XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.20.2

Mortgage Servicing (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Transfers and Servicing [Abstract] |
Schedule of Activity Related to MSRs - Fair Value Measurement Method |
MSRs – Fair Value Measurement Method | Three Months Ended June 30,
2020 |  | 2019
| Agency |  | Non-Agency |  | Total |  | Agency |  | Non-Agency |  | Total
Beginning balance | $ | 294,227 |  |  | $ | 756,001 |  |  | $ | 1,050,228 |  |  | $ | 825,692 |  |  | $ | 574,499 |  |  | $ | 1,400,191 |
Sales and other transfers | — |  |  | (51 | ) |  | (51 | ) |  | 406 |  |  | (409 | ) |  | (3 | )
Additions: |  |  |  |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans | 9,128 |  |  | — |  |  | 9,128 |  |  | 1,188 |  |  | — |  |  | 1,188 |
Purchase of MSRs | 15,255 |  |  | — |  |  | 15,255 |  |  | 59,892 |  |  | 87 |  |  | 59,979 |
Servicing transfers and adjustments (1) | 11 |  |  | 1,296 |  |  | 1,307 |  |  | — |  |  | (1,454 | ) |  | (1,454 | )
Changes in fair value (2): |  |  |  |  |  |  |  |  |  |  |
Changes in valuation inputs or other assumptions | 3,711 |  |  | (3,462 | ) |  | 249 |  |  | (107,559 | ) |  | 12,739 |  |  | (94,820 | )
Realization of expected future cash flows and other changes | (17,247 | ) |  | (13,955 | ) |  | (31,202 | ) |  | (33,884 | ) |  | (18,564 | ) |  | (52,448 | )
Ending balance | $ | 305,085 |  |  | $ | 739,829 |  |  | $ | 1,044,914 |  |  | $ | 745,735 |  |  | $ | 566,898 |  |  | $ | 1,312,633 |
MSRs – Fair Value Measurement Method | Six months ended June 30,
2020 |  | 2019
| Agency |  | Non-Agency |  | Total |  | Agency |  | Non-Agency |  | Total
Beginning balance | $ | 714,006 |  |  | $ | 772,389 |  |  | $ | 1,486,395 |  |  | $ | 865,587 |  |  | $ | 591,562 |  |  | $ | 1,457,149 |
Sales and other transfers | — |  |  | (107 | ) |  | (107 | ) |  | (29 | ) |  | (541 | ) |  | (570 | )
Additions: |  |  |  |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans | 15,689 |  |  | — |  |  | 15,689 |  |  | 2,698 |  |  | — |  |  | 2,698 |
Purchase of MSRs | 46,745 |  |  | — |  |  | 46,745 |  |  | 114,302 |  |  | 87 |  |  | 114,389 |
Servicing transfers and adjustments (1) | (263,846 | ) |  | 403 |  |  | (263,443 | ) |  | — |  |  | (4,767 | ) |  | (4,767 | )
Changes in fair value (2): |  |  |  |  |  |  |  |  |  |  |
Changes in valuation inputs or other assumptions | (163,425 | ) |  | 6,930 |  |  | (156,495 | ) |  | (171,676 | ) |  | 12,583 |  |  | (159,093 | )
Realization of expected future cash flows and other changes | (44,084 | ) |  | (39,786 | ) |  | (83,870 | ) |  | (65,147 | ) |  | (32,026 | ) |  | (97,173 | )
Ending balance | $ | 305,085 |  |  | $ | 739,829 |  |  | $ | 1,044,914 |  |  | $ | 745,735 |  |  | $ | 566,898 |  |  | $ | 1,312,633 |
(1) | Servicing transfers and adjustments include a $263.7 million derecognition of MSRs/Rights to MSRs effective with the February 20, 2020 notice of termination of the subservicing agreement between NRZ and PMC. See Note 8 — Rights to MSRs for further information.
(2) Changes in fair value are recognized in MSR valuation adjustments, net in the unaudited consolidated statements of operations.
Schedule of Composition of Servicing and Subservicing Portfolios by Type of Property Serviced | The following table presents the composition of our primary servicing and subservicing portfolios as measured by UPB. The UPB amounts in the table below are not included on our unaudited consolidated balance sheets, with the exception of the Reverse mortgage loans.
| UPB at
| June 30, 2020 |  | December 31, 2019 |  | June 30, 2019
Servicing | $ | 70,463,896 |  |  | $ | 70,428,208 |  |  | $ | 74,320,255 |
Reverse mortgage loan servicing (1) | 6,521,219 |  |  | 6,229,724 |  |  | 5,820,873 |
Subservicing | 20,007,180 |  |  | 17,120,905 |  |  | 27,432,019 |
NRZ (2) (3) | 109,020,760 |  |  | 118,587,594 |  |  | 121,709,898 |
| $ | 206,013,055 |  |  | $ | 212,366,431 |  |  | $ | 229,283,045 |
(1) | Reverse mortgage loans are reported on our unaudited consolidated balance sheets at fair value and are classified as loans held for investment. No separate MSRs are recognized in our unaudited consolidated balance sheets.
(2) | UPB of loans for which the Rights to MSRs have been sold to NRZ, including $54.0 billion for which third-party consents have been received and the MSRs have been transferred to NRZ (the MSRs remain on balance sheet as the transactions do not achieve sale accounting treatment).
(3) Includes $37.1 billion of servicing UPB at June 30, 2020 pursuant to the subservicing agreement between NRZ and PMC for which we received a notice of termination from NRZ on February 20, 2020. While the MSRs and the Rights to MSRs associated with these loans are derecognized from our consolidated balance sheet, we continue to service these loans until deboarding. See Note 8 — Rights to MSRs.
Schedule of Components of Servicing and Subservicing Fees |
Servicing Revenue | Three Months Ended June 30, |  | Six Months Ended June 30,
2020 |  | 2019 |  | 2020 |  | 2019
Loan servicing and subservicing fees |  |  |  |  |  |  |
Servicing | $ | 52,336 |  |  | $ | 55,387 |  |  | $ | 107,745 |  |  | $ | 108,569 |
Subservicing | 10,630 |  |  | 4,203 |  |  | 15,820 |  |  | 10,410 |
NRZ | 88,405 |  |  | 141,091 |  |  | 208,073 |  |  | 296,938 |
| 151,371 |  |  | 200,681 |  |  | 331,638 |  |  | 415,917 |
Late charges | 12,672 |  |  | 13,242 |  |  | 27,311 |  |  | 28,682 |
Custodial accounts (float earnings) | 1,590 |  |  | 13,341 |  |  | 7,731 |  |  | 25,275 |
Loan collection fees | 2,744 |  |  | 3,401 |  |  | 7,000 |  |  | 7,750 |
Home Affordable Modification Program (HAMP) fees (1) | 20 |  |  | 1,565 |  |  | 428 |  |  | 3,342 |
Other, net | 6,843 |  |  | 7,730 |  |  | 12,615 |  |  | 15,610 |
| $ | 175,240 |  |  | $ | 239,960 |  |  | $ | 386,723 |  |  | $ | 496,576 |
(1) The HAMP expired on December 31, 2016. Borrowers who had requested assistance or to whom an offer of assistance had been extended as of that date had until September 30, 2017 to finalize their modification. We continue to earn HAMP success fees for HAMP modifications that remain less than 90 days delinquent at the first-, second- and third-year anniversary of the start of the trial modification.

X
- Definition Tabular disclosure of loans serviced by property type. + References No definition available. + Details
Name: | ocn_ScheduleOfLoansServicedByPropertyTypeTableTextBlock
Namespace Prefix: | ocn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fees generated during the reporting period for servicing subservicing of assets. + References No definition available. + Details
Name: | ocn_ScheduleOfServicingAndSubservicingFeesTableTextBlock
Namespace Prefix: | ocn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746 + Details
Name: | us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TransfersAndServicingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration