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Investment in Equity Method Investee (Tables)
 9 Months Ended
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 investee1,282 
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 MAV2,657 
Transferred MSR liability, at fair value (2)$128,887 
Other liabilities
Due to MAV226 
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 accounting13,570,892
Ocwen subservicer7,855,112
$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.