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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Match Funded Liabilities |
Advance Match Funded Liabilities |  | Borrowing Capacity |  |  |  | Outstanding Balance at December 31,
Borrowing Type |  | Maturity (1) |  | Amort. Date (1) |  | Total |  | Available (2) |  |  |  | 2022 |  |  |  | 2021
Advance Receivables Backed Notes - Series 2015-VF5 (3) |  | Aug. 2053 |  | Aug. 2023 |  | $ | 450.0 |  |  | $ | 27.5 |  |  |  |  | $ | 422.5 |  |  |  |  | $ | 14.2 |
Advance Receivables Backed Notes, Series 2020-T1 (4) |  | N/A |  | N/A |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 475.0 |
Total Ocwen Master Advance Receivables Trust (OMART) |  | 450.0 |  |  | 27.5 |  |  |  |  | 422.5 |  |  |  |  | 489.2 |
Ocwen GSE Advance Funding (OGAF) - Advance Receivables Backed Notes, Series 2015-VF1 (5) |  | Aug. 2053 |  | Aug. 2023 |  | 90.0 |  |  | — |  |  |  |  | 90.0 |  |  |  |  | 23.1 |
EBO Advance facility (6) |  | May 2026 |  | NA |  | 14.4 |  |  | 13.2 |  |  |  |  | 1.2 |  |  |  |  | — |
|  |  |  |  |  | $ | 554.4 |  |  | $ | 40.7 |  |  |  |  | $ | 513.7 |  |  |  |  | $ | 512.3 |
Weighted average interest rate (7) |  |  |  |  |  |  |  | 7.09 | % |  |  |  | 1.54 | %
(1)The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In all of our advance facilities, there are multiple notes outstanding. After the amortization date for each note, all collections that represent the repayment of advances pledged to the facility must be applied ratably to each outstanding amortizing note to reduce the balance and as such the collection of advances allocated to the amortizing note may not be used to fund new advances. (2)The committed borrowing capacity under the OMART and OGAF facilities is available to us provided that we have sufficient eligible collateral to pledge. At December 31, 2022, none of the available borrowing capacity of the OMART and OGAF advance financing notes could be used based on the amount of eligible collateral. (3)Interest is computed based on the lender’s cost of funds plus applicable margin. Effective August 15, 2022, we extended the amortization date of Series 2015-VF5 variable funding notes to August 14, 2023, increased the borrowing capacity from $80.0 million to $450.0 million and modified the interest rate margins. (4)We voluntarily repaid the outstanding balance of the Series 2020-T1 term notes at the amortization date in August 2022 and replaced with variable funding notes. See (3) above. The range of interest rates on the individual classes of the repaid notes was between 1.28% to 5.42%. (5)Interest is computed based on the lender’s cost of funds plus applicable margin. On January 31, 2022, we amended the Ocwen Freddie Advance Funding (OFAF) advance facility to include Fannie Mae advances as eligible collateral and renamed the facility Ocwen GSE Advance Funding (OGAF). On August 26, 2022, the amortization date of the facility was extended to August 25, 2023, the committed borrowing capacity was increased from $40.0 million to $50.0 million and the interest rate margin was modified. On November 30, 2022, the committed borrowing capacity was further increased to $90.0 million. (6)On May 2, 2022, we entered into a loan and security agreement and issued a $1.7 million promissory note to the lender. The facility has total uncommitted borrowing capacity of $14.4 million to finance the acquisition of advances in connection with the early buyout of certain fixed-rate, fully-amortizing FHA-insured residential mortgage loans, at an interest rate of 1M Term Secured Overnight Financing Rate (SOFR) plus applicable margin. At December 31, 2022, none of the available borrowing capacity of the facility could be used based on the amount of eligible collateral. (7)1ML was 4.39% and 0.10% at December 31, 2022 and 2021, respectively. 1M Term SOFR was 4.36% and 0.05% at December 31, 2022 and 2021, respectively. The weighted average interest rate, excluding the effect of the amortization of prepaid lender fees, is computed using the outstanding balance of each respective note and its interest rate at the financial statement date. At December 31, 2022 and 2021, the balance of unamortized prepaid lender fees was $2.3 million and $1.3 million, respectively, and are included in Other assets in our consolidated balance sheets.
Schedule of Senior Notes |
Senior Notes |  |  |  |  | Outstanding Balance at December 31,
| Interest Rate (1) |  | Maturity |  | 2022 |  | 2021
PMC Senior Secured Notes | 7.875% |  | March 2026 |  | $ | 375.0 |  |  | $ | 400.0 |
OFC Senior Secured Notes (due to related parties) | 12% paid in cash or 13.25% paid-in-kind (see below) |  | March 2027 |  | 285.0 |  |  | 285.0 |
Principal balance |  |  |  |  | 660.0 |  |  | 685.0 |
Discount (2) |  |  |  |  |  |  |
PMC Senior Secured Notes |  |  |  |  | (1.3) |  |  | (1.8) |
OFC Senior Secured Notes (3) |  |  |  |  | (47.3) |  |  | (54.2) |
|  |  |  |  | (48.6) |  |  | (55.9) |
Unamortized debt issuance costs (2) |  |  |  |  |  |  |
PMC Senior Secured Notes |  |  |  |  | (4.3) |  |  | (5.7) |
OFC Senior Secured Notes |  |  |  |  | (7.5) |  |  | (8.6) |
|  |  |  |  | (11.8) |  |  | (14.3) |
|  |  |  |  | $ | 599.6 |  |  | $ | 614.8 |
(1)Excluding the effect of the amortization of debt issuance costs and discount. (2)The discount and debt issuance costs are amortized to interest expense through the maturity of the respective notes. (3)Includes original issue discount (OID) and additional discount related to the concurrent issuance of warrants and common stock. See below for additional information.
Schedule of Assets Held as Collateral Related to Secured Borrowings | Our assets held as collateral for secured borrowings and other unencumbered assets which may be subject to a lien under various collateralized borrowings are as follows at December 31, 2022:
| Assets |  | Pledged Assets |  | Collateralized Borrowings |  |  |  | Unencumbered Assets (1) |  |  |
Cash | $ | 208.0 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 208.0 |  |  |  |
Restricted cash | 66.2 |  |  | 66.2 |  |  | — |  |  |  |  | — |  |  |  |
Loans held for sale | 622.7 |  |  | 592.4 |  |  | 572.4 |  |  |  |  | 30.3 |  |  |  |
Loans held for investment - securitized (2) | 7,392.6 |  |  | 7,392.6 |  |  | 7,326.8 |  |  |  |  | — |  |  |  |
Loans held for investment - unsecuritized | 111.5 |  |  | 67.5 |  |  | 60.9 |  |  |  |  | 44.0 |  |  |  |
MSRs (3) | 1,710.6 |  |  | 1,725.8 |  |  | 1,115.9 |  |  |  |  | — |  |  |  |
Advances, net | 718.9 |  |  | 667.2 |  |  | 551.4 |  |  |  |  | 51.7 |  |  |  |
Receivables, net | 180.8 |  |  | 67.0 |  |  | 65.7 |  |  |  |  | 113.8 |  |  |  |
REO | 9.8 |  |  | 4.3 |  |  | 3.8 |  |  |  |  | 5.5 |  |  |  |
Total (4) | $ | 11,021.1 |  |  | $ | 10,582.9 |  |  | $ | 9,696.8 |  |  |  |  | $ | 453.4 |  |  |  |
(1)Certain assets are pledged as collateral to the PMC Senior Secured Notes and OFC Senior Secured (second lien) Notes. (2)Reverse mortgage loans and real estate owned are pledged as collateral to the HMBS beneficial interest holders, and are not available to satisfy the claims of our creditors. Ginnie Mae, as guarantor of the HMBS, is obligated to the holders of the HMBS in an instance of PMC’s default on its servicing obligations, or if the proceeds realized on HECMs are insufficient to repay all outstanding HMBS related obligations. Ginnie Mae has recourse to PMC in connection with certain claims relating to the performance and obligations of PMC as both issuer of HMBS and servicer of HECMs underlying HMBS. (3)Excludes MSRs transferred to Rithm and MAV and associated Pledged MSR liability recorded as sale accounting criteria are not met. Pledged assets exceed the MSR asset balance due to the netting of certain PLS MSR portfolios with negative and positive fair values as eligible collateral. (4)The total of selected assets disclosed in the above table does not represent the total consolidated assets of Ocwen. For example, the total excludes premises and equipment and certain other assets.
Schedule of Aggregate Long-term Borrowings | Certain of our borrowings mature within one year of the date of issuance of these financial statements. Based on management’s evaluation, we expect to renew, replace or extend all such borrowings to the extent necessary to finance our business on or prior to their respective maturities consistent with our historical experience.
| Expected Maturity Date (1) (2) |  |  |  |
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total Balance |  | Fair Value
Advance match funded liabilities | $ | 512.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 513.7 |  |  | $ | 513.7 |
Mortgage loan warehouse facilities | 702.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 702.7 |  |  | 702.7 |
MSR financing facilities | 485.2 |  |  | 13.8 |  |  | 422.2 |  |  | — |  |  | — |  |  | 33.4 |  |  | 954.6 |  |  | 932.1 |
Senior notes | — |  |  | — |  |  | — |  |  | 375.0 |  |  | 285.0 |  |  | — |  |  | 660.0 |  |  | 555.2 |
| $ | 1,700.5 |  |  | $ | 13.8 |  |  | $ | 422.2 |  |  | $ | 376.2 |  |  | $ | 285.0 |  |  | $ | 33.4 |  |  | $ | 2,831.0 |  |  | $ | 2,703.7 |
(1)Amounts are exclusive of any related discount, unamortized debt issuance costs or fair value adjustment. (2)For match funded liabilities, the Expected Maturity Date is the date on which the revolving period ends for each advance financing facility note and repayment of the outstanding balance must begin if the note is not renewed or extended.
Schedule of Redemption Prices | On or after March 15, 2023, PMC may redeem some or all of the PMC Senior Secured Notes at its option at the following redemption prices, plus accrued and unpaid interest, if any, on the notes redeemed to, but excluding, the redemption date if redeemed during the 12-month period beginning on March 15th of the years indicated below:
Redemption Year |  | Redemption Price
2023 |  | 103.938 | %
2024 |  | 101.969 |
2025 and thereafter |  | 100.000 |

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