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Business Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Schedule of Purchase Price Allocation of Assets Acquired and Liabilities Assumed |
Purchase Price Allocation | October 4, 2018
Cash | $ | 423,088 |
Restricted cash | 38,813 |
Mortgage servicing rights | 518,127 |
Advances, net | 96,163 |
Loans held for sale | 42,324 |
Receivables, net | 46,838 |
Premises and equipment, net | 15,203 |
Real estate owned | 3,289 |
Other assets | 6,293 |
Assets related to discontinued operations | 2,017 |
Financing liabilities (MSRs pledged, at fair value) | (481,020 | )
Other secured borrowings, net | (27,594 | )
Senior notes, net (Senior unsecured notes) | (120,624 | )
Accrued legal fees and settlements | (9,960 | )
Other accrued expenses | (36,889 | )
Loan repurchase and indemnification liability | (27,736 | )
Unfunded pension liability | (9,815 | )
Other liabilities | (34,131 | )
Liabilities related to discontinued operations | (21,954 | )
Total identifiable net assets | 422,432 |
Total consideration paid to seller | (358,396 | )
Bargain purchase gain | $ | 64,036 |
Schedule of Post Acquisition Results of Operations | The following table presents the results of operations of PHH that are included in our consolidated statements of operations from the acquisition date of October 4, 2018 through December 31, 2018:
Revenues |  | $ | 72,487 |
Expenses |  | 84,877 |
Other income (expense) |  | (19,132 | )
Income tax benefit |  | (6,711 | )
Net loss from continuing operations |  | $ | (24,811 | )
Schedule of Pro Forma Results of Operations |
| 2018 |  | 2017
| (Unaudited) |  | (Unaudited)
Revenues | $ | 1,305,972 |  |  | $ | 1,785,408 |
Loss from continuing operations, net of tax attributable to Ocwen common stockholders | $ | (201,382 | ) |  | $ | (356,824 | )
Schedule of Discontinued Operations | The results of discontinued operations for the post-acquisition period (October 4, 2018, through December 31, 2018) are summarized below:
Net revenues | $ | 413 |
Total expenses (1) | (996 | )
Income before income taxes | 1,409 |
Income tax expense (benefit) | — |
Income from discontinued operations | $ | 1,409 |
(1) Total expenses are shown net of a severance expense reversal that occurred as a result of voluntary post-acquisition employee departures and amortization of facility exit costs. There was no gain or loss directly attributed to the completion of the disposal of these businesses. Assets and Liabilities The carrying amounts of major classes of assets and liabilities related to discontinued operations consisted of the following at December 31, 2018:
Assets |
Mortgage loans held for sale | $ | 650 |
Accounts receivable, net | 144 |
Total assets related to discontinued operations | $ | 794 |
Liabilities |
Other liabilities (1) | 18,265 |
Total liabilities related to discontinued operations | $ | 18,265 |
(1) The primary component of Other liabilities is an exit cost liability which includes $14.9 million of facility exit costs related to vacating certain facilities.

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