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Fair Value | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value |
Note 3 – Fair Value
Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs. The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not measured, at fair value are as follows:
|  |  | September 30, 2021 |  | December 31, 2020
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |  |
Loans held for sale |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (a) (e) | 3, 2 |  | $ | 921,621 |  |  | $ | 921,621 |  |  | $ | 366,364 |  |  | $ | 366,364 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 12,079 |  |  | 12,079 |  |  | 21,472 |  |  | 21,472 |
Total Loans held for sale |  |  | $ | 933,700 |  |  | $ | 933,700 |  |  | $ | 387,836 |  |  | $ | 387,836 |
Loans held for investment |  |  |  |  |  |  |  |  |
Loans held for investment - Reverse mortgages (a) | 3 |  | $ | 7,100,726 |  |  | $ | 7,100,726 |  |  | $ | 6,997,127 |  |  | $ | 6,997,127 |
Loans held for investment - Restricted for securitization investors (a) | 3 |  | 8,004 |  |  | 8,004 |  |  | 9,770 |  |  | 9,770 |
Total loans held for investment |  |  | $ | 7,108,730 |  |  | $ | 7,108,730 |  |  | $ | 7,006,897 |  |  | $ | 7,006,897 |
Advances, net (c) | 3 |  | $ | 739,596 |  |  | $ | 739,596 |  |  | $ | 828,239 |  |  | $ | 828,239 |
Receivables, net (c) | 3 |  | 183,090 |  |  | 183,090 |  |  | 187,665 |  |  | 187,665 |
Mortgage-backed securities (a) | 3 |  | 1,618 |  |  | 1,618 |  |  | 2,019 |  |  | 2,019 |
Corporate bonds (a) | 2 |  | 211 |  |  | 211 |  |  | 211 |  |  | 211 |
Investment in equity method investee (c) | 3 |  | 19,794 |  |  | 19,794 |  |  | — |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Advance match funded liabilities (c) | 3 |  | $ | 516,572 |  |  | $ | 515,405 |  |  | $ | 581,288 |  |  | $ | 581,997 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings (a) | 3 |  | $ | 6,782,564 |  |  | $ | 6,782,564 |  |  | $ | 6,772,711 |  |  | $ | 6,772,711 |
Other financing liabilities |  |  |  |  |  |  |  |  |
Financing liability -Transferred MSR liability (a) | 3 |  | 702,907 |  |  | 702,907 |  |  | 566,952 |  |  | 566,952 |
Financing liability - Owed to securitization investors (a) | 3 |  | 8,004 |  |  | 8,004 |  |  | 9,770 |  |  | 9,770 |
Total Other financing liabilities |  |  | 710,911 |  |  | 710,911 |  |  | 576,722 |  |  | 576,722 |
Senior secured term loan (c) (d) | 2 |  | $ | — |  |  | $ | — |  |  | $ | 179,776 |  |  | $ | 184,639 |
Mortgage loan warehouse facilities (c) | 3 |  | 1,069,170 |  |  | 1,069,170 |  |  | 451,713 |  |  | 451,713 |
MSR financing facilities (c) (d) | 3 |  | 945,744 |  |  | 918,217 |  |  | 437,672 |  |  | 406,860 |
Senior notes: |  |  |  |  |  |  |  |  |
Senior notes (c) (d) (f) | 2 |  | 392,190 |  |  | 403,490 |  |  | 311,898 |  |  | 320,879 |
OFC Senior notes due 2027 (c) (d) (f) | 3 |  | 220,468 |  |  | 258,805 |  |  | — |  |  | — |
Total Senior notes |  |  | $ | 612,658 |  |  | $ | 662,295 |  |  | $ | 311,898 |  |  | $ | 320,879 |
|  |  | September 30, 2021 |  | December 31, 2020
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Derivative financial instrument assets (liabilities) |  |  |  |  |  |  |  |  |
Interest rate lock commitments (a) | 3 |  | $ | 14,030 |  |  | $ | 14,030 |  |  | $ | 22,706 |  |  | $ | 22,706 |
Forward trades - Loans held for sale (a) | 2 |  | 421 |  |  | 421 |  |  | (50) |  |  | (50) |
TBA / Forward mortgage-backed securities (MBS) trades (a) | 1 |  | (11,227) |  |  | (11,227) |  |  | (4,554) |  |  | (4,554) |
Interest rate swap futures (a) | 1 |  | (8,236) |  |  | (8,236) |  |  | 504 |  |  | 504 |
TBA forward Pipeline trades (a) | 1 |  | 5,262 |  |  | 5,262 |  |  | — |  |  | — |
Other | 3 |  | (438) |  |  | (438) |  |  | — |  |  | — |
MSRs (a) | 3 |  | $ | 2,176,260 |  |  | $ | 2,176,260 |  |  | $ | 1,294,817 |  |  | $ | 1,294,817 |
(a)Measured at fair value on a recurring basis. (b)Measured at fair value on a non-recurring basis. (c)Disclosed, but not measured, at fair value. (d)The carrying values are net of unamortized debt issuance costs and discount. See Note 12 – Borrowings for additional information. (e)Loans repurchased from Ginnie Mae securitizations with a fair value of $210.8 million and $51.1 million at September 30, 2021 and December 31, 2020, respectively, are classified as Level 3. The remaining balance of loans held for sale at fair value is classified as Level 2. (f)On March 4, 2021, PMC completed the issuance and sale of $400.0 million aggregate principal amount of senior secured notes. Fair value is based on valuation data obtained from a pricing service. Therefore, these notes are classified as Level 2. Additionally on March 4, 2021 and May 3, 2021, Ocwen completed the private placement of $199.5 million and $85.5 million, respectively, aggregate principal amount of senior secured second lien notes. These notes are classified as Level 3. See Note 12 – Borrowings for additional information. The following tables present a reconciliation of the changes in fair value of Level 3 assets and liabilities that we measure at fair value on a recurring basis:
|  |  |  |  | Loans Held for Investment - Restricted for Securitization Investors |  | Financing Liability - Owed to Securitization Investors |  | Loans Held for Sale - Fair Value |  | Mortgage-Backed Securities |  |  |  | IRLCs |  |  |  |
Three months ended September 30, 2021
Beginning balance |  |  |  |  | $ | 8,680 |  |  | $ | (8,680) |  |  | $ | 138,842 |  |  | $ | 1,607 |  |  |  |  | $ | 17,437 |  |  |  |  |
Cumulative effect of fair value election |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  |  |  | — |  |  | — |  |  | 136,996 |  |  | — |  |  |  |  | — |  |  |  |  |
Issuances |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 184,995 |  |  |  |  |
Sales |  |  |  |  | — |  |  | — |  |  | (64,032) |  |  | — |  |  |  |  | — |  |  |  |  |
Settlements |  |  |  |  | (676) |  |  | 676 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (182,783) |  |  |  |  |
Receivables, net |  |  |  |  | — |  |  | — |  |  | (558) |  |  | — |  |  |  |  | — |  |  |  |  |
|  |  |  |  | (676) |  |  | 676 |  |  | 72,406 |  |  | — |  |  |  |  | 2,212 |  |  |  |  |
Change in fair value included in earnings |  |  |  |  | — |  |  | — |  |  | (496) |  |  | 11 |  |  |  |  | (5,619) |  |  |  |  |
Transfers in and / or out of Level 3 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |
Ending balance |  |  |  |  | $ | 8,004 |  |  | $ | (8,004) |  |  | $ | 210,752 |  |  | $ | 1,618 |  |  |  |  | $ | 14,030 |  |  |  |  |
|  |  |  |  | Loans Held for Investment - Restricted for Securitization Investors |  | Financing Liability - Owed to Securitization Investors |  | Loans Held for Sale - Fair Value |  | Mortgage-Backed Securities |  |  |  | IRLCs |  |  |  |
Three months ended September 30, 2020
Beginning balance |  |  |  |  | $ | 11,664 |  |  | $ | (11,664) |  |  | $ | 25,950 |  |  | $ | 1,726 |  |  |  |  | $ | 17,818 |  |  |  |  |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  |  |  | — |  |  | — |  |  | 45,445 |  |  | — |  |  |  |  | — |  |  |  |  |
Issuances |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 87,311 |  |  |  |  |
Sales |  |  |  |  | — |  |  | — |  |  | (45,723) |  |  | — |  |  |  |  | — |  |  |  |  |
Settlements |  |  |  |  | (652) |  |  | 652 |  |  | 356 |  |  | — |  |  |  |  | (77,785) |  |  |  |  |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables, net |  |  |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  |  |  | — |  |  |  |  |
|  |  |  |  | (652) |  |  | 652 |  |  | 235 |  |  | — |  |  |  |  | 9,526 |  |  |  |  |
Change in fair value included in earnings |  |  |  |  | — |  |  | — |  |  | 224 |  |  | 424 |  |  |  |  | (4,665) |  |  |  |  |
Ending balance |  |  |  |  | $ | 11,012 |  |  | $ | (11,012) |  |  | $ | 26,409 |  |  | $ | 2,150 |  |  |  |  | $ | 22,679 |  |  |  |  |
|  |  |  |  | Loans Held for Investment - Restricted for Securitization Investors |  | Financing Liability - Owed to Securitization Investors |  | Loans Held for Sale - Fair Value |  | Mortgage-backed Securities |  |  |  | IRLCs |  |  |  |
Nine Months Ended September 30, 2021
Beginning balance |  |  |  |  | $ | 9,770 |  |  | $ | (9,770) |  |  | $ | 51,072 |  |  | $ | 2,019 |  |  |  |  | $ | 22,706 |  |  |  |  |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  |  |  | — |  |  | — |  |  | 303,117 |  |  | — |  |  |  |  | — |  |  |  |  |
Issuances |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 446,751 |  |  |  |  |
Sales |  |  |  |  | — |  |  | — |  |  | (135,088) |  |  | — |  |  |  |  | — |  |  |  |  |
Settlements |  |  |  |  | (1,766) |  |  | 1,766 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (425,169) |  |  |  |  |
Other assets |  |  |  |  | — |  |  | — |  |  | (377) |  |  | — |  |  |  |  | — |  |  |  |  |
Receivables, net |  |  |  |  | — |  |  | — |  |  | (1,113) |  |  | — |  |  |  |  | — |  |  |  |  |
|  |  |  |  | (1,766) |  |  | 1,766 |  |  | 166,539 |  |  | — |  |  |  |  | 21,582 |  |  |  |  |
Change in fair value included in earnings |  |  |  |  | — |  |  | — |  |  | (6,859) |  |  | (401) |  |  |  |  | (30,258) |  |  |  |  |
Ending balance |  |  |  |  | $ | 8,004 |  |  | $ | (8,004) |  |  | $ | 210,752 |  |  | $ | 1,618 |  |  |  |  | $ | 14,030 |  |  |  |  |
|  |  |  |  | Loans Held for Investment - Restricted for Securitization Investors |  | Financing Liability - Owed to Securitization Investors |  | Loans Held for Sale - Fair Value |  | Mortgage-backed Securities |  |  |  | IRLCs |  |
Nine Months Ended September 30, 2020
Beginning balance |  |  |  |  | $ | 23,342 |  |  | $ | (22,002) |  |  | $ | — |  |  | $ | 2,075 |  |  |  |  | $ | — |  |  |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  |  |  | — |  |  | — |  |  | 103,955 |  |  | — |  |  |  |  | — |  |  |
Issuances |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 144,931 |  |  |
Deconsolidation of mortgage-backed securitization trusts |  |  |  |  | (10,715) |  |  | 9,519 |  |  | — |  |  | — |  |  |  |  | — |  |  |
Sales |  |  |  |  | — |  |  | — |  |  | (104,273) |  |  | — |  |  |  |  | — |  |  |
Settlements |  |  |  |  | (1,615) |  |  | 1,615 |  |  | (70) |  |  | — |  |  |  |  | — |  |  |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (128,224) |  |  |
Receivables, net |  |  |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  |  |  | — |  |  |
|  |  |  |  | (12,330) |  |  | 11,134 |  |  | (501) |  |  | — |  |  |  |  | 16,707 |  |  |
Change in fair value included in earnings |  |  |  |  | — |  |  | (144) |  |  | 1,328 |  |  | 75 |  |  |  |  | (4,506) |  |  |
Transfers in and / or out of Level 3 |  |  |  |  | — |  |  | — |  |  | 25,582 |  |  | — |  |  |  |  | 10,478 |  |  |
Ending balance |  |  |  |  | $ | 11,012 |  |  | $ | (11,012) |  |  | $ | 26,409 |  |  | $ | 2,150 |  |  |  |  | $ | 22,679 |  |  |
A rollforward of the beginning and ending balances of Loans Held for Investment and HMBS-related borrowings, MSRs and Financing liability - MSRs pledged that we measure at fair value on a recurring and non-recurring basis is provided in Note 5 – Reverse Mortgages, Note 7 – Mortgage Servicing and Note 8 — MSR Transfers Not Qualifying for Sale Accounting, respectively. During the nine months ended September 30, 2021, there have been no changes to the methodologies that we use in estimating fair values or classifications under the valuation hierarchy as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. The significant unobservable assumptions that we make to estimate the fair value of significant assets and liabilities classified as Level 3 and measured at fair value on a recurring or non-recurring basis are provided below. Loans Held for Sale The fair value of loans we purchased from Ginnie Mae guaranteed securitizations is estimated using both observable and unobservable inputs, including published forward Ginnie Mae prices or existing sale contracts, as well as estimated default, prepayment, and discount rates. The significant unobservable input in estimating fair value is the estimated default rate. Accordingly, these repurchased Ginnie Mae loans are classified as Level 3 within the valuation hierarchy. Loans Held for Investment - Reverse Mortgages Reverse mortgage loans held for investment are carried at fair value and classified as Level 3 within the valuation hierarchy. Significant unobservable assumptions include voluntary prepayment speeds, defaults and discount rate. The conditional prepayment speed assumption displayed in the table below is inclusive of voluntary (repayment or payoff) and involuntary (inactive/delinquent status and default) prepayments. The discount rate assumption is primarily based on an assessment of current market yields on reverse mortgage loan and tail securitizations, expected duration of the asset and current market interest rates.
Significant unobservable assumptions | September 30, 2021 |  | December 31, 2020
Life in years |  |  |
Range | 1.1 to 8.0 |  | 0.9 to 8.0
Weighted average | 5.6 |  | 5.9 |
Conditional prepayment rate, including voluntary and involuntary prepayments |  |  |
Range | 11.0% to 35.5% |  | 10.6% to 28.8%
Weighted average | 16.2 | % |  | 15.4 | %
Discount rate | 2.5 | % |  | 1.9 | %
Significant increases or decreases in any of these assumptions in isolation could result in a significantly lower or higher fair value, respectively. The effects of changes in the assumptions used to value the securitized loans held for investment, excluding future draw commitments, are partially offset by the effects of changes in the assumptions used to value the HMBS-related borrowings that are associated with these loans. MSRs MSRs are carried at fair value and classified within Level 3 of the valuation hierarchy. The fair value is determined using the mid-point of the range of prices provided by third-party valuation experts, without adjustment, except in the event we have a potential or completed sale, including transactions where we have executed letters of intent, in which case the fair value of the MSRs is recorded at the estimated sale price. A change in the valuation inputs or assumptions may result in a significantly higher or lower fair value measurement. Changes in market interest rates predominantly impact the fair value of Agency MSRs via prepayment speeds by altering the borrower refinance incentive and the non-Agency MSRs due to the impact on advance funding costs. The significant unobservable assumptions used in the valuation of these MSRs include prepayment speeds, delinquency rates, cost to service and discount rates.
Significant unobservable assumptions | September 30, 2021 |  | December 31, 2020
Agency |  | Non-Agency |  | Agency |  | Non-Agency
Weighted average prepayment speed | 9.0 | % |  | 12.0 | % |  | 11.8 | % |  | 11.5 | %
Weighted average lifetime delinquency rate | 1.4 | % |  | 12.8 | % |  | 3.0 | % |  | 28.0 | %
Weighted average discount rate | 8.6 | % |  | 11.2 | % |  | 9.2 | % |  | 11.4 | %
Weighted average cost to service (in dollars) | $ | 72 |  |  | $ | 209 |  |  | $ | 79 |  |  | $ | 270 |
Because the mortgages underlying these MSRs permit the borrowers to prepay the loans, the value of the MSRs generally tends to diminish in periods of declining interest rates, an improving housing market or expanded product availability (as prepayments increase) and increase in periods of rising interest rates, a deteriorating housing market or reduced product availability (as prepayments decrease). The following table summarizes the estimated change in the value of the MSRs as of September 30, 2021 given hypothetical increases in lifetime prepayments and yield assumptions:
Adverse change in fair value | 10% |  | 20%
Weighted average prepayment speeds | $ | (65,965) |  |  | $ | (128,151) |
Weighted average discount rate | (53,571) |  |  | (103,573) |
Investment in Equity Method Investee Our investment in equity method investee is accounted for using the equity method and classified as Level 3 within the valuation hierarchy. The assets, including MSRs and MSR related assets, and liabilities of the investee are carried at fair value or a value that approximates fair value. Accordingly, the investee’s net asset value approximates its fair value, and its earnings or losses reflect the change in its net asset value, resulting in our recorded investment approximating fair value. See Note 10 - Investment in Equity Method Investee for further details. Financing Liabilities HMBS-Related Borrowings HMBS-related borrowings are carried at fair value and classified as Level 3 within the valuation hierarchy. These borrowings are not actively traded, and therefore, quoted market prices are not available. Significant unobservable assumptions include yield spread and discount rate. The yield spread and discount rate assumption for these liabilities are primarily based on an assessment of current market yields for newly issued HMBS, expected duration and current market interest rates.
Significant unobservable assumptions | September 30, 2021 |  | December 31, 2020
Life in years |  |  |
Range | 1.1 to 8.0 |  | 0.9 to 8.0
Weighted average | 5.6 |  | 5.9 |
Conditional prepayment rate |  |  |
Range | 11.0% to 35.5% |  | 10.6% to 28.8%
Weighted average | 16.2 | % |  | 15.4 | %
Discount rate | 2.3 | % |  | 1.7 | %
Significant increases or decreases in any of these assumptions in isolation could result in a significantly higher or lower fair value, respectively. The effects of changes in the assumptions used to value the HMBS-related borrowings are partially offset by the effects of changes in the assumptions used to value the associated pledged loans held for investment, excluding future draw commitments. MSRs Pledged Liabilities These MSR pledged liabilities carried at fair value and classified as Level 3 within the valuation hierarchy. We determine the fair value of the pledged MSR liability consistent with the mid-point of the range of prices provided by third-party valuation experts for the related MSR, considering retained cash flows.
Significant unobservable assumptions | September 30, 2021 |  | December 31, 2020
Weighted average prepayment speed | 11.2 | % |  | 11.5 | %
Weighted average delinquency rate | 11.2 | % |  | 29.8 | %
Weighted average discount rate | 10.7 | % |  | 11.4 | %
Weighted average cost to service (in dollars) | $ | 199 |  |  | $ | 287 |
Significant increases or decreases in these assumptions in isolation would result in a significantly higher or lower fair value. Derivative Financial Instruments Interest rate lock commitments (IRLCs) are classified as Level 3 assets as fallout rates were determined to be significant unobservable assumptions.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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