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Borrowings | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Borrowings |
Note 13 – Borrowings
Match Funded Liabilities |  |  |  |  |  |  |  | September 30, 2019 |  | December 31, 2018
Borrowing Type |  | Maturity (1) |  | Amorti- zation Date (1) |  | Available Borrowing Capacity (2) |  | Weighted Average Interest Rate (3) |  | Balance |  | Weighted Average Interest Rate (3) |  | Balance
Advance Financing Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advance Receivables Backed Notes - Series 2015-VF5 (4) |  | Dec. 2049 |  | Dec. 2019 |  | $ | 29,549 |  |  | 3.96 | % |  | $ | 195,451 |  |  | 4.06 | % |  | $ | 216,559 |
Advance Receivables Backed Notes - Series 2016-T2 (5) |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | — |  |  | — |  |  | 2.99 |  |  | 235,000 |
Advance Receivables Backed Notes, Series 2018-T1 (5) |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | — |  |  | — |  |  | 3.50 |  |  | 150,000 |
Advance Receivables Backed Notes, Series 2018-T2 (5) |  | Aug. 2050 |  | Aug. 2020 |  | — |  |  | — |  |  | — |  |  | 3.81 |  |  | 150,000 |
Advance Receivables Backed Notes, Series 2019-T1 (5) |  | Aug. 2050 |  | Aug. 2020 |  | — |  |  | 2.62 |  |  | 185,000 |  |  | — |  |  | — |
Advance Receivables Backed Notes, Series 2019-T2 (5) |  | Aug. 2051 |  | Aug. 2021 |  | — |  |  | 2.53 |  |  | 285,000 |  |  | — |  |  | — |
Total Ocwen Master Advance Receivables Trust (OMART) |  |  |  |  |  | 29,549 |  |  | 2.97 |  |  | 665,451 |  |  | 3.56 |  |  | 751,559 |
Ocwen Freddie Advance Funding (OFAF) - Advance Receivables Backed Notes, Series 2015-VF1 (6) |  | Jun. 2050 |  | Jun. 2020 |  | 37,954 |  |  | 3.76 |  |  | 22,046 |  |  | 5.03 |  |  | 26,725 |
|  |  |  |  |  | $ | 67,503 |  |  | 3.00 | % |  | $ | 687,497 |  |  | 3.61 | % |  | $ | 778,284 |
(1) | The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In all of our advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied ratably to each outstanding amortizing note to reduce the balance and as such the collection of advances allocated to the amortizing note may not be used to fund new advances.
(2) | Borrowing capacity under the OMART and OFAF facilities is available to us provided that we have sufficient eligible collateral to pledge in accordance with their respective terms. At September 30, 2019, none of the available borrowing capacity of our advance financing notes could be used based on the amount of eligible collateral that had been pledged.
(3) | 1ML was 2.02% and 2.50% at September 30, 2019 and December 31, 2018, respectively.
(4) | The total borrowing capacity of the Series 2015-VF5 variable notes is $225.0 million, with interest computed based on the lender’s cost of funds plus a margin. At September 30, 2019, the weighted average interest margin was 135 bps.
(5) | On August 14, 2019, we issued two fixed-rate term notes of $185.0 million (Series 2019 T-1) and $285.0 million (Series 2019-T2) with amortization dates of August 17, 2020 and August 16, 2021, respectively, for a total combined borrowing capacity of $470.0 million. The weighted average rate of the notes is 2.57% with rates on the individual classes of notes ranging from 2.42% to 4.44%. The Series 2016-T2, 2018-T1 and 2018-T2 fixed-rate term notes were all redeemed on August 15, 2019.
(6) | On June 6, 2019, we renewed this facility through June 5, 2020 and borrowing capacity was reduced from $65.0 million to $60.0 million with interest computed based on the lender’s cost of funds plus a margin. At September 30, 2019, the weighted average interest margin was 157 bps.
Pursuant to the 2017 Agreements and New RMSR Agreements, NRZ is obligated to fund new servicing advances with respect to the MSRs underlying the Rights to MSRs. We are dependent upon NRZ for funding the servicing advance obligations for Rights to MSRs where we are the servicer. As the servicer, we are contractually required under our servicing agreements to make certain servicing advances even if NRZ does not perform its contractual obligations to fund those advances. NRZ currently uses advance financing facilities in order to fund a substantial portion of the servicing advances that they are contractually obligated to purchase pursuant to our agreements with them. As of September 30, 2019, we were the servicer of Rights to MSRs sold to NRZ pertaining to $19.2 billion in UPB, which excludes those Rights to MSRs where legal title has transferred to NRZ. NRZ’s associated outstanding servicing advances as of such date were approximately $694.6 million. Should NRZ’s advance financing facilities fail to perform as envisaged or should NRZ otherwise be unable to meet its advance funding obligations, our liquidity, financial condition and business could be materially and adversely affected. See Note 10 — Rights to MSRs for additional information. In addition, although we are not an obligor or guarantor under NRZ’s advance financing facilities, we are a party to certain of the facility documents as the servicer of the underlying loans on which advances are being financed. As the servicer, we make certain representations, warranties and covenants, including representations and warranties in connection with advances subsequently sold to, or reimbursed by, NRZ.
Financing Liabilities |  |  |  |  |  |  |  | Outstanding Balance
Borrowing Type |  | Collateral |  | Interest Rate |  | Maturity |  | September 30, 2019 |  | December 31, 2018
HMBS-Related Borrowings, at fair value (1) |  | Loans held for investment |  | 1ML + 260 bps |  | (1) |  | $ | 5,903,965 |  |  | $ | 5,380,448 |
Other Financing Liabilities |  |  |  |  |  |  |  |  |  |
MSRs pledged (Rights to MSRs), at fair value: |  |  |  |  |  |  |  |  |  |
Original Rights to MSRs Agreements |  | MSRs |  | (2) |  | (2) |  | 627,287 |  |  | 436,511 |
2017 Agreements and New RMSR Agreements |  | MSRs |  | (3) |  | (3) |  | 61,445 |  |  | 138,854 |
PMC MSR Agreements |  | MSRs |  | (4) |  | (4) |  | 298,220 |  |  | 457,491 |
|  |  |  |  |  |  |  | 986,952 |  |  | 1,032,856 |
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 (5) |  | MSRs |  | (5) |  | Feb. 2028 |  | 59,815 |  |  | 65,523 |
Financing liability - Owed to securitization investors, at fair value: |  |  |  |  |  |  |  |  |  |
IndyMac Mortgage Loan Trust (INDX 2004-AR11) (6) |  | Loans held for investment |  | (6) |  | (6) |  | 9,987 |  |  | 11,012 |
Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) (6) |  | Loans held for investment |  | (6) |  | (6) |  | 12,840 |  |  | 13,803 |
|  |  |  |  |  |  |  | 22,827 |  |  | 24,815 |
Advances pledged (7) |  | Advances on loans |  | (7) |  | (7) |  | — |  |  | 4,419 |
Total Other Financing Liabilities |  |  |  |  |  |  |  | 1,069,594 |  |  | 1,127,613 |
|  |  |  |  |  |  |  | $ | 6,973,559 |  |  | $ | 6,508,061 |
(1) | 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.
(2) | 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.
(3) | This financing liability arose in connection with $54.6 million of 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.
(4) | Represents a liability for sales of MSRs that are accounted for as a secured borrowing which we assumed in connection with the acquisition of PHH. Under this accounting treatment, the MSRs transferred to NRZ remain on the consolidated balance sheet and the proceeds from the sale are recognized as a secured liability. We elected to record the liability at fair value consistent with the related MSRs.
(5) | 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.
(6) | Consists of securitization debt certificates due to third parties that represent beneficial interests in trusts that we include in our unaudited consolidated financial statements, as more fully described in Note 4 – Securitizations and Variable Interest Entities. The holders of these certificates have no recourse against the assets of Ocwen. The certificates in the INDX 2004-AR11 Trust pay interest based on variable rates which are generally based on weighted average net mortgage rates and which range between 3.70% and 4.24% at September 30, 2019. The certificates in the RAST 2003-A11 Trust pay interest based on fixed rates ranging between 4.25% and 5.75% and a variable rate based on 1ML plus 0.45%. The maturity of the certificates occurs upon maturity of the loans held by the trust. The remaining loans in the INDX 2004-AR11 Trust and RAST 2003-A11 Trust have maturity dates extending through November 2034 and October 2033, respectively.
(7) | Certain sales of advances did not qualify for sales accounting treatment and were accounted for as a financing. This financing liability has no contractual maturity. The effective interest rate is based on 1ML plus a margin of 450 bps.
Other Secured Borrowings |  |  |  |  |  |  |  |  | Outstanding Balance
Borrowing Type |  | Collateral |  | Interest Rate |  | Termination / Maturity |  | Available Borrowing Capacity (1) |  | September 30, 2019 |  | December 31, 2018
SSTL (2) |  | (2) |  | 1-Month Euro-dollar rate + 500 bps with a Eurodollar floor of 100 bps (2) |  | Dec. 2020 |  | $ | — |  |  | $ | 332,426 |  |  | $ | 231,500 |
Mortgage loan warehouse facilities |  |  |  |  |  |  |  |  |  |  |  |
Master repurchase agreement (3) |  | Loans held for sale (LHFS) |  | 1ML + 195 - 300 bps |  | Sep. 2020 |  | — |  |  | 109,039 |  |  | 74,693 |
Participation agreement (4) |  | LHFS |  | N/A |  | Jul. 2019 |  | — |  |  | — |  |  | 42,331 |
Participation agreement (5) |  | LHFS (reverse mortgages) |  | 1ML + 250 bps; 1ML floor of 350 bps |  | Aug. 2020 |  | — |  |  | 19,149 |  |  | 8,009 |
Master repurchase agreement (6) |  | LHFS (forward and reverse mortgages) |  | 1ML + 225 bps forward; 1ML + 275 bps reverse |  | Dec. 2019 |  | 101,067 |  |  | 98,933 |  |  | 30,680 |
Participation agreement (7) |  | LHFS (reverse mortgages) |  | Prime + 0.0% (4.0% floor) |  | Jan. 2020 |  | — |  |  | 3,997 |  |  | — |
Master repurchase agreement (8) |  | N/A |  | 1ML + 170bps |  | N/A |  | — |  |  | — |  |  | — |
Participation agreement (9) |  | LHFS |  | N/A |  | Feb. 2020 |  | — |  |  | 12,080 |  |  | — |
|  |  |  |  |  |  |  | 101,067 |  |  | 243,198 |  |  | 155,713 |
Agency MSR financing facility (10) |  | MSRs |  | 1ML + 300bps |  | Jun. 2020 |  | 162,388 |  |  | 137,612 |  |  | — |
|  |  |  |  |  |  |  | $ | 263,455 |  |  | 713,236 |  |  | 387,213 |
Unamortized debt issuance costs - SSTL |  |  |  | (2,861 | ) |  | (3,098 | )
Discount - SSTL |  |  |  | (1,446 | ) |  | (1,577 | )
|  |  |  |  |  |  |  |  |  |  | $ | 708,929 |  |  | $ | 382,538 |
Weighted average interest rate |  | 5.19 | % |  | 5.49 | %
(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, none could be used at September 30, 2019 based on the amount of eligible collateral that could be pledged.
(2) | On March 18, 2019, we entered into a Joinder and Amendment Agreement (the Amendment) which amends the existing Amended and Restated SSTL Facility Agreement dated December 5, 2016 to provide an additional term loan of $120.0 million subject to the same maturity, interest rate and other material terms of existing borrowings under the SSTL. Effective with the Amendment, the quarterly principal payment has been increased from $4.2 million to $6.4 million beginning March 31, 2019. See information regarding collateral in the table below.
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) | The maximum borrowing under this agreement is $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. On September 27, 2019, we renewed this facility through September 25, 2020.
(4) | Effective with the merger of Homeward Residential, Inc. (Homeward) into PMC in February 2019, an existing participation agreement with uncommitted borrowing capacity of $75.0 million was terminated. Effective with the merger of Ocwen Loan Servicing, LLC (OLS) into PMC in June 2019, the remaining participation agreement with uncommitted borrowing capacity of $175.0 million was also terminated.
(5) | Under this participation agreement, the lender provides financing for $100.0 million on an uncommitted basis. 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 13, 2019, we renewed this facility through August 14, 2020.
(6) | The maximum borrowing under this agreement is $250.0 million, of which $200.0 million is available on a committed basis and the remainder is available on an uncommitted basis. 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.
(7) | Under this agreement, t he lender provides financing for up to $50.0 million on an uncommitted basis. On January 23, 2019, we renewed this facility through January 22, 2020.
(8) | This agreement was originally entered into by PHH and subsequently assumed by Ocwen in connection with its acquisition of PHH. T he facility provides financing for up to $200.0 million at the discretion of the provider. The agreement has no stated maturity date.
(9) | We entered into a master participation agreement on February 4, 2019 under which the lender will provide $300.0 million of borrowing capacity to PMC on an uncommitted basis. 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. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement.
(10) | On July 1, 2019, PMC entered into a financing facility that is secured by certain Fannie Mae and Freddie Mac MSRs. In connection with this facility, PMC entered into repurchase agreements pursuant to which PMC sold trust certificates representing certain indirect economic interests in the MSRs and agreed to repurchase such trust certificates at a future date at the repurchase price set forth in the repurchase agreements. PMC’s obligations under this facility are secured by a lien on the related MSRs. Ocwen guarantees the obligations of PMC under this facility. The maximum amount which we may borrow pursuant to the repurchase agreements is $300.0 million on a committed basis. The lender earns the stated interest rate of 1ML plus a margin of 300 bps. See Note 4 – Securitizations and Variable Interest Entities for additional information.
Senior Notes | Interest Rate |  | Maturity |  | Outstanding Balance
|  | September 30, 2019 |  | December 31, 2018
Senior unsecured notes: |  |  |  |  |  |  |
PHH (1) | 7.375% |  | Sep. 2019 |  | $ | — |  |  | $ | 97,521 |
PHH (2) | 6.375% |  | Aug. 2021 |  | 21,543 |  |  | 21,543 |
|  |  |  |  | 21,543 |  |  | 119,064 |
Senior secured notes | 8.375% |  | Nov. 2022 |  | 291,509 |  |  | 330,878 |
|  |  |  |  | 313,052 |  |  | 449,942 |
Unamortized debt issuance costs |  |  |  |  | (1,694 | ) |  | (2,075 | )
Fair value adjustments (2) |  |  |  |  | (570 | ) |  | 860 |
|  |  |  |  | $ | 310,788 |  |  | $ | 448,727 |
(1) | On September 2, 2019, we redeemed all of the Senior unsecured notes due in September 2019, at a redemption price of 100.0% of the outstanding principal balance plus accrued and unpaid interest.
(2) | These notes were originally issued by PHH and subsequently assumed by Ocwen in connection with its acquisition of PHH. We recorded the notes at their respective fair values on the date of acquisition, and we are amortizing the resulting fair value purchase accounting adjustments over the remaining term of the notes. We have the option to redeem the notes due in August 2021, in whole or in part, on or after January 1, 2019 at a redemption price equal to 100.0% of the principal amount plus any accrued and unpaid interest.
At any time, we may redeem all or a part of the 8.375% Senior secured notes, upon not less than 30 nor more than 60 days’ notice at a specified redemption price, plus accrued and unpaid interest to the date of redemption. We may redeem all or a part of these notes at the redemption prices (expressed as percentages of principal amount) specified in the Indenture. The redemption prices during the twelve-month periods beginning on November 15 th of each year are as follows:
Year |  | Redemption Price
2018 |  | 106.281%
2019 |  | 104.188%
2020 |  | 102.094%
2021 and thereafter |  | 100.000%
Upon a change of control (as defined in the Indenture), we are required to make an offer to the holders of the 8.375% Senior secured notes to repurchase all or a portion of each holder’s notes at a purchase price equal to 101.0% of the principal amount of the notes purchased plus accrued and unpaid interest to the date of purchase. During July and August 2019, we repurchased a total of $39.4 million of our 8.375% Senior secured notes in the open market for a price of $34.3 million. We recognized a gain of $5.1 million on these repurchases which is reported in Gain on repurchases of senior secured notes in the unaudited consolidated statement of operations. Credit Ratings Credit ratings are intended to be an indicator of the creditworthiness of a company’s debt obligations. At September 30, 2019, the S&P issuer credit rating for Ocwen was “B-”. On June 1, 2019, OLS, the borrower under the SSTL and 8.375% Senior secured notes, merged with PMC which became the successor obligor for these borrowings. As a result, on July 3, 2019, S&P withdrew the ratings of OLS and assigned a B- issuer credit rating to PMC. On September 11, 2019 Moody’s withdrew the Caa1 corporate family rating of Ocwen as it no longer maintained any rated debt outstanding and issued a corporate family rating of Caa1 with negative outlook to PMC. It is possible that additional actions by credit rating agencies could have a material adverse impact on our liquidity and funding position, including materially changing the terms on which we may be able to borrow money. Covenants Under the terms of our debt agreements, we are subject to various qualitative and quantitative covenants. Collectively, these covenants include:
• | Financial covenants;
• | Covenants to operate in material compliance with applicable laws;
• | Restrictions on our ability to engage in various activities, including but not limited to incurring additional forms of debt, paying dividends or making distributions on or purchasing equity interests of Ocwen, repurchasing or redeeming capital stock or junior capital, repurchasing or redeeming subordinated debt prior to maturity, issuing preferred stock, selling or transferring assets or making loans or investments or acquisitions or other restricted payments, entering into mergers or consolidations or sales of all or substantially all of the assets of Ocwen and its subsidiaries, creating liens on assets to secure debt of any guarantor, entering into transactions with affiliates;
• | Monitoring and reporting of various specified transactions or events, including specific reporting on defined events affecting collateral underlying certain debt agreements; and
• | Requirements to provide audited financial statements within specified timeframes, including requirements that Ocwen’s financial statements and the related audit report be unqualified as to going concern.
Many of the restrictive covenants arising from the indenture for the Senior Secured Notes will be suspended if the Senior Secured Notes achieve an investment-grade rating from both Moody’s and S&P and if no default or event of default has occurred and is continuing. Financial covenants in certain of our debt agreements require that we maintain, among other things:
• | a 40% loan to collateral value ratio, as defined under our SSTL, as of the last date of any fiscal quarter; and
• | specified levels of tangible net worth and liquidity at the consolidated Ocwen level.
As of September 30, 2019, the most restrictive consolidated tangible net worth requirements contained in our debt agreements were for a minimum of $200.0 million in consolidated tangible net worth, as defined, under certain of our match funded debt and mortgage warehouse agreements. The most restrictive liquidity requirements were for a minimum of $100.0 million in consolidated liquidity, as defined, under certain of our match funded debt and mortgage warehouse agreements. As a result of the covenants to which we are subject, we may be limited in the manner in which we conduct our business and may be limited in our ability to engage in favorable business activities or raise additional forms of capital to finance future operations or satisfy future liquidity needs. In addition, breaches or events that may result in a default under our debt agreements include, among other things, nonpayment of principal or interest, noncompliance with our covenants, breach of representations, the occurrence of a material adverse change, insolvency, bankruptcy, certain material judgments and changes of control. Covenants and default provisions of this type are commonly found in debt agreements such as ours. Certain of these covenants and default provisions are open to subjective interpretation and, if our interpretation was contested by a lender, a court may ultimately be required to determine compliance or lack thereof. In addition, our debt agreements generally include cross default provisions such that a default under one agreement could trigger defaults under other agreements. If we fail to comply with our debt agreements and are unable to avoid, remedy or secure a waiver of any resulting default, we may be subject to adverse action by our lenders, including termination of further funding, acceleration of outstanding obligations, enforcement of liens against the assets securing or otherwise supporting our obligations and other legal remedies. Our lenders can waive their contractual rights in the event of a default. We believe we were in compliance with all of the qualitative and quantitative covenants in our debt agreements as of the date of these financial statements. Collateral Our assets held as collateral related to secured borrowings, committed under sale or other contractual obligations and which may be subject to secured liens under the SSTL and Senior Secured Notes are as follows at September 30, 2019:
|  |  | Collateral for Secured Borrowings |  |  |  |
| Total Assets |  | Match Funded Liabilities |  | Financing Liabilities / Other Secured Borrowings |  | Mortgage Loan Warehouse Facilities |  | Sales and Other Commitments (1) |  | Other (2)
Cash | $ | 345,084 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 345,084 |
Restricted cash | 58,661 |  |  | 13,625 |  |  | 100 |  |  | 3,401 |  |  | 41,535 |  |  | — |
MSRs (3) | 1,455,553 |  |  |  |  |  | 1,178,968 |  |  | — |  |  | 11,338 |  |  | 265,247 |
Advances, net | 212,684 |  |  | — |  |  |  |  |  | — |  |  | 28,765 |  |  | 183,919 |
Match funded advances | 825,760 |  |  | 825,760 |  |  | — |  |  | — |  |  | — |  |  | — |
Loans held for sale | 275,579 |  |  | — |  |  | — |  |  | 203,023 |  |  | — |  |  | 72,556 |
Loans held for investment | 6,073,687 |  |  | — |  |  | 5,983,786 |  |  | 48,007 |  |  | — |  |  | 41,894 |
Receivables, net | 152,222 |  |  | — |  |  | — |  |  | 23,444 |  |  | — |  |  | 128,778 |
Premises and equipment, net | 43,974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,974 |
Other assets | 513,449 |  |  | — |  |  | — |  |  | 4,246 |  |  | 452,977 |  |  | 56,226 |
Total assets | $ | 9,956,653 |  |  | $ | 839,385 |  |  | $ | 7,162,854 |  |  | $ | 282,121 |  |  | $ | 534,615 |  |  | $ | 1,137,678 |
(1) | Sales and Other Commitments include MSRs and related advances committed under sale agreements, Restricted cash and deposits held as collateral to support certain contractual obligations, and Contingent loan repurchase assets related to the Ginnie Mae EBO program for which a corresponding liability is recognized in Other liabilities.
(2) | The borrowings under the SSTL are secured by a first priority security interest in substantially all of the assets of Ocwen, PHH, PMC and the other guarantors thereunder, excluding among other things, 35% of the voting capital stock of foreign subsidiaries, securitization assets and equity interests of securitization entities, assets securing permitted funding indebtedness and non-recourse indebtedness, REO assets, as well as other customary carve-outs (collectively, the Collateral). The Collateral is subject to certain permitted liens set forth under the SSTL and related security agreement. The Senior Secured Notes are guaranteed by Ocwen and the other guarantors that guarantee the SSTL, and the borrowings under the Senior Secured Notes are secured by a second priority security interest in the Collateral. Assets securing borrowings under the SSTL and Senior Secured Notes may include amounts presented in Other as well as certain assets presented in Collateral for Secured Borrowings and Sales and Other Commitments, subject to permitted liens as defined in the applicable debt documents. The amounts presented here may differ in their calculation and are not intended to represent amounts that may be used in connection with covenants under the applicable debt documents.
(3) | MSRs pledged as collateral for secured borrowings includes MSRs pledged to NRZ in connection with the Rights to MSRs transactions which are accounted for as secured financings and MSRs securing the financing facility PMC entered into on July 1, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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