XML 133 R114.htm IDEA: XBRL DOCUMENT v3.10.0.1
Borrowings - Schedule of Financing Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Maturity [1] Dec. 31, 2020  
HMBS-related borrowings $ 5,380,448 $ 4,601,556
Other financing liabilities 1,127,613 593,518
Financing Liabilities [Member]    
Debt Instrument [Line Items]    
HMBS-related borrowings [2] 5,380,448 4,601,556
Other financing liabilities 1,032,856 508,291
Long-term debt, gross $ 6,508,061 5,195,074
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Maturity Feb. 28, 2028  
Other financing liabilities [3] $ 65,523 72,575
IndyMac Mortgage Loan Trust (INDX 2004-AR11) [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities 11,012 0
Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities 13,803 0
Financing Liability Owed to Securitization Investors [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities $ 24,815 0
Financing Liability – Advances Pledged [Member]    
Debt Instrument [Line Items]    
Interest rate 4.50%  
Financing Liability – Advances Pledged [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities [4] $ 4,419 12,652
LIBOR [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Interest rate 2.60%  
LIBOR [Member] | Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) [Member]    
Debt Instrument [Line Items]    
Interest rate 0.45%  
Original Rights to MSRs Agreements [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities [5] $ 436,511 499,042
2017 Agreements and New RMSR Agreements [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities 138,854 9,249
PHH MSR Agreements [Member] | Financing Liabilities [Member]    
Debt Instrument [Line Items]    
Other financing liabilities $ 457,491 $ 0
[1] 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.
[2] 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.
[3] 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.
[4] 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.
[5] 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.