XML 41 R19.htm IDEA: XBRL DOCUMENT
v3.20.2

Borrowings | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Borrowings |
Note 12 – Borrowings
Advance Match Funded Liabilities |  | Borrowing Capacity |  | September 30, 2020 |  | December 31, 2019
Borrowing Type |  |  |  | Maturity (1) |  | Amorti- zation Date (1) |  | Total |  | Available (2) |  | Weighted Average Interest Rate |  | Balance |  | Weighted Average Interest Rate |  | Balance
Advance Receivables Backed Notes - Series 2015-VF5 (3) |  |  |  | Jun. 2051 |  | Jun. 2021 |  | $ | 250,000 |  |  | $ | 158,080 |  |  | 4.28 | % |  | $ | 91,920 |  |  | 3.36 | % |  | $ | 190,555 |
Advance Receivables Backed Notes, Series 2019-T1 (4) |  |  |  | Aug. 2050 |  | Aug. 2020 |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.62 | % |  | 185,000 |
Advance Receivables Backed Notes, Series 2019-T2 (4) |  |  |  | Aug. 2051 |  | Aug. 2021 |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.53 | % |  | 285,000 |
Advance Receivables Backed Notes, Series 2020-T1 (4) |  |  |  | Aug. 2052 |  | Aug. 2022 |  | 475,000 |  |  | — |  |  | 1.49 | % |  | 475,000 |  |  | — | % |  | — |
Total Ocwen Master Advance Receivables Trust (OMART) |  | 725,000 |  |  | 158,080 |  |  | 1.94 | % |  | 566,920 |  |  | 2.79 | % |  | 660,555 |
Ocwen Freddie Advance Funding (OFAF) - Advance Receivables Backed Notes, Series 2015-VF1 (5) |  |  |  | Jun. 2051 |  | Jun. 2021 |  | 70,000 |  |  | 56,842 |  |  | 3.28 | % |  | 13,158 |  |  | 3.53 | % |  | 18,554 |
|  |  |  |  |  |  |  | $ | 795,000 |  |  | $ | 214,922 |  |  | 1.97 | % |  | $ | 580,078 |  |  | 2.81 | % |  | $ | 679,109 |
(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. At September 30, 2020, $10.0 million and none of the available borrowing capacity of the OMART and OFAF advance financing notes, respectively, could be used based on the amount of eligible collateral. (3)On May 7, 2020, we renewed this facility through June 30, 2021, and increased the total borrowing capacity of the Series 2015-VF5 variable notes from $200.0 million to $500.0 million, with interest computed based on the lender’s cost of funds plus a margin of 400 bps. On August 17, 2020, we reduced the total borrowing capacity to $250.0 million in conjunction with the issuance of new fixed-rate term notes with a borrowing capacity of $475.0 million, as disclosed in (4) below. (4)On August 12, 2020, we issued fixed-rate term notes with a total borrowing capacity of $475.0 million (Series 2020 T-1). The weighted average rate of the notes at September 30, 2020 is 1.49%, with rates on the individual classes of notes ranging from 1.28% to 5.42%. The Series 2019-T1 and 2019-T2 fixed-rate term notes were redeemed on August 17, 2020. (5)On May 7, 2020, we renewed this facility through June 30, 2021 and increased the borrowing capacity from $60.0 million to $70.0 million with interest computed based on the lender’s cost of funds plus a margin of 300 bps.
Financing Liabilities |  |  |  |  |  |  |  | Outstanding Balance
Borrowing Type |  | Collateral |  | Interest Rate |  | Maturity |  | September 30, 2020 |  | December 31, 2019
HMBS-related borrowings, at fair value (1) |  | Loans held for investment |  | 1ML + 260 bps |  | (1) |  | $ | 6,606,543 |  |  | $ | 6,063,435 |
Other financing liabilities, at fair value |  |  |  |  |  |  |  |  |  |
MSRs pledged (Rights to MSRs), at fair value: |  |  |  |  |  |  |  |  |  |
Original Rights to MSRs Agreements |  | MSRs |  | (2) |  | (2) |  | 577,309 |  |  | 603,046 |
2017 Agreements and New RMSR Agreements |  | MSRs |  | (3) |  | (3) |  | — |  |  | 35,445 |
PMC MSR Agreements |  | MSRs |  | (4) |  | (4) |  | — |  |  | 312,102 |
|  |  |  |  |  |  |  | 577,309 |  |  | 950,593 |
Financing liability - Owed to securitization investors, at fair value: |  |  |  |  |  |  |  |  |  |
IndyMac Mortgage Loan Trust (INDX 2004-AR11) (5) |  | Loans held for investment |  | (5) |  | (5) |  | — |  |  | 9,794 |
Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) (5) |  | Loans held for investment |  | (5) |  | (5) |  | 11,012 |  |  | 12,208 |
|  |  |  |  |  |  |  | 11,012 |  |  | 22,002 |
Total Other financing liabilities, at fair value |  |  |  |  |  |  |  | 588,321 |  |  | 972,595 |
|  |  |  |  |  |  |  | $ | 7,194,864 |  |  | $ | 7,036,030 |
(1)Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS which did not qualify for sale accounting treatment of HECM loans. (2)This pledged MSR liability is recognized due to the accounting treatment of MSR sale transactions with NRZ which did not qualify as sales for accounting purposes. See Note 9 — Rights to MSRs for additional information. (3)This financing liability arose in connection with lump sum payments received in 2017 upon transfer of legal title of the MSRs related to the Rights to MSRs transactions to NRZ and in 2018 in connection with the execution of the New RMSR Agreements as compensation for foregoing certain payments under the Original Rights to MSRs Agreements. See Note 9 — Rights to MSRs for additional information. (4)Represented a liability for sales of MSRs to NRZ which did not qualify for sale accounting treatment and were accounted for as a secured borrowing which we assumed in connection with the acquisition of PHH Corporation (PHH). As disclosed in Note 9 — Rights to MSRs, the liability was derecognized upon termination of the agreement by NRZ on February 20, 2020. (5)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 3 – Securitizations and Variable Interest Entities. In June 2020, we sold the beneficial interests held in the INDX 2004-AR11 securitization trust and deconsolidated the trust. 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 RAST 2003-A11 Trust have maturity dates extending through October 2033.
Other Secured Borrowings |  |  |  |  |  |  |  | Available Borrowing Capacity |  | Outstanding Balance
Borrowing Type |  | Collateral |  | Interest Rate (1) |  | Maturity |  |  |  | Uncommitted |  | Committed (2) |  | September 30, 2020 |  | December 31, 2019
SSTL (3) |  | (3) |  | 1-Month Euro-dollar rate + 600 bps with a Eurodollar floor of 100 bps (3) |  | May 2022 |  |  |  | $ | — |  |  | $ | — |  |  | $ | 190,000 |  |  | $ | 326,066 |
Master repurchase agreement (4) |  | Loans held for sale (LHFS) |  | 1ML + 220 - 375 bps |  | June 2021 |  |  |  | 19,756 |  |  | — |  |  | 155,244 |  |  | 91,573 |
Mortgage warehouse agreement (5) |  | LHFS (reverse) |  | Greater of 1ML + 250 bps or 3.50%; LIBOR Floor 0% |  | August 2021 |  |  |  | 1,000 |  |  | — |  |  | — |  |  | 72,443 |
Master repurchase agreement (6) |  | LHFS (forward and reverse) |  | 1ML + 225 bps forward; 1ML + 275 bps reverse |  | Dec. 2020 |  |  |  | 50,000 |  |  | 8,869 |  |  | 191,131 |  |  | 139,227 |
Master repurchase agreement (7) |  | LHFS (reverse) |  | Prime + 0.0%; 4.0% floor |  | January 2020 |  |  |  | — |  |  | — |  |  | — |  |  | 898 |
Master repurchase agreement (8) |  | N/A |  | 1ML + 180 bps; LIBOR Floor 35 bps |  | N/A |  |  |  | 50,000 |  |  | — |  |  | — |  |  | — |
Participation agreement (9) |  | LHFS |  | (9) |  | June 2021 |  |  |  | 120,000 |  |  | — |  |  | — |  |  | 17,304 |
Master repurchase agreement (9) |  | LHFS |  | (9) |  | June 2021 |  |  |  | — |  |  | 76,497 |  |  | 13,503 |  |  | — |
Master repurchase agreement |  | LHFS |  | 1 ML + 250 bps |  | March 2021 |  |  |  | — |  |  | 1,000 |  |  | — |  |  | — |
Mortgage warehouse agreement (10) |  | LHFS |  | 1ML + 350 bps; LIBOR Floor 525 bps |  | Dec. 2020 |  |  |  | — |  |  | 48,211 |  |  | 1,789 |  |  | 10,780 |
Mortgage warehouse agreement (11) |  | LHFS (reverse) |  | 1ML + 250 bps; 3.50% floor |  | Nov. 2020 |  |  |  | 19,904 |  |  | — |  |  | 80,096 |  |  | — |
Mortgage warehouse agreement (12) |  | LHFS |  | (12) |  | N/A |  |  |  | 100,000 |  |  | — |  |  | — |  |  | — |
Total mortgage loan warehouse facilities |  |  |  | 360,660 |  |  | 134,577 |  |  | 441,763 |  |  | 332,225 |
Other Secured Borrowings |  |  |  |  |  |  |  | Available Borrowing Capacity |  | Outstanding Balance
Borrowing Type |  | Collateral |  | Interest Rate (1) |  | Maturity |  |  |  | Uncommitted |  | Committed (2) |  | September 30, 2020 |  | December 31, 2019
Agency MSR financing facility (13) |  | MSRs, Advances |  | 1ML + 450 bps |  | June 2021 |  |  |  | — |  |  | 136,071 |  |  | 113,929 |  |  | 147,706 |
Ginnie Mae MSR financing facility (14) |  | MSRs, Advances |  | 1ML + 395 bps |  | Dec. 2020 |  |  |  | 74,947 |  |  | — |  |  | 52,553 |  |  | 72,320 |
Ocwen Excess Spread-Collateralized Notes, Series 2019-PLS1 (15) |  | MSRs |  | 5.07% |  | Nov. 2024 |  |  |  | — |  |  | — |  |  | 74,021 |  |  | 94,395 |
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 (16) |  | MSRs |  | (15) |  | Feb. 2028 |  |  |  | — |  |  | — |  |  | 50,168 |  |  | 57,594 |
Total MSR financing facilities |  |  |  | 74,947 |  |  | 136,071 |  |  | 290,671 |  |  | 372,015 |
|  |  |  |  |  |  |  |  |  | $ | 435,607 |  |  | $ | 270,648 |  |  | 922,434 |  |  | 1,030,306 |
Unamortized debt issuance costs - SSTL and PLS Notes |  |  |  |  |  |  |  | (6,712) |  |  | (3,381) |
Discount - SSTL |  |  |  |  |  |  |  | (430) |  |  | (1,134) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 915,292 |  |  | $ | 1,025,791 |
Weighted average interest rate |  | 4.51 | % |  | 4.74 | %
(1)1ML was 0.15% and 1.76% at September 30, 2020 and December 31, 2019, respectively. (2)Of the borrowing capacity on mortgage loan warehouse facilities extended on a committed basis, $34.1 million of the available borrowing capacity could be used at September 30, 2020 based on the amount of eligible collateral that could be pledged. (3)On January 27, 2020, we entered into a Joinder and Second Amendment Agreement (the Amendment) which amends the Amended and Restated SSTL Facility Agreement dated as of December 5, 2016, as amended by a Joinder and Amendment Agreement dated as of March 18, 2019. The Amendment provided for a net prepayment of $126.1 million of the outstanding balance at December 31, 2019 such that the facility has a maximum outstanding balance of $200.0 million. The Amendment also (i) extended the maturity of the remaining outstanding loans under the SSTL to May 15, 2022, (ii) provides that the loans under the SSTL bear interest at the one-month Eurodollar Rate or the Base Rate (as defined in the SSTL), at our option, plus a margin of 6.00% per annum for Eurodollar Rate loans or 5.00% per annum for Base Rate loans (increasing to a margin of 6.50% per annum for Eurodollar Rate loans or 5.50% per annum for Base Rate loans on January 27, 2021), (iii) provides for a prepayment premium of 2.00% until January 27, 2022 and (iv) requires quarterly principal payments of $5.0 million. (4)The maximum borrowing under this agreement is $175.0 million, of which $110.0 million is available on a committed basis and the remainder is available at the discretion of the lender. (5)On March 12, 2020, we voluntarily reduced the maximum borrowing capacity from $100.0 million to $1.0 million in connection with Liberty’s transfer of substantially all of its assets, liabilities, contracts and employees to PMC effective March 15, 2020. On August 10, 2020, the maturity date of this agreement was extended to August 13, 2021. (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. (7)This facility expired on January 22, 2020 and was not renewed. (8)T he lender provides financing for up to $50.0 million at the discretion of the lender. The agreement has no stated maturity date. (9)Under the original terms, the lender provided $300.0 million of borrowing capacity on an uncommitted basis. On June 25, 2020, this facility was amended to be comprised of two lines, a $120.0 million uncommitted participation agreement and a $90.0 million committed repurchase agreement. The maturity date of the facility was extended to June 24, 2021. The agreements allow the lender to acquire a 100% beneficial interest in the underlying mortgage loans. The transactions do not qualify for sale accounting treatment and are accounted for as secured borrowings. The lender earns the stated interest rate of the underlying mortgage loans less 35 bps, with a floor of 3.5%, while the loans are financed under both the participation and repurchase agreements. (10)Under this agreement, the lender provides financing for up to $50.0 million on a committed basis. (11)On March 12, 2020, we entered into a mortgage loan warehouse agreement to fund reverse mortgage loan draws by borrowers subsequent to origination. Under this agreement, t he lender provides financing for up to $100.0 million on an uncommitted basis. In October 2020, the maturity date was extended to October 29, 2021 and the capacity was temporarily increased to $150.0 million until November 15, 2020 when it will be reduced to $100.0 million. (12)On September 30, 2020, we entered into a $100.0 million uncommitted repurchase agreement to finance the purchase of EBO loans from Ginnie Mae. The agreement has no stated maturity date, however each transaction has a maximum duration of four years. The cost of this line is set at each transaction date and is based on the interest rate on the collateral. (13)PMC’s obligations under this facility are secured by a lien on the related MSRs. Ocwen guarantees the obligations of PMC under this facility. On May 7, 2020, we renewed the facility through June 30, 2021 and reduced the maximum amount which we may borrow pursuant to the repurchase agreements from $300.0 million to $250.0 million on a committed basis. We also pledged the membership interest of the depositor for our OMART advance financing facility as additional collateral to this facility. See Note 3 – Securitizations and Variable Interest Entities for additional information. We are subject to daily margining requirements under the terms of our MSR financing facilities. Declines in fair value of our MSRs due to declines in market interest rates, assumption updates or other factors require that we provide additional collateral to our lenders under these facilities. (14)PMC’s obligations under this facility are secured by a lien on the related Ginnie Mae MSRs. Ocwen guarantees the obligations of PMC under the facility. On June 30, 2020, we amended the facility to increase the borrowing capacity from $100.0 million to $127.5 million on an uncommitted basis, accelerate the maturity date to December 27, 2020 and include Ginnie Mae servicing advances as additional collateral. The lender earns the stated interest rate of 1ML plus a margin of 395 bps on borrowings prior to June 1, 2020, with any subsequent borrowings at a stated interest of 1ML plus a margin of 700 bps. See (13) above regarding daily margining requirements. (15)PLS Issuer’s obligations under the facility are secured by a lien on the related PLS MSRs. Ocwen guarantees the obligations of PLS Issuer under the facility. The Class A PLS Notes issued pursuant to the credit agreement had an initial principal amount of $100.0 million and amortize in accordance with a pre-determined schedule subject to modification under certain events. See Note 3 – Securitizations and Variable Interest Entities for additional information. See (12) above regarding daily margining requirements. (16)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.
Senior Notes | Interest Rate |  | Maturity | Outstanding Balance
| September 30, 2020 |  | December 31, 2019
Senior unsecured notes (1) | 6.375% |  | Aug. 2021 | $ | 21,543 |  |  | $ | 21,543 |
|  |  |  | 21,543 |  |  | 21,543 |
Senior secured notes | 8.375% |  | Nov. 2022 | 291,509 |  |  | 291,509 |
|  |  |  | 313,052 |  |  | 313,052 |
Unamortized debt issuance costs |  |  |  | (1,098) |  |  | (1,470) |
Fair value adjustments (1) |  |  |  | (265) |  |  | (497) |
|  |  |  | $ | 311,689 |  |  | $ | 311,085 |
(1)These notes were assumed by Ocwen in connection with its acquisition of PHH. We are amortizing the 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 of 104.188% and 102.094% during the twelve-month periods beginning on November 15 th of 2019 and 2020, respectively. Thereafter, the redemption price is 100%. 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. Credit Ratings Credit ratings are intended to be an indicator of the creditworthiness of a company’s debt obligation. At September 30, 2020, the S&P issuer credit rating for Ocwen was “B-”. On April 13, 2020, S&P placed Ocwen’s ratings outlook on CreditWatch with negative implications due to the uncertain economic impact of COVID-19 on liquidity. The CreditWatch was removed on July 23, 2020 and the Outlook was revised to Negative. On August 21, 2020, Moody’s reaffirmed their ratings. 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 (i.e., the ratio of total outstanding loans under the SSTL to certain collateral and other assets as defined under the SSTL), as of the last date of any fiscal quarter; and •specified levels of tangible net worth and liquidity. Certain financial covenants were added as part of the amendment and extension of our SSTL on January 27, 2020. These include i) maintaining a minimum unencumbered asset coverage ratio (i.e., the ratio of unrestricted cash and certain first priority perfected collateral to total outstanding loans under the SSTL) as of the last day of any fiscal quarter of 200% increasing to 225% after December 31, 2020 and ii) maintaining minimum unrestricted cash of $125.0 million as of the last day of each fiscal quarter. As of September 30, 2020, 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 advance match funded debt, MSR financing facilities and mortgage warehouse agreements. The most restrictive liquidity requirements were for a minimum of $125.0 million in consolidated liquidity, as defined, under certain of our advance match funded debt and mortgage warehouse agreements. In addition, as amended, the SSTL limits our capacity to repurchase our securities and prepay certain junior debt to a combined total of $10.0 million, among other restrictions. Our current repurchase capacity has been reduced to the extent of repurchases executed under Ocwen’s share repurchase program announced in February 2020. See Note 14 – Equity for additional information regarding share repurchases. 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 and investment activities or raise certain types 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 unaudited consolidated 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, 2020:
|  |  | Collateral for Secured Borrowings |  |  |  |  |
| Total Assets |  | Advance Match Funded Liabilities |  | Financing Liabilities |  | Mortgage Loan Warehouse / MSR Facilities |  | Sales and Other Commitments (1) |  | Other (2) |
Cash | $ | 321,455 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 321,455 |  |
Restricted cash | 61,511 |  |  | 10,458 |  |  | — |  |  | 4,416 |  |  | 46,637 |  |  | — |  |
MSRs (3) | 1,069,013 |  |  | — |  |  | 577,886 |  |  | 490,583 |  |  | — |  |  | 48 |  |
Advances, net | 832,604 |  |  | 660,816 |  |  | — |  |  | 61,081 |  |  | — |  |  | 110,707 |  |
Loans held for sale | 390,631 |  |  | — |  |  | — |  |  | 335,726 |  |  | — |  |  | 54,905 |  |
Loans held for investment | 6,860,942 |  |  | — |  |  | 6,726,105 |  |  | 95,619 |  |  | — |  |  | 39,218 |  |
Receivables, net | 201,607 |  |  | — |  |  | — |  |  | 52,417 |  |  | — |  |  | 149,190 |  |
Premises and equipment, net | 23,620 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,620 |  |
Other assets | 662,468 |  |  | — |  |  | — |  |  | 7,077 |  |  | 597,953 |  |  | 57,438 |  |
Total assets | $ | 10,423,851 |  |  | $ | 671,274 |  |  | $ | 7,303,991 |  |  | $ | 1,046,919 |  |  | $ | 644,590 |  |  | $ | 756,581 |  |
(1)Sales and Other Commitments include 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 in connection with the Rights to MSRs transactions with NRZ which are accounted for as secured financings. Certain MSR cohorts with a negative fair value of $0.5 million that would be presented as Other are excluded from the eligible collateral of the facilities and are comprised of $17.4 million of negative fair value related to RMBS and $17.9 million of positive fair value related to private EBO and PLS MSRs.

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

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration