Other Financing Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

The following table presents financing liabilities carried at fair value. which include transferred MSR liabilities recorded in connection with MSR transfers that do not qualify for sale accounting, liabilities of consolidated mortgage-backed securitization trusts and MSR excess servicing spread (ESS) financing liability carried at fair value.


			Outstanding Balance
Borrowing Type	Collateral	Maturity	September 30, 2022		December 31, 2021
Original Rights to MSRs Agreements, at fair value - Rithm (1)	MSRs	(1)	$	604,654	$	558,940
Pledged MSR liability, at fair value - MAV (1)	MSRs	(1)	341,965		238,144
			946,619		797,084

Financing liability - Owed to securitization investors, at fair value:
Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11) (2)	Loans held for investment	Oct. 2033	6,802		7,879

ESS financing liability, at fair value (3)	MSRs (3)	N/A	36,301		—
Total Other financing liabilities, at fair value			$	989,722	$	804,963

(1)See Note 8 — MSR Transfers Not Qualifying for Sale Accounting for additional information.

(2)Consists of securitization debt certificates due to third parties that represent beneficial interests in trusts that we include in our unaudited consolidated financial statements. Holders of the debt issued by the consolidated securitization trust entities have recourse only to the assets of the SPE for satisfaction of the debt and have no recourse against the assets of Ocwen. Similarly, the general creditors of Ocwen have no claim on the assets of the trusts. The certificates in the trust pay interest based on fixed rates ranging between 4.25% and 5.75% and a variable rate based on 1ML plus applicable margin, and include principal-only certificates that are not entitled to receive distributions of interest. The maturity of the certificates occurs upon maturity of the loans held by the trust.

(3)Consists of the obligation to remit to a third party a specified percentage of future servicing fee collections on a reference pool of $3.4 billion UPB GSE mortgages, which we are entitled to as owner of the related MSRs. During the three months ended September 30, 2022, we recognized $1.3 million expense for servicing fee remittance and changes in fair value of the liability, reported in Other, net. On September 28, 2022, Ocwen entered into an ESS letter of intent with a third party for an additional $9.4 billion UPB to be settled in the fourth quarter of 2022.