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v3.22.1

Subsequent Events | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | Note 22 – Subsequent Events On April 1, 2022, PMC boarded an additional approximately 19,000 reverse mortgage loans with a UPB of $4.1 billion onto our servicing platform under the five-year subservicing agreement executed on October 1, 2021 with Mortgage Assets Management, LLC (formerly known as Reverse Mortgage Solutions, Inc.) (MAM (RMS)). A purchase price of $6.9 million was paid on April 7, 2022 and recognized as a subservicing contract intangible asset to be amortized ratably over the five-year term of the subservicing contract based on portfolio runoff. This boarding is in addition to approximately 40,000 reverse mortgage loans with a UPB of $9.1 billion boarded during the first quarter of 2022. On April 11, 2022, we entered into a warehouse line (master repurchase agreement) with a total borrowing capacity of $350.0 million, of which $100.0 million is committed, to finance loans held for sale, loans held for investment and REO at an interest rate of daily simple SOFR plus applicable margin. On May 2, 2022, in connection with the Ginnie Mae early buyout program, we exercised our right to repurchase certain delinquent and aged loans with an aggregate UPB of $262 million out of their respective Ginnie Mae securitization pools. We concurrently sold the repurchased loans to third-parties, servicing release, at an estimated loss of approximately $9 million, net of the associated Ginnie Mae MSR fair value adjustment and advances, to be recognized in the second quarter of 2022. On May 2, 2022, Ocwen entered into amendments to the following three agreements with certain subsidiaries of NRZ, which are disclosed in Note 8, MSR Transfers Not Qualifying for Sale Accounting: (a) Subservicing Agreement dated as of August 17, 2018 with NewRez LLC (formerly known as New Penn Financial, LLC) d/b/a Shellpoint Mortgage Servicing; (b) Subservicing Agreement dated as of July 23, 2017 with New Residential Mortgage LLC; and (c) New RMSR Agreement dated as of January 18, 2018 with New Residential Mortgage LLC, HLLS Holdings, LLC and HLSS MSR – EBO Acquisition LLC (collectively, the “Agreements”). The amendments modified the terms of the Agreements as follows: (i) the term of each Agreement is extended to December 31, 2023; (ii) subsequent term extensions will be automatic one-year renewals, unless Ocwen provides six months’ advance notice of termination, or the NRZ parties provide three months’ advance notice of termination at the end of the then-current term; and (iii) the parties will share a portion of some ancillary revenues that Ocwen has retained under the Agreements. In addition, the amendments provided for certain immaterial modifications and clarifications of existing terms. The amendments on May 2, 2022 do not result in the prior transfers of MSR from Ocwen to NRZ qualifying for sale accounting prior to December 31, 2023, absent any subsequent amendment.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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