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Investment in Equity Method Investee (Tables) | 9 Months Ended
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Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investment in equity method investee | Our investment in MAV Canopy is comprised of following at September 30, 2021:
Capital contribution | $ | 18,512 |
Earnings of equity method investee | 1,282 |
Investment in equity method investee | $ | 19,794 |
Equity Method Investment Summarized Financial Information | The following tables present a summary of our transactions with MAV, MAV Canopy or Oaktree as related parties, as of or for the three and nine months ended September 30, 2021:
Balance Sheet |
MSRs, at fair value (1) | $ | 144,893 |
Receivables |
Reimbursable expenses |
MSR sales price holdback - (MAV) (1) | $ | 1,644 |
Due from MAV | 2,657 |
Transferred MSR liability, at fair value (2) | $ | 128,887 |
Other liabilities |
Due to MAV | 226 |
Revenue |
Servicing and subservicing fees |
Servicing fees collected on behalf of MAV (1) | $ | 1,001 |
Subservicing fees - Subservicing agreement (MAV) | 574 |
Ancillary fees (MAV) (1) | 707 |
| $ | 2,282 |
MSR valuation adjustments, net (MAV) (1) | $ | (3,116) |
Other income (expense) |
Interest expense - OFC senior secured notes (Oaktree) | $ | (21,351) |
Pledged MSR liability expense - MAV (1) | 2,094 |
Other income - Administrative services agreement (MAV) | 140 |
Other |
UPB of MSR transferred by PMC to MAV in the three and nine months ended September 30, 2021 | $ | 13,683,143 |
Cash proceeds from transfers of MSRs by PMC to MAV in the three and nine months ended September 30, 2021 | $ | 130,024
UPB of loans sub-serviced - Subservicing agreement (MAV) as of September 30, 2021 |
MSR transferred to MAV, not qualifying for sale accounting | 13,570,892
Ocwen subservicer | 7,855,112
| $ | 21,426,004
(1)For sales of MSRs to MAV which did not qualify as a sale for accounting purposes, we continue to recognize the MSRs and related pledged MSR liability on our consolidated balance sheets, as well as the full amount of servicing revenue and changes in the fair value of the MSRs and related financing liability in our unaudited consolidated statements of operations. Changes in fair value of the Rights to MSRs are recognized in MSR valuation adjustments, net in the unaudited consolidated statements of operations. Changes in fair value of the MSR related financing liability are reported in Pledged MSR liability expense. (2)Also referred to as Pledged MSR liability. The fair value of the transferred MSR liability differs from the fair value of the MSR due to certain cash flows being retained by Ocwen in connection with the subservicing agreement.

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- Definition Equity Method Investment Summarized Financial Information. + References No definition available. + Details
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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