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Business Acquisitions (Tables)
 12 Months Ended
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.