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Employee Compensation and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Change in Benefit Obligation, Plan Assets and Funded Status for Pension Plans
The following table shows the total change in the benefit obligation, plan assets and funded status for the pension plans:
 December 31,
20212020
Projected benefit obligation$54,262 $58,965 
Fair value of plan assets50,078 46,303 
Unfunded status recognized in Other liabilities$(4,183)$(12,662)
Amounts recognized in Accumulated other comprehensive loss$1,955 $8,484 
Change in Benefit Obligation, Plan Assets and Funded Status for Gratuity Plan
The following table shows the total change in the benefit obligation, plan assets and funded status for the Gratuity Plan:
 December 31,
20212020
Benefit obligation$6,305 $6,091 
Fair value of plan assets42 40 
Unfunded status recognized in Other liabilities$(6,263)$(6,051)
Schedule of Stock Options Vesting
Outstanding equity awards granted under the 2007 Equity Plan, the 2017 Equity Plan and 2021 Equity Incentive Plan had the following characteristics in common:
Type of AwardPercent of Total Equity AwardVesting Period
2012 - 2014 Awards:
Options:
Servicing Condition - Time-based45 %
Ratably over four years (25% on each of the four anniversaries of the grant date)
Market Condition:
Market performance-based50 
Over three years beginning with 25% vesting on the date that the stock price has at least doubled over the exercise price and the compounded annual gain over the exercise price is at least 20% and then ratably over three years (25% on each of the next three anniversaries of the achievement of the market condition)
Extraordinary market performance-based5 
Over three years beginning with 25% vesting on the date that the stock price has at least tripled over the exercise price and the compounded annual gain over the exercise price is at least 25% and then ratably over three years (25% on each of the next three anniversaries of the achievement of the market condition)
Total Award100 %
2015 - 2016 Awards:
Type of AwardPercent of Total Equity AwardVesting Period
Options:
Service Condition - Time-based100 %
Ratably over four years (25% vesting on each of the first four anniversaries of the grant date.)
2017 - 2021 Awards:
Options:
Service Condition - Time-based6 %
Ratably over three years (1/3 vesting on each of the first three anniversaries of the grant date).
Stock Units:
Service Condition - Time-based41 
Over three years with 1/3 vesting on each of the first three anniversaries of the grant date.
Market Condition:
Time-based vesting schedule and Market performance-based vesting date9 
Vest over four years with 25% vesting on each of the four anniversaries of the grant date. However, none are considered vested until the first trading day (if any) on or before the 4th anniversary of the award date on which the average stock price equals or exceeds the price set in the individual award agreement, at which time all units that have met their time-based vesting schedule vest immediately with the remainder vesting in accordance with their time-based schedule.
Time-based vesting schedule and Market performance-based vesting date44 
Cliff-vest 100% after three years. Vesting of units credited based on Total Shareholder Return (TSR) for any performance period is subject to continued service through the third anniversary of the grant. There is no interim or ratable vesting. The number of performance-based awards that will vest is determined by Ocwen’s TSR, either absolute or relative to a performance peer group, during each performance period.
Total Award100 %
Schedule of Stock Option Activity
Years Ended December 31,
Stock Options 202120202019
 Number of
Options		Weighted
Average
Exercise
Price		Number of
Options		Weighted
Average
Exercise
Price		Number of
Options		Weighted
Average
Exercise
Price
Outstanding at beginning of year124,866 $274.30 131,962 $282.30 139,507 $288.30 
Granted (1)— — — — 3,427 31.20 
Exercised— — — — — — 
Forfeited / Expired (2)(10,208)189.00 (7,096)423.80 (10,972)280.35 
Outstanding at end of year (3)(4)
114,658 $281.89 124,866 $274.30 131,962 $282.30 
Exercisable at end of year (3)(4)(5)108,754 $273.97 110,484 $283.08 105,384 $302.40 
 
(1)Stock options granted in 2019 include 2,212 options awarded to Ocwen’s Chief Financial Officer at a strike price of $32.55 equal to the closing price of our common stock on the effective date of her employment.
(2)Includes 10,208, 0, and 4,913 options which expired unexercised in 2021, 2020 and 2019, respectively, because their exercise price was greater than the market price of Ocwen’s stock.
(3)At December 31, 2021, 5,167 options with a market condition for vesting based on an average common stock trading price of $484.19, had not met their performance criteria. Outstanding and exercisable stock options at December 31, 2021 have a net aggregate intrinsic value of $0.1 million. A total of 44,500 market-based options were outstanding at December 31, 2021, of which 39,333 were exercisable.
(4)At December 31, 2021, the weighted average remaining contractual term of options outstanding and options exercisable was 2.02 years and 1.98 years, respectively.
(5)The total fair value of stock options that vested and became exercisable during 2021, 2020 and 2019, based on grant-date fair value, was $0.3 million, $0.3 million and $0.6 million, respectively.
Schedule of Stock Unit Activity
Years Ended December 31,
Stock Units - Equity Awards202120202019
 Number of
Stock Units		Weighted
Average
Grant Date Fair Value		Number of
Stock Units		Weighted
Average
Grant Date Fair Value		Number of
Stock Units		Weighted
Average
Grant Date Fair Value
Unvested at beginning of year261,647 $21.74 177,275 $39.45 196,453 $56.25 
Granted (1)236,593 33.50 150,000 8.78 83,797 30.00 
Vested (2)(3)(71,855)33.43 (62,954)42.25 (75,846)46.20 
Forfeited/Cancelled(10,159)39.74 (2,674)26.85 (27,129)143.70 
Unvested at end of year (4)(5)416,226 $25.97 261,647 $21.74 177,275 $39.45 
(1)Stock units granted in 2021, 2020 and 2019 include 115,173, 150,000 and 75,377 units, respectively, granted to Ocwen’s CEO under the new long-term incentive (LTI) program described below. Stock units granted in 2021 includes 4,623 units added to Ocwen’s CEO for performance factor related to 2020 awards under LTI program.
(2)The total intrinsic value of stock units vested, which is defined as the market value of the stock on the date of vesting, was $2.1 million, $1.0 million and $2.1 million for 2021, 2020 and 2019, respectively.
(3)The total fair value of the stock units that vested during 2021, 2020 and 2019, based on grant-date fair value, was $2.4 million, $2.7 million and $3.5 million, respectively.
(4)Excluding the 236,922 market-based stock awards that have not met their performance criteria (and time-vesting requirements, where applicable), the net aggregate intrinsic value of stock awards outstanding at December 31, 2021 was $7.2 million. At December 31,
2021, 3,840 stock units with a market condition for vesting based on an average common stock trading price of $65.10, as well as 37,688 stock units requiring an average common stock trading price of $38.34 to vest a minimum of 50% of units, had not yet met the market condition (and time-vesting requirements, where applicable). The performance for 195,394 stock units is measured based on TSR relative to Ocwen’s compensation peer group TSR over the four performance periods.
(5)At December 31, 2021, the weighted average remaining contractual term of share units outstanding was 2.0 years.
Stock Units Liability Awards
Years Ended December 31,
Stock Units - Liability Awards202120202019
Unvested units at beginning of year728,373 243,441 — 
Granted 233,056 601,787 251,076 
Vested(105,974)(21,909)— 
Forfeited/Cancelled (1)(111,507)(94,954)(7,635)
Other (2)14,678 8 — 
Unvested units at end of year758,626 728,373 243,441 
(1)Units forfeited/cancelled in 2021 and 2020 include 35,000 and 36,898 units, respectively, related to 2019 transitional performance-based awards. These units were forfeited as the TSR was below the threshold performance levels.
(2)Includes, 14,681 units added in 2021 as a result of a performance factor related to 2020 performance-based awards, and 8 shares added in 2020 representing the conversion of fractional stock units on the reverse stock split.
Schedule of Assumptions used to Value Stock Option Awards Granted
The following assumptions were used to value awards:
Years Ended December 31,
 202120202019
 Monte CarloMonte CarloBlack-ScholesMonte Carlo
Risk-free interest rate
0.01% - 0.77%
0.08% - 0.29%
2.60%
1.16% – 2.40%
Expected stock price volatility (1)
95% - 96.4%
88.7% - 94.1%
68%
72.5% - 75.9%
Expected dividend yield
—%—%—%—%
Expected life (in years) (2)
(3)(3)8.5(3)
Contractual life (in years)
N/AN/AN/AN/A
Fair value
$36.09 - $62.03
$24.36 - $38.75
$20.55 - $23.25
$26.25 - $33.75
(1)We generally estimate volatility based on the historical volatility of Ocwen’s common stock over the most recent period that corresponds with the estimated expected life of the option. For awards valued using a Monte Carlo simulation, volatility is computed as a blend of historical volatility based on daily stock price returns and implied volatility based on traded options on Ocwen’s common stock.
(2)For the options valued using the Black-Scholes model we determined the expected life based on historical experience with similar awards, giving consideration to the contractual term, exercise patterns and post vesting forfeitures. The expected term of the options valued using the lattice (binomial) model is derived from the output of the model. The lattice (binomial) model incorporates exercise assumptions based on analysis of historical data. For all options, the expected life represents the period of time that options granted were expected to be outstanding at the date of the award. No option awards were granted during the years ended December 31, 2021 or 2020.
(3)The stock units that contain both a service condition and a market-based condition are valued using the Monte Carlo simulation. The expected term is derived from the output of the simulation and represents the expected time to meet the market-based vesting condition. For equity awards with both service and market conditions, the requisite service period is the longer of the derived or explicit service period. In this case, the explicit service condition (vesting period) is the requisite service period, and the graded vesting method is used for expense recognition.
Schedule of Equity-based Compensation Expense Related to Stock Options and Stock Awards and Related Excess Tax Benefit
The following table summarizes Ocwen's stock-based compensation expense included as a component of Compensation and benefits expense in the consolidated statements of operations:
Years Ended December 31,
 202120202019
Compensation expense - Equity awards
Stock option awards$254 $(431)$(121)
Stock awards4,465 2,832 2,818 
 $4,719 $2,401 $2,697 
Compensation expense - Liability awards$15,108 $5,642 $1,082 
Excess tax benefit (tax deficiency) related to share-based awards$518 $(424)$(381)