XML 136 R117.htm IDEA: XBRL DOCUMENT v3.10.0.1
Borrowings - Schedule of Other Secured Borrowings (Footnote) (Details) - USD ($)
12 Months Ended
Dec. 05, 2016
Dec. 31, 2018
Dec. 07, 2018
Sep. 28, 2018
SSTL [Member]        
Debt Instrument [Line Items]        
New term loans issuable $ 100,000,000      
Periodic prepayment of SSTL   $ 4,200,000    
Maximum borrowing capacity $ 335,000,000      
Percentage of loan to value   40.00%    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   $ 62,400,000    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   175,000,000   $ 137,500,000
Borrowings available o committed basis   100,000,000    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Participation Agreement [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 250,000,000    
Beneficial interest   100.00%    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Participation Agreement [Member] | April 30, 2019 Maturity [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 175,000,000.0    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Participation Agreement [Member] | May 31, 2019 Maturity [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   75,000,000.0    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Mortgage Warehouse Agreement [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   100,000,000    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   250,000,000 $ 150,000,000  
Borrowings available o committed basis   $ 200,000,000    
Beneficial interest   100.00%    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   $ 50,000,000    
Mortgage Loan Warehouse Facilities [Member] | Other Secured Borrowings [Member] | Master Repurchase Agreement [Member] | April 30, 2019 Maturity [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity   200,000,000.0    
Other Secured Borrowings [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1]   194,627,000    
Other Secured Borrowings [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1],[2]   0    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1]   194,627,000    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1],[3]   25,307,000    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Participation Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1],[4]   0    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Mortgage Warehouse Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity [1],[5]   0    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   169,320,000    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   $ 0    
Interest rate [6]   0.00%    
Interest rate at floor   4.00%    
Other Secured Borrowings [Member] | Mortgage Loan Warehouse Facilities [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Available borrowing capacity   $ 0    
Other Secured Borrowings [Member] | Eurodollar [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Interest rate [2]   5.00%    
Interest rate at floor [2]   1.00%    
Other Secured Borrowings [Member] | LIBOR [Member] | Mortgage Loan Warehouse Facilities [Member] | Mortgage Warehouse Agreement [Member]        
Debt Instrument [Line Items]        
Interest rate [4]   2.75%    
Interest rate at floor [4]   3.50%    
Other Secured Borrowings [Member] | LIBOR [Member] | Mortgage Loan Warehouse Facilities [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Interest rate [6]   1.70%    
Other Secured Borrowings [Member] | Minimum [Member] | LIBOR [Member] | Mortgage Loan Warehouse Facilities [Member] | Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Interest rate [3]   1.95%    
Other Secured Borrowings [Member] | Maximum [Member] | LIBOR [Member] | Mortgage Loan Warehouse Facilities [Member] | Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Interest rate [3]   3.00%    
Senior Secured Term Loan Option One [Member] | Federal Funds Rate [Member] | Other Secured Borrowings [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Interest rate 0.50%      
Senior Secured Term Loan Option One [Member] | Eurodollar [Member] | Other Secured Borrowings [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Interest rate 4.00%      
Senior Secured Term Loan Option One [Member] | Base Rate [Member] | Other Secured Borrowings [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Interest rate at floor 2.00%      
Senior Secured Term Loan Option Two [Member] | Eurodollar [Member] | Other Secured Borrowings [Member] | SSTL [Member]        
Debt Instrument [Line Items]        
Interest rate 5.00%      
Interest rate at floor 1.00%      
Reverse Lending [Member] | Other Secured Borrowings [Member] | LIBOR [Member] | Mortgage Loan Warehouse Facilities [Member] | Master Repurchase Agreement [Member]        
Debt Instrument [Line Items]        
Interest rate [6]   2.75%    
[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 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.
[5] 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.
[6] Under this agreement, the 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.