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v3.20.4

Rights to MSRs (Tables) | 12 Months Ended
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Dec. 31, 2020
Transfers and Servicing [Abstract] |
Schedule of Interest Expense Related to Financial Liability | The following tables present selected assets and liabilities recorded on our consolidated balance sheets as well as the impacts to our consolidated statements of operations in connection with our NRZ agreements.
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Balance Sheets |  |  |  |  |
MSRs, at fair value (1) | $ | 566,952 |  |  | $ | 915,148 |  |  | $ | 894,002 |
Due from NRZ (Receivables) |  |  |  |  |
Sales and transfers of MSRs (2) | — |  |  | 24,167 |  |  | 23,757 |
Advance funding, subservicing fees and reimbursable expenses | 4,611 |  |  | 9,197 |  |  | 30,845 |
| $ | 4,611 |  |  | $ | 33,364 |  |  | $ | 54,602 |
Due to NRZ (Other liabilities) | $ | 94,691 |  |  | $ | 63,596 |  |  | $ | 53,001 |
Financing liability - MSRs pledged, at fair value |  |  |  |  |
Original Rights to MSRs Agreements | $ | 566,952 |  |  | $ | 603,046 |  |  | $ | 436,511 |
2017 Agreements and New RMSR Agreements | — |  |  | 35,445 |  |  | 138,854 |
PMC MSR Agreements (1) | — |  |  | 312,102 |  |  | 457,491 |
| $ | 566,952 |  |  | $ | 950,593 |  |  | $ | 1,032,856 |
Statements of Operations |  |  |  |  |
Servicing fees collected on behalf of NRZ (1) | $ | 383,685 |  |  | $ | 577,015 |  |  | $ | 539,039 |
Less: Subservicing fee retained (1) | 104,848 |  |  | 139,343 |  |  | 142,334 |
Net servicing fees remitted to NRZ | 278,837 |  |  | 437,672 |  |  | 396,705 |
Less: Reduction (increase) in financing liability |  |  |  |  |
Changes in fair value: |  |  |  |  |
Original Rights to MSRs Agreements | (21,964) |  |  | (229,198) |  |  | 171 |
2017 Agreements and New RMSR Agreements | (903) |  |  | (5,866) |  |  | 14,369 |
PMC MSR Agreements (1) | 40,720 |  |  | 82,078 |  |  | 4,729 |
| 17,853 |  |  | (152,986) |  |  | 19,269 |
Runoff and settlement: |  |  |  |  |
Original Rights to MSRs Agreements | 56,302 |  |  | 48,729 |  |  | 58,837 |
2017 Agreements and New RMSR Agreements | 35,121 |  |  | 101,003 |  |  | 134,509 |
PMC MSR Agreements (1) | 7,492 |  |  | 64,631 |  |  | 18,420 |
| 98,915 |  |  | 214,363 |  |  | 211,766 |
Other | 9,735 |  |  | 4,206 |  |  | (6,000) |
Pledged MSR liability expense | $ | 152,334 |  |  | $ | 372,089 |  |  | $ | 171,670 |
(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 completing deboarding on October 1, 2020, and accounted for them as a subservicing relationship. (2)Balance represented 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.
Schedule of Activity Related to Rights to Mortgage Servicing Rights |
| Year Ended December 31, 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 | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | (226) |  |  | (226) |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 21,964 |  |  | — |  |  | — |  |  | 21,964 |
2017 Agreements and New RMSR Agreements | — |  |  | 903 |  |  | — |  |  | 903 |
PMC MSR Agreements | — |  |  | — |  |  | (40,720) |  |  | (40,720) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (56,302) |  |  | — |  |  | — |  |  | (56,302) |
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 | (1,756) |  |  | — |  |  | — |  |  | (1,756) |
2017 Agreements and New RMSR Agreements | — |  |  | (1,227) |  |  | — |  |  | (1,227) |
PMC MSR Agreements | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 566,952 |  |  | $ | — |  |  | $ | — |  |  | $ | 566,952 |
| Year Ended December 31, 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 |
Additions | — |  |  | — |  |  | 1,276 |  |  | 1,276 |
Sales | — |  |  | — |  |  | 44 |  |  | 44 |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | 229,198 |  |  | — |  |  | — |  |  | 229,198 |
2017 Agreements and New RMSR Agreements | — |  |  | 5,866 |  |  | — |  |  | 5,866 |
PMC MSR Agreements | — |  |  | — |  |  | (82,078) |  |  | (82,078) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (48,730) |  |  | — |  |  | — |  |  | (48,730) |
2017 Agreements and New RMSR Agreements | — |  |  | (101,003) |  |  | — |  |  | (101,003) |
PMC MSR Agreements | — |  |  | — |  |  | (64,631) |  |  | (64,631) |
Calls (1): | — |  |  | — |  |  | — |  |  |
Original Rights to MSRs Agreements | (13,933) |  |  | — |  |  | — |  |  | (13,933) |
2017 Agreements and New RMSR Agreements | — |  |  | (8,272) |  |  | — |  |  | (8,272) |
PMC MSR Agreements | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 603,046 |  |  | $ | 35,445 |  |  | $ | 312,102 |  |  | $ | 950,593 |
| Year Ended December 31, 2018
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning balance | $ | 499,042 |  |  | $ | 9,249 |  |  | $ | — |  |  | $ | 508,291 |
Additions | — |  |  | — |  |  | 667 |  |  | 667 |
Assumed in connection with the acquisition of PHH | — |  |  | — |  |  | 481,020 |  |  | 481,020 |
Receipt of lump-sum cash payments | — |  |  | 279,586 |  |  | — |  |  | 279,586 |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (171) |  |  | — |  |  | — |  |  | (171) |
2017 Agreements and New RMSR Agreements | — |  |  | (14,369) |  |  | — |  |  | (14,369) |
PMC MSR Agreements | — |  |  | — |  |  | (4,729) |  |  | (4,729) |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (58,837) |  |  | — |  |  | — |  |  | (58,837) |
2017 Agreements and New RMSR Agreements | — |  |  | (134,509) |  |  | — |  |  | (134,509) |
PMC MSR Agreements | — |  |  | — |  |  | (18,420) |  |  | (18,420) |
Calls (1): |  |  |  |  |  |  |
Original Rights to MSRs Agreements | (3,523) |  |  | — |  |  | — |  |  | (3,523) |
2017 Agreements and New RMSR Agreements | — |  |  | (1,103) |  |  | — |  |  | (1,103) |
PMC MSR Agreements | — |  |  | — |  |  | (1,047) |  |  | (1,047) |
Ending balance | $ | 436,511 |  |  | $ | 138,854 |  |  | $ | 457,491 |  |  | $ | 1,032,856 |
(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.
UPB of Loans Serviced on behalf of NRZ | As of December 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) (2) | $ | 14,114,602 |
NRZ servicer of record (MSR title transferred to NRZ) - Ocwen MSR (1) | 49,866,082 |
Ocwen subservicer | 3,130,704 |
Total NRZ UPB at December 31, 2020 | $ | 67,111,388 |
(1)The MSR sale transactions did not achieve sale accounting treatment. (2)NRZ’s associated outstanding servicing advances were approximately $575.9 million as of December 31, 2020.

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