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Commitments (Tables)
 3 Months Ended
Mar. 31, 2020
Other Commitments [Abstract]  
Schedule of Mortgage Servicing Rights Assets and Liabilities
The table below presents the carrying value and classification of the assets and liabilities of the PLS Notes facility:
 
March 31, 2020
 
December 31, 2019
MSRs pledged (MSRs, at fair value)
$
141,610

 
$
146,215

Debt service account (Restricted cash)
2,941

 
3,002

Outstanding borrowings (Other secured borrowings, net)
86,911

 
94,395

Unamortized debt issuance costs (Other secured borrowings, net)
(1,196
)
 
(1,207
)
The table below presents the carrying value and classification of the assets and liabilities of the Agency MSR financing facility:
 
March 31, 2020
 
December 31, 2019
MSRs pledged (MSRs, at fair value)
$
173,313

 
$
245,533

Unamortized debt issuance costs (Other assets)
473

 
946

Debt service account (Restricted cash)
102

 
100

Outstanding borrowings (Other secured borrowings, net)
114,290

 
147,706

As of March 31, 2020, the UPB of loans serviced on behalf of NRZ comprised the following:
Ocwen servicer of record (MSR title retained by Ocwen) - Ocwen MSR (1)
$
17,910,643

NRZ servicer of record (MSR title transferred to NRZ) - Ocwen MSR (1)
89,811,915

Ocwen subservicer
6,211,564

Total NRZ UPB at March 31, 2020
$
113,934,122
Schedule of Effect of Pandemic
The below table shows the requests for forbearance plans and the estimated obligation to advance monthly P&I:
COVID-19 impacted borrowers and monthly P&I advance estimate
As of March 31, 2020
 
As of April 30, 2020
Number of Forbearance Plans (3)
 
Estimated Monthly P&I Advance Obligation
($ million)
 
Number of Forbearance Plans (3)
 
Estimated Monthly P&I Advance Obligation
($ million)
GSE loans
1,400

 
$
1.8

 
6,200

 
$
7.9

Ginnie Mae loans
400

 
0.5

 
8,400

 
7.9

PLS loans
3,700

 
5.8

 
16,000

 
24.4

Servicer
5,500

 
$
8.1

 
30,600

 
$
40.2

 
 
 
 
 
 
 
 
GSE loans
2,300

 
$
2.6

 
9,400

 
$
10.5

PLS loans
14,500

 
14.0

 
63,200

 
62.4

NRZ’s responsibility (1)
16,800

 
$
16.6

 
72,600

 
$
72.9

Subservicer (2)
3,900

 
$
4.5

 
6,500

 
$
8.9

No advance requirements
1,300

 
—

 
4,900

 
—

Total
27,500

 
$
29.2

 
114,600

 
$
122.0

(1)
Ocwen is obligated to advance under the terms of the 2017 Agreements and New RMSR Agreements, and NRZ is obligated to reimburse Ocwen daily for PLS and weekly for Freddie Mac and Fannie Mae servicing advances. See above, Note 8 — Rights to MSRs and Note 11 – Borrowings for additional information, and below description of NRZ Relationship.
(2)
Ocwen is obligated to advance under the terms of subservicing agreements, and subservicing clients (servicers) are generally obligated to reimburse Ocwen within one day to 30 days for P&I advances.
(3)
Numbers have been rounded.
Schedule of Activity Related to HMBS Repurchases
Activity with regard to HMBS repurchases, including MCA repurchases, follows:
 
Three Months Ended March 31, 2020
 
Active
 
Inactive
 
Total
 
Number
 
Amount
 
Number
 
Amount
 
Number
 
Amount
Beginning balance
62

 
$
10,546

 
258

 
$
25,147

 
320

 
$
35,693

Additions (1)
47

 
10,337

 
73

 
9,519

 
120

 
19,856

Recoveries, net (2)
(3
)
 
(5,413
)
 
(1
)
 
(3,184
)
 
(4
)
 
(8,597
)
Transfers
(2
)
 
(553
)
 
2

 
553

 
—

 
—

Changes in value
—

 
43

 
—

 
(992
)
 
—

 
(949
)
Ending balance
104

 
$
14,960

 
332

 
$
31,043

 
436

 
$
46,003

(1)
Total repurchases during the three months ended March 31, 2020 includes 89 loans totaling $18.1 million related to MCA repurchases.
(2)
Includes amounts received upon assignment of loan to HUD, loan payoff, REO liquidation and claim proceeds less any amounts charged off as unrecoverable.