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v3.20.2

Rights to MSRs (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  | December 31, 2019
MSRs, at fair value (1) | $ | 577,309 |  |  | $ | 915,148 |
Due from NRZ (Receivables) |  |  |
Sales and transfers of MSRs (2) | $ | — |  |  | $ | 24,167 |
Subservicing fees and reimbursable expenses | 2,364 |  |  | 9,197 |
| $ | 2,364 |  |  | $ | 33,364 |
Due to NRZ (Other liabilities) | $ | 95,803 |  |  | $ | 63,596 |
Financing liability - MSRs pledged, at fair value |  |  |
Original Rights to MSRs Agreements | $ | 577,309 |  |  | $ | 603,046 |
2017 Agreements and New RMSR Agreements (3) | — |  |  | 35,445 |
PMC MSR Agreements (1) | — |  |  | 312,102 |
| $ | 577,309 |  |  | $ | 950,593 |
(1)On February 20, 2020, we received a notice of termination from NRZ with respect to the PMC MSR Agreements. While the MSRs and the Rights to MSRs associated with these loans were derecognized from our balance sheet, we continued to service these loans until deboarding on October 1, 2020, and accounted for them as a subservicing relationship. (2)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 Ocwen’s acquisition of PHH. (3)Income was recognized through April 30, 2020 as a reduction in the financing liability based on the term of the original agreements.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Statements of Operations |  |  |  |  |  |  |
Servicing fees collected on behalf of NRZ (1) | $ | 91,015 |  |  | $ | 146,567 |  |  | $ | 299,089 |  |  | $ | 443,505 |
Less: Subservicing fee retained by Ocwen (1) | 25,674 |  |  | 35,462 |  |  | 80,529 |  |  | 108,774 |
Net servicing fees remitted to NRZ | 65,341 |  |  | 111,105 |  |  | 218,560 |  |  | 334,731 |
Less: Reduction (increase) in financing liability |  |  |  |  |  |  |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (10,401) |  |  | (228,644) |  |  | (18,503) |  |  | (230,193) |
2017 Agreements and New RMSR Agreements | — |  |  | (2,216) |  |  | (903) |  |  | (4,562) |
PMC MSR Agreements (1) | — |  |  | 30,156 |  |  | 40,720 |  |  | 111,034 |
| (10,401) |  |  | (200,704) |  |  | 21,314 |  |  | (123,721) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 15,650 |  |  | 11,170 |  |  | 41,572 |  |  | 31,617 |
2017 Agreements and New RMSR Agreements | — |  |  | 26,705 |  |  | 35,121 |  |  | 76,087 |
PMC MSR Agreements (1) | — |  |  | 15,881 |  |  | 7,492 |  |  | 49,469 |
| 15,650 |  |  | 53,756 |  |  | 84,185 |  |  | 157,173 |
Other | 2,688 |  |  | 1,637 |  |  | 7,377 |  |  | (2,023) |
Pledged MSR liability expense | $ | 57,404 |  |  | $ | 256,416 |  |  | $ | 105,684 |  |  | $ | 303,302 |
(1)On February 20, 2020, we received a notice of termination from NRZ with respect to the PMC MSR Agreements. As the MSRs and the Rights to MSRs associated with these loans were derecognized from our consolidated balance sheet on February 20, 2020, we do not report the associated servicing fees collected on behalf of, and remitted to NRZ, or the change in fair value, runoff and settlement of the financing liability subsequent to February 20, 2020.
Schedule of Activity Related to Financing Liability - MSRs Pledged |
| Three Months Ended September 30, 2020
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning Balance | $ | 582,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 582,558 |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 10,402 |  |  | — |  |  | — |  |  | 10,402 |
2017 Agreements and New RMSR Agreements | — |  |  | — |  |  | — |  |  | — |
PMC MSR Agreements | — |  |  | — |  |  | — |  |  | — |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (15,651) |  |  | — |  |  | — |  |  | (15,651) |
2017 Agreements and New RMSR Agreements | — |  |  | — |  |  | — |  |  | — |
PMC MSR Agreements | — |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2020 | $ | 577,309 |  |  | $ | — |  |  | $ | — |  |  | $ | 577,309 |
| Three Months Ended September 30, 2019
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning Balance | $ | 412,909 |  |  | $ | 88,103 |  |  | $ | 343,901 |  |  | $ | 844,913 |
Additions | — |  |  | — |  |  | 345 |  |  | 345 |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 228,643 |  |  | — |  |  | — |  |  | 228,643 |
2017 Agreements and New RMSR Agreements | — |  |  | 2,216 |  |  | — |  |  | 2,216 |
PMC MSR Agreements | — |  |  | — |  |  | (30,156) |  |  | (30,156) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (11,170) |  |  | — |  |  | — |  |  | (11,170) |
2017 Agreements and New RMSR Agreements | — |  |  | (26,705) |  |  | — |  |  | (26,705) |
PMC MSR Agreements | — |  |  | — |  |  | (15,881) |  |  | (15,881) |
Calls (1): |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (3,095) |  |  | — |  |  | — |  |  | (3,095) |
2017 Agreements and New RMSR Agreements | — |  |  | (2,169) |  |  | — |  |  | (2,169) |
Balance at September 30, 2019 | $ | 627,287 |  |  | $ | 61,445 |  |  | $ | 298,220 |  |  | $ | 986,952 |
| Nine Months Ended September 30, 2020
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning Balance | $ | 603,046 |  |  | $ | 35,445 |  |  | $ | 312,102 |  |  | $ | 950,593 |
Additions | — |  |  | — |  |  | — |  |  | — |
Receipt of lump-sum cash payments | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | (226) |  |  | (226) |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 18,503 |  |  | — |  |  | — |  |  | 18,503 |
2017 Agreements and New RMSR Agreements | — |  |  | 903 |  |  | — |  |  | 903 |
PMC MSR Agreements | — |  |  | — |  |  | (40,720) |  |  | (40,720) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (41,572) |  |  | — |  |  | — |  |  | (41,572) |
2017 Agreements and New RMSR Agreements | — |  |  | (35,121) |  |  | — |  |  | (35,121) |
PMC MSR Agreements | — |  |  | — |  |  | (7,492) |  |  | (7,492) |
Derecognition of Pledged MSR financing liability due to termination of PMC MSR Agreements | — |  |  | — |  |  | (263,664) |  |  | (263,664) |
Calls (1): |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (2,668) |  |  | — |  |  | — |  |  | (2,668) |
2017 Agreements and New RMSR Agreements | — |  |  | (1,227) |  |  | — |  |  | (1,227) |
Balance at September 30, 2020 | $ | 577,309 |  |  | $ | — |  |  | $ | — |  |  | $ | 577,309 |
| Nine Months Ended September 30, 2019
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning Balance | $ | 436,511 |  |  | $ | 138,854 |  |  | $ | 457,491 |  |  | $ | 1,032,856 |
Purchases | — |  |  | — |  |  | 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 |
(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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