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Rights to MSRs (Tables) | 3 Months Ended
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Mar. 31, 2021
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 | March 31, 2021 |  | December 31, 2020
MSRs, at fair value | $ | 550,364 |  |  | $ | 566,952 |
Due from NRZ (Receivables): Advance funding, subservicing fees and reimbursable expenses | 11,653 |  |  | 4,611 |
Due to NRZ (Other liabilities) | $ | 94,535 |  |  | $ | 94,691 |
Financing liability - MSRs pledged, at fair value: Original Rights to MSRs Agreements | 550,364 |  |  | 566,952 |
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Statements of Operations |  |  |  |  |  |  |
Servicing fees collected on behalf of NRZ | $ | 80,385 |  |  | $ | 119,669 |  |  |  |  |
Less: Subservicing fee retained by Ocwen | 23,991 |  |  | 29,331 |  |  |  |  |
Net servicing fees remitted to NRZ | 56,394 |  |  | 90,338 |  |  |  |  |
Less: Reduction (increase) in financing liability |  |  |  |  |  |  |
Changes in fair value: |  |  |  |  |  |  |
Original Rights to MSRs Agreements (1) | (1,551) |  |  | (7,068) |  |  |  |  |
2017 Agreements and New RMSR Agreements | — |  |  | (903) |  |  |  |  |
PMC MSR Agreements | — |  |  | 40,720 |  |  |  |  |
| (1,551) |  |  | 32,749 |  |  |  |  |
Runoff and settlement: |  |  |  |  |  |  |
Original Rights to MSRs Agreements (1) | 17,616 |  |  | 15,741 |  |  |  |  |
2017 Agreements and New RMSR Agreements | — |  |  | 25,142 |  |  |  |  |
PMC MSR Agreements | — |  |  | 7,492 |  |  |  |  |
| 17,616 |  |  | 48,375 |  |  |  |  |
Other | 2,479 |  |  | 2,620 |  |  |  |  |
Pledged MSR liability expense | $ | 37,850 |  |  | $ | 6,594 |  |  |  |  |
(1) Effective January 1, 2021, changes in fair value due to actual vs. model variances are presented as Changes in valuation inputs or assumptions. Activity for the three months ended March 31,2020 in the table above has been recast to conform to current year disclosure, resulting in a $2.0 million gain reclassified from Runoff and settlement to Changes in fair value.
Schedule of Activity Related to Financing Liability - MSRs Pledged |
| Three Months Ended
| March 31, 2021 |  | March 31, 2020
Financing Liability - MSRs Pledged | Original Rights to MSRs Agreements |  | Original Rights to MSRs Agreements |  | 2017 Agreements and New RMSR Agreements |  | PMC MSR Agreements |  | Total
Beginning Balance | $ | 566,952 |  |  | $ | 603,046 |  |  | $ | 35,445 |  |  | $ | 312,102 |  |  | $ | 950,593 |
Sales | — |  |  | — |  |  | — |  |  | (226) |  |  | (226) |
Changes in fair value: |  |  |  |  |  |  |  |  |
Original Rights to MSRs Agreements (2) | 1,551 |  |  | 7,068 |  |  | — |  |  | — |  |  | 7,068 |
2017 Agreements and New RMSR Agreements | — |  |  | — |  |  | 903 |  |  | — |  |  | 903 |
PMC MSR Agreements | — |  |  | — |  |  | — |  |  | (40,720) |  |  | (40,720) |
Runoff and settlement: |  |  |  |  |  |  |  |  |
Original Rights to MSRs Agreements (2) | (17,616) |  |  | (15,741) |  |  | — |  |  | — |  |  | (15,741) |
2017 Agreements and New RMSR Agreements | — |  |  | — |  |  | (25,142) |  |  | — |  |  | (25,142) |
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 | (523) |  |  | (2,668) |  |  | — |  |  | — |  |  | (2,668) |
2017 Agreements and New RMSR Agreements | — |  |  | — |  |  | (1,227) |  |  | — |  |  | (1,227) |
Ending Balance | $ | 550,364 |  |  | $ | 591,705 |  |  | $ | 9,979 |  |  | $ | — |  |  | $ | 601,684 |
(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. (2)Effective January 1, 2021, changes in fair value due to actual vs. model variances are presented as Changes in valuation inputs or assumptions. Activity for the three months ended March 31,2020 in the table above has been recast to conform to current year disclosure, resulting in a $2.0 million gain reclassified from Runoff and settlement to Changes in fair value.
Schedule of Unpaid Principal Balance of Loans Serviced on Behalf of Others | As of March 31, 2021, 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) | $ | 13,673,665 |
NRZ servicer of record (MSR title transferred to NRZ) - Ocwen MSR (1) | 48,153,327 |
Ocwen subservicer | 2,505,208 |
Total NRZ UPB | $ | 64,332,200 |
(1)The MSR sale transactions did not achieve sale accounting treatment. (2)NRZ’s associated outstanding servicing advances were approximately $535.5 million as of March 31, 2021.

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