XML 35 R13.htm IDEA: XBRL DOCUMENT
v3.20.4

Loans Held for Sale | 12 Months Ended
--- | ---
Dec. 31, 2020
Receivables [Abstract] |
Loans Held for Sale | Note 6 — Loans Held for Sale
Loans Held for Sale - Fair Value | Years Ended December 31,
2020 |  | 2019 |  | 2018
Beginning balance | $ | 208,752 |  |  | $ | 176,525 |  |  | $ | 214,262 |
Originations and purchases | 7,552,026 |  |  | 1,168,885 |  |  | 944,627 |
Proceeds from sales | (7,344,151) |  |  | (1,124,247) |  |  | (1,019,211) |
Principal collections | (25,976) |  |  | (23,116) |  |  | (20,774) |
Acquired in connection with the acquisition of PHH | — |  |  | — |  |  | 42,324 |
Transfers from (to): |  |  |  |  |
Loans held for investment, at fair value | 3,084 |  |  | 1,892 |  |  | 1,038 |
Receivables | (85,001) |  |  | (2,480) |  |  | (1,132) |
REO (Other assets) | (3,657) |  |  | (2,520) |  |  | (1,886) |
Gain on sale of loans | 50,248 |  |  | 25,253 |  |  | 34,724 |
(Decrease) increase in fair value of loans | 1,075 |  |  | (589) |  |  | (13,435) |
Other | 9,964 |  |  | (10,851) |  |  | (4,012) |
Ending balance (1) (2) | $ | 366,364 |  |  | $ | 208,752 |  |  | $ | 176,525 |
(1)At December 31, 2020, 2019 and 2018, the balances include $(6.7) million, $(7.8) million and $(7.2) million, respectively, of fair value adjustments. (2)At December 31, 2020, the balances include $51.1 million of loans that we repurchased from Ginnie Mae guaranteed securitizations pursuant to Ginnie Mae servicing guidelines. As disclosed in Note 5 — Fair Value, effective January 1, 2020, we elected to classify repurchased loans as Loans held for sale at fair value. See table below. We may repurchase loans that have been modified, to facilitate loss reduction strategies, or as otherwise obligated as a Ginnie Mae servicer. Repurchased loans may be modified or otherwise remediated through loss mitigation activities, may be sold to a third party, or are reclassified to Receivables.
Loans Held for Sale - Lower of Cost or Fair Value | Years Ended December 31,
2020 |  | 2019 |  | 2018
Beginning balance | $ | 66,517 |  |  | $ | 66,097 |  |  | $ | 24,096 |
Purchases (1) | — |  |  | 320,089 |  |  | 770,563 |
Proceeds from sales | (58,575) |  |  | (221,471) |  |  | (569,718) |
Principal collections | (1,842) |  |  | (11,304) |  |  | (15,413) |
Transfers from (to): |  |  |  |  |
Receivables, net | 61 |  |  | (104,635) |  |  | (155,586) |
REO (Other assets) | — |  |  | (4,116) |  |  | (2,355) |
Gain on sale of loans | 11,189 |  |  | 4,974 |  |  | 3,659 |
Decrease (increase) in valuation allowance | 463 |  |  | 4,926 |  |  | (4,251) |
Other | 3,659 |  |  | 11,957 |  |  | 15,102 |
Ending balance (2) | $ | 21,472 |  |  | $ | 66,517 |  |  | $ | 66,097 |
(1)We elected the fair value option for all newly repurchased loans after December 31, 2019. (2)At December 31, 2020, 2019 and 2018, the balances include $12.5 million, $60.6 million and $51.8 million, respectively, of loans that we repurchased from Ginnie Mae guaranteed securitizations pursuant to Ginnie Mae servicing guidelines.
Valuation Allowance - Loans Held for Sale at Lower of Cost or Fair Value | Years Ended December 31,
2020 |  | 2019 |  | 2018
Beginning balance | $ | 6,643 |  |  | $ | 11,569 |  |  | $ | 7,318 |
Provision | 1,144 |  |  | 2,537 |  |  | 4,033 |
Transfer from Liability for indemnification obligations (Other liabilities) | 68 |  |  | 403 |  |  | 2,021 |
Sales of loans | (1,675) |  |  | (7,866) |  |  | (1,824) |
Other | — |  |  | — |  |  | 21 |
Ending balance | $ | 6,180 |  |  | $ | 6,643 |  |  | $ | 11,569 |
| Years Ended December 31,
Gains on Loans Held for Sale, Net | 2020 |  | 2019 |  | 2018
Gain on sales of loans, net |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 68,734 |  |  | $ | 7,458 |  |  | $ | 7,412 |
Gain on sale of forward mortgage loans | 45,459 |  |  | 25,310 |  |  | 34,216 |
Gain on sale of repurchased Ginnie Mae loans | 15,947 |  |  | 4,764 |  |  | 3,659 |
| 130,140 |  |  | 37,532 |  |  | 45,287 |
Change in fair value of IRLCs | 17,479 |  |  | 756 |  |  | 3,809 |
Change in fair value of loans held for sale | 2,280 |  |  | 3,005 |  |  | (11,569) |
(Loss) gain on economic hedge instruments | (10,069) |  |  | (2,689) |  |  | 136 |
Other | (2,594) |  |  | (304) |  |  | (327) |
| $ | 137,236 |  |  | $ | 38,300 |  |  | $ | 37,336 |

X
- Definition Loans Held for Sale At Fair Value [Text Block] + References No definition available. + Details
Name: | ocn_LoansHeldforSaleAtFairValueTextBlock
Namespace Prefix: | ocn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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