |  | — |
|  |  |  |  | $ | 448,727 |  |  | $ | 347,338 |
(1) | On December 21, 2018, we redeemed all of the remaining Senior unsecured notes due in May 2019, at a redemption price of 100.0% of the outstanding principal balance plus accrued and unpaid interest.
(2) | These notes were originally issued by PHH and subsequently assumed by Ocwen in connection with its acquisition of PHH. We recorded the notes at their respective fair values on the date of acquisition, and we are amortizing the resulting fair value adjustments over the remaining term of the notes. We have the option to redeem the notes due in August 2021, in whole or in part, on or after January 1, 2019 at a redemption price equal to 100.0% of the principal amount plus any accrued and unpaid interest.
(3) | In 2016, OLS completed a debt-for-debt exchange offer whereby OLS issued $346.9 million aggregate principal amount of 8.375% Senior Secured Second Lien Notes that mature November 15, 2022 (Senior Secured Notes) in exchange for $346.9 million aggregate principal amount (or 99.1%) of Ocwen’s Senior Unsecured Notes. Interest is payable semiannually on each May 15 and November 15, and commenced on May 15, 2017. In December 2018, Ocwen repurchased $16.0 million of the Senior Secured Notes at a price of 96.0%.
At any time, OLS may redeem all or a part of the Senior Secured Notes, upon not less than 30 nor more than 60 days’ notice at a specified redemption price, plus accrued and unpaid interest to the date of redemption. OLS may redeem all or a part of the Senior Secured Notes at the redemption prices (expressed as percentages of principal amount) specified in the Indenture. The redemption prices during the twelve-month periods beginning on November 15 th of each year are as follows:
Year |  | Redemption Price
2018 |  | 106.281 | %
2019 |  | 104.188 |
2020 |  | 102.094 |
2021 and thereafter |  | 100.000 |
Upon a change of control (as defined in the Indenture), OLS is required to make an offer to the holders of the Senior Secured Notes to repurchase all or a portion of each holder’s Senior Secured Notes at a purchase price equal to 101.0% of the principal amount of the Senior Secured Notes purchased plus accrued and unpaid interest to the date of purchase. The Indenture contains certain covenants, including, but not limited to, limitations and restrictions on Ocwen’s ability and the ability of its restricted subsidiaries (including OLS) to (i) incur additional debt or issue preferred stock; (ii) pay dividends or make distributions on or purchase equity interests of Ocwen (iii) repurchase or redeem subordinated debt prior to maturity; (iv) make investments or other restricted payments; (v) create liens on assets to secure debt of OLS or any Guarantor; (vi) sell or transfer assets; (vii) enter into transactions with affiliates; and (viii) enter into mergers, consolidations, or sales of all or substantially all of the assets of Ocwen and its restricted subsidiaries, taken as a whole. As of the date of the Indenture, all of Ocwen’s subsidiaries are restricted subsidiaries. The restrictive covenants set forth in the Indenture are subject to important exceptions and qualifications. Many of the restrictive covenants will be suspended if (i) the Senior Secured Notes achieve an investment grade rating from both Moody’s and S&P and (ii) no default or event of default has occurred and is continuing under the Indenture. Covenants that are suspended as a result of achieving these ratings will again apply if one or both of Moody’s and S&P withdraws its investment grade rating or downgrades the rating assigned to the Senior Secured Notes below an investment grade rating. Credit Ratings Credit ratings are intended to be an indicator of the creditworthiness of a company, security or obligation. At December 31, 2018, the S&P long-term corporate rating was “B-”. On December 11, 2018, Moody’s affirmed the long-term corporate rating of “Caal” and revised the outlook to stable from negative. On July 25, 2018, Fitch affirmed the long-term issuer default rating of “B-” and withdrew all corporate ratings. It is possible that additional actions by credit rating agencies could have a material adverse impact on our liquidity and funding position, including materially changing the terms on which we may be able to borrow money. Covenants Under the terms of our debt agreements, we are subject to various qualitative and quantitative covenants. Collectively, these covenants include:
• | Financial covenants;
• | Covenants to operate in material compliance with applicable laws;
• | Restrictions on our ability to engage in various activities, including but not limited to incurring additional debt, paying dividends or making distributions on or purchasing equity interests of Ocwen, repurchasing or redeeming capital stock or junior capital, repurchasing or redeeming subordinated debt prior to maturity, issuing preferred stock, selling or transferring assets or making loans or investments or acquisitions or other restricted payments, entering into mergers or consolidations or sales of all or substantially all of the assets of Ocwen and its subsidiaries, creating liens on assets to secure debt of OLS or any Guarantor, entering into transactions with affiliates;
• | Monitoring and reporting of various specified transactions or events, including specific reporting on defined events affecting collateral underlying certain debt agreements; and
• | Requirements to provide audited financial statements within specified timeframes, including requirements that Ocwen’s financial statements and the related audit report be unqualified as to going concern.
Many of the restrictive covenants arising from the indenture for the Senior Secured Notes will be suspended if the Senior Secured Notes achieve an investment-grade rating from both Moody’s and S&P and if no default or event of default has occurred and is continuing. Financial covenants in certain of our debt agreements require that we maintain, among other things:
• | a 40% loan to collateral value ratio, as defined under our SSTL, as of the last date of any fiscal quarter; and
• | specified levels of tangible net worth and liquidity at the OLS level.
As of December 31, 2018, the most restrictive consolidated tangible net worth requirements contained in our debt agreements were for a minimum of $275.0 million in consolidated tangible net worth, as defined, at Ocwen under our match funded debt and certain of our other debt agreements. As a result of the covenants to which we are subject, we may be limited in the manner in which we conduct our business and may be limited in our ability to engage in favorable business activities or raise additional capital to finance future operations or satisfy future liquidity needs. In addition, breaches or events that may result in a default under our debt agreements include, among other things, nonpayment of principal or interest, noncompliance with our covenants, breach of representations, the occurrence of a material adverse change, insolvency, bankruptcy, certain material judgments and changes of control. Covenants and default provisions of this type are commonly found in debt agreements such as ours. Certain of these covenants and default provisions are open to subjective interpretation and, if our interpretation was contested by a lender, a court may ultimately be required to determine compliance or lack thereof. In addition, our debt agreements generally include cross default provisions such that a default under one agreement could trigger defaults under other agreements. If we fail to comply with our debt agreements and are unable to avoid, remedy or secure a waiver of any resulting default, we may be subject to adverse action by our lenders, including termination of further funding, acceleration of outstanding obligations, enforcement of liens against the assets securing or otherwise supporting our obligations and other legal remedies. Our lenders can waive their contractual rights in the event of a default. We believe that we are in compliance with all of the qualitative and quantitative covenants in our debt agreements as of the date of these financial statements. Collateral Our assets held as collateral related to secured borrowings, committed under sale or other contractual obligations and which may be subject to secured liens under the SSTL and Senior Secured Notes are as follows at December 31, 2018:
|  |  | Collateral for Secured Borrowings |  |  |  |
| Total Assets |  | Match Funded Liabilities |  | Financing Liabilities |  | Mortgage Loan Warehouse Facilities |  | Sales and Other Commitments (1) |  | Other (2)
Cash | $ | 329,132 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 329,132 |
Restricted cash | 67,878 |  |  | 20,968 |  |  | — |  |  | 5,658 |  |  | 41,252 |  |  | — |
Mortgage servicing rights | 1,457,149 |  |  | — |  |  | 985,576 |  |  | — |  |  | 9,867 |  |  | 461,706 |
Advances, net | 249,382 |  |  | — |  |  | 11,162 |  |  | — |  |  | 31,216 |  |  | 207,004 |
Match funded assets | 937,294 |  |  | 937,294 |  |  | — |  |  | — |  |  | — |  |  | — |
Loans held for sale | 242,622 |  |  | — |  |  | — |  |  | 143,704 |  |  | — |  |  | 98,918 |
Loans held for investment | 5,498,719 |  |  | — |  |  | 5,406,968 |  |  | 33,567 |  |  | — |  |  | 58,184 |
Receivables, net | 198,262 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 198,262 |
Premises and equipment, net | 33,417 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,417 |
Other assets | 379,567 |  |  | — |  |  | — |  |  | — |  |  | 320,032 |  |  | 59,535 |
Assets related to discontinued operations | 794 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 794 |
Total Assets | $ | 9,394,216 |  |  | $ | 958,262 |  |  | $ | 6,403,706 |  |  | $ | 182,929 |  |  | $ | 402,367 |  |  | $ | 1,446,952 |
(1) | Sales and Other Commitments include MSRs and related advances committed under sale agreements, Restricted cash and deposits held as collateral to support certain contractual obligations, and Contingent loan repurchase assets related to the Ginnie Mae early buyout program for which a corresponding liability is recognized in Other liabilities.
(2) | The borrowings under the SSTL are secured by a first priority security interest in substantially all of the assets of Ocwen, OLS, PHH, PMC and the other guarantors thereunder, excluding among other things, 35% of the voting capital stock of foreign subsidiaries, securitization assets and equity interests of securitization entities, assets securing permitted funding indebtedness and non-recourse indebtedness, REO assets, Agency MSRs with respect to which an acknowledgment agreement acknowledging such security interest has not been obtained, as well as other customary carve-outs (collectively, the Collateral). The Collateral is subject to certain permitted liens set forth under the SSTL and related security agreement. The Senior Secured Notes are guaranteed by Ocwen and the other guarantors that guarantee the SSTL, and the borrowings under the Senior Secured Notes are secured by a second priority security interest in the Collateral. Security interests securing borrowings under the SSTL and Senior Secured Notes may include amounts presented in Other as well as certain assets presented in Collateral for Secured Borrowings and Sales and Other Commitments, subject to permitted liens as defined in the applicable debt documents. The amounts presented here may differ in their calculation and are not intended to represent amounts that may be used in connection with covenants under the applicable debt documents.
Maturities of Borrowings and Management’s Plans to Address Maturing Borrowings Certain of our borrowings mature within one year of the date of issuance of these financial statements. Based on management’s evaluation, we expect to renew, replace or extend all such borrowings to the extent necessary to finance our business on or prior to their respective maturities consistent with our historical experience.
| Expected Maturity Date (1) (2) (3) |  |  |
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | Total Balance |  | Fair Value
Match funded liabilities | $ | 628,284 |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 778,284 |  |  | $ | 776,485 |
Other secured borrowings | 172,463 |  |  | 214,750 |  |  |  |  | — |  |  | 387,213 |  |  | 383,162 |
Senior notes | 97,521 |  |  | — |  |  | 21,543 |  |  | 330,878 |  |  | 449,942 |  |  | 426,147 |
| $ | 898,268 |  |  | $ | 364,750 |  |  | $ | 21,543 |  |  | $ | 330,878 |  |  | $ | 1,615,439 |  |  | $ | 1,585,794 |
(1) | Amounts are exclusive of any related discount, unamortized debt issuance costs or fair value adjustment.
(2) | For match funded liabilities, the Expected Maturity Date is the date on which the revolving period ends for each advance financing facility note and repayment of the outstanding balance must begin if the note is not renewed or extended.
(3) | Excludes financing liabilities recognized in connection with asset sales transactions accounted for as financings, including $1.0 billion recorded in connection with sales of Rights to MSRs and MSRs and $5.4 billion recorded in connection with the securitizations of HMBS. These financing liabilities have no contractual maturity and are amortized over the life of the underlying assets.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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