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Mortgage Servicing (Tables)

9 Months Ended

Sep. 30, 2022

Transfers and Servicing [Abstract]

Schedule of Activity Related to MSRs - Fair Value Measurement Method

MSRs – At Fair Value			Three Months Ended September 30,
			2022																		2021
			Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	1,816,604					$	669,075					$	2,485,679					$	1,408,420					$	664,098					$	2,072,518
Sales of MSRs			3						—						3						—						—						—
Additions:
Recognized on the sale of residential mortgage loans			70,225						—						70,225						66,420						—						66,420
Purchase of MSRs			75,461						—						75,461						36,153						—						36,153
Servicing transfers and adjustments (1)			(39,052)						(83)						(39,135)						17						(4,723)						(4,706)
Changes in fair value:
Changes in valuation inputs or assumptions			99,099						91,546						190,645						6,983						67,836						74,819
Realization of expected cash flows			(46,891)						(21,762)						(68,653)						(38,186)						(30,758)						(68,944)
Ending balance			$	1,975,449					$	738,776					$	2,714,225					$	1,479,807					$	696,453					$	2,176,260

MSRs – At Fair Value			Nine Months Ended September 30,
			2022																		2021
			Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	1,571,837					$	678,310					$	2,250,147					$	578,957					$	715,860					$	1,294,817
Sales of MSRs			(149,336)						(24)						(149,360)						—						—						—
Additions:
Recognized on the sale of residential mortgage loans			176,190						—						176,190						136,482						—						136,482
Purchase of MSRs			159,123						—						159,123						806,469						—						806,469
Servicing transfers and adjustments (1)			(24,331)						(907)						(25,238)						73						(6,913)						(6,841)
Changes in fair value:
Changes in valuation inputs or assumptions			379,530						132,888						512,418						47,132						73,306						120,438
Realization of expected cash flows			(137,564)						(71,491)						(209,055)						(89,306)						(85,800)						(175,106)
Ending balance			$	1,975,449					$	738,776					$	2,714,225					$	1,479,807					$	696,453					$	2,176,260

(1)Servicing transfers and adjustments for the three months ended September 30, 2022 include a $39.0 million derecognition of MSRs previously sold to MAV in a transaction which did not qualify for sale accounting treatment. We derecognized the MSRs with a UPB of $2.9 billion from our balance sheet upon the sale of the MSRs by MAV to a third party in the three months ended September 30, 2022. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting for further information.

Financing Receivable, Past Due

The following table summarizes delinquency status of the loans underlying our MSRs:

			September 30, 2022																		December 31, 2021
Delinquent loans			Agency						Non - Agency						Total						Agency						Non - Agency						Total
30 days			1.5		%				7.6		%				4.3		%				1.4		%				7.2		%				4.1		%
60 days			0.4						2.9						1.5						0.4						2.8						1.6
90 days or more			1.2						8.2						4.4						1.9						8.0						4.8
Total 30-60-90 days or more			3.1		%				18.7		%				10.2		%				3.7		%				18.0		%				10.5		%

Schedule of Composition of Servicing UPB

			September 30, 2022									December 31, 2021									September 30, 2021
			Fair Value			UPB						Fair Value			UPB						Fair Value			UPB
Owned MSRs			$	1,742,978		$	123,440,335					$	1,422,546		$	127,919,800					$	1,457,347		$	136,316,900
Rithm transferred MSRs (1) (2)			604,654			48,354,675						558,940			53,652,843						574,020			56,141,289
MAV transferred MSRs (1)			366,593			26,194,483						268,661			24,018,904						144,893			13,570,892
Total			$	2,714,225		$	197,989,493					$	2,250,147		$	205,591,547					$	2,176,260		$	206,029,081

(1)MSRs subject to sale agreements with Rithm and MAV that do not meet sale accounting criteria. During the nine months ended September 30, 2022 , we transferred MSRs with a UPB of $7.1 billion to MAV. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting.

(2)At September 30, 2022, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $11.0 billion and the UPB of MSRs transferred to Rithm for which title has passed was $37.3 billion.

Schedule of Components of Servicing and Subservicing Fees

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Loan servicing and subservicing fees
Servicing			$	83,348					$	103,094					$	252,773					$	246,363
Subservicing			18,858						2,867						53,890						8,971
MAV (1)			19,275						1,575						54,735						1,575
Rithm (1)			63,362						75,034						195,237						233,135
			184,844						182,570						556,635						490,044
Ancillary income
Late charges			10,559						10,656						32,317						31,335
Reverse subservicing ancillary fees			4,918						—						14,308						—
Recording fees			1,819						3,726						7,693						10,579
Loan collection fees			2,644						2,858						8,463						8,568
Boarding and deboarding fees			769						1,627						4,394						6,830
Custodial accounts (float earnings)			7,521						1,234						10,307						3,547
GSE forbearance fees			219						262						583						1,334
Other, net			2,268						3,652						8,616						10,525
			30,718						24,016						86,681						72,720
Total Servicing and subservicing fees			$	215,562					$	206,585					$	643,316					$	562,764

(1)Includes servicing fees related to transferred MSRs and subservicing fees. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting.

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