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v3.19.3

Rights to MSRs (Tables) | 9 Months Ended
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Sep. 30, 2019
Transfers and Servicing [Abstract] |
Schedule of Assets, Liabilities, Servicing and Subservicing Fees Related to NRZ Agreements | The following tables present selected assets and liabilities recorded on our unaudited consolidated balance sheets as well as the impacts to our unaudited consolidated statements of operations in connection with our NRZ agreements.
Balance Sheets | September 30, 2019 |  | December 31, 2018
MSRs, at fair value | $ | 925,507 |  |  | $ | 894,002 |
Due from NRZ (Receivables) |  |  |
Sales and transfers of MSRs (1) | $ | 25,531 |  |  | $ | 23,757 |
Advance funding, subservicing fees and reimbursable expenses | 7,615 |  |  | 30,845 |
| $ | 33,146 |  |  | $ | 54,602 |
Due to NRZ (Other liabilities) | $ | 63,304 |  |  | $ | 53,001 |
Financing liability - MSRs pledged, at fair value |  |  |
Original Rights to MSRs Agreements | $ | 627,287 |  |  | $ | 436,511 |
2017 Agreements and New RMSR Agreements (2) | 61,445 |  |  | 138,854 |
PMC MSR Agreements | 298,220 |  |  | 457,491 |
| $ | 986,952 |  |  | $ | 1,032,856 |
(1) | Balance represents the holdback of proceeds from PMC MSR sales and transfers to address indemnification claims and mortgage loan document deficiencies. These sales were executed by PMC prior to the acquisition date.
(2) | $104.7 million and $34.1 million is expected to be recognized as a reduction in the financing liability and interest expense for the years ended December 31, 2019 and 2020, respectively.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Statements of Operations |  |  |  |  |  |  |
Servicing fees collected on behalf of NRZ | $ | 146,567 |  |  | $ | 120,593 |  |  | $ | 443,505 |  |  | $ | 374,322 |
Less: Subservicing fee retained by Ocwen | 35,462 |  |  | 33,335 |  |  | 108,774 |  |  | 101,997 |
Net servicing fees remitted to NRZ | 111,105 |  |  | 87,258 |  |  | 334,731 |  |  | 272,325 |
Less: Reduction (increase) in financing liability |  |  |  |  |  |  |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (228,644 | ) |  | 4,844 |  |  | (230,193 | ) |  | (3,938 | )
2017 Agreements and New RMSR Agreements | (2,216 | ) |  | (2,163 | ) |  | (4,562 | ) |  | 15,261 |
PMC MSR Agreements | 30,156 |  |  | — |  |  | 111,034 |  |  | — |
| (200,704 | ) |  | 2,681 |  |  | (123,721 | ) |  | 11,323 |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 11,170 |  |  | 15,896 |  |  | 31,617 |  |  | 50,739 |
2017 Agreements and New RMSR Agreements | 26,705 |  |  | 33,724 |  |  | 76,087 |  |  | 103,390 |
PMC MSR Agreements | 15,881 |  |  | — |  |  | 49,469 |  |  | — |
| 53,756 |  |  | 49,620 |  |  | 157,173 |  |  | 154,129 |
Other | 1,637 |  |  | (1,760 | ) |  | (2,022 | ) |  | (4,383 | )
Interest expense | $ | 256,416 |  |  | $ | 36,717 |  |  | $ | 303,301 |  |  | $ | 111,256 |
Schedule of Activity Related to Rights to Mortgage Servicing Rights |
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Balance at December 31, 2018 | $ | 436,511 |  |  | $ | 138,854 |  |  | $ | 457,491 |  |  | $ | 1,032,856 |
Additions | — |  |  | — |  |  | 1,221 |  |  | 1,221 |
Sales | — |  |  | — |  |  | 11 |  |  | 11 |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 230,193 |  |  | — |  |  | — |  |  | 230,193 |
2017 Agreements and New RMSR Agreements | — |  |  | 4,562 |  |  | — |  |  | 4,562 |
PMC MSR Agreements | — |  |  | — |  |  | (111,034 | ) |  | (111,034 | )
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (31,617 | ) |  | — |  |  | — |  |  | (31,617 | )
2017 Agreements and New RMSR Agreements | — |  |  | (76,087 | ) |  | — |  |  | (76,087 | )
PMC MSR Agreements | — |  |  | — |  |  | (49,469 | ) |  | (49,469 | )
Calls (1): |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (7,800 | ) |  | — |  |  | — |  |  | (7,800 | )
2017 Agreements and New RMSR Agreements | — |  |  | (5,884 | ) |  | — |  |  | (5,884 | )
Balance at September 30, 2019 | $ | 627,287 |  |  | $ | 61,445 |  |  | $ | 298,220 |  |  | $ | 986,952 |
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | Total
Balance at December 31, 2017 | $ | 499,042 |  |  | $ | 9,249 |  |  | $ | 508,291 |
Receipt of lump-sum cash payments | — |  |  | 279,586 |  |  | 279,586 |
Changes in fair value: |  |  |  |  |
Original Rights to MSRs Agreements | 3,938 |  |  | — |  |  | 3,938 |
2017 Agreements and New RMSR Agreements | — |  |  | (15,261 | ) |  | (15,261 | )
Runoff and settlement: |  |  |  |  |
Original Rights to MSRs Agreements | (50,739 | ) |  | — |  |  | (50,739 | )
2017 Agreements and New RMSR Agreements | — |  |  | (103,390 | ) |  | (103,390 | )
Calls (1): |  |  |  |  |
Original Rights to MSRs Agreements | (1,396 | ) |  | — |  |  | (1,396 | )
2017 Agreements and New RMSR Agreements | — |  |  | (830 | ) |  | (830 | )
Balance at September 30, 2018 | $ | 450,845 |  |  | $ | 169,354 |  |  | $ | 620,199 |
(1) | Represents the carrying value of MSRs in connection with call rights exercised by NRZ, for MSRs transferred to NRZ under the 2017 Agreements and New RMSR Agreements, or by Ocwen at NRZ’s direction, for MSRs underlying the Original Rights to MSRs Agreements. Ocwen derecognizes the MSRs and the related financing liability upon collapse of the securitization.

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