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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Match Funded Liabilities
Advance Match Funded Liabilities
Borrowing CapacityOutstanding Balance
Borrowing TypeMaturity Amort. Date (1)Total Available (2)March 31, 2023Dec. 31, 2022
Ocwen Master Advance Receivables Trust (OMART) - Advance Receivables Backed Notes - Series 2015-VF5
Aug. 2053Aug. 2023$450.0 $45.0 $405.0 $422.5 
Ocwen GSE Advance Funding (OGAF) - Advance Receivables Backed Notes, Series 2015-VF1
Aug. 2053Aug. 202390.0 26.1 63.9 90.0 
EBO Advance facility (3)May 2026NA14.4 13.4 1.0 1.2 
$554.4 $84.5 $469.9 $513.7 
Weighted average interest rate (4)7.65 %7.09 %
(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. 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 March 31, 2023, 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)We entered into a loan and security agreement to finance the acquisition of advances in connection with the early buyout of certain fixed-rate, fully-amortizing FHA-insured residential mortgage loans. At March 31, 2023, none of the available borrowing capacity of the facility could be used based on the amount of eligible collateral.
(4)The weighted average interest rate, excluding the effect of the amortization of prepaid lender fees. At March 31, 2023 and December 31, 2022, the balance of unamortized prepaid lender fees was $1.4 million and $2.3 million, respectively, and are included in Other assets in our consolidated balance sheets.
Schedule of Senior Notes
Senior NotesInterest Rate (1)MaturityOutstanding Balance
March 31, 2023December 31, 2022
PMC Senior Secured Notes (2)7.875%March 2026$375.0 $375.0 
OFC Senior Secured Notes (due to related parties) (3)
12% paid in cash or 13.25% paid-in-kind (see below)
March 2027285.0 285.0 
Principal balance660.0 660.0 
Discount
PMC Senior Secured Notes(1.2)(1.3)
OFC Senior Secured Notes (45.3)(47.3)
(46.5)(48.6)
Unamortized debt issuance costs
PMC Senior Secured Notes(4.0)(4.3)
OFC Senior Secured Notes(7.2)(7.5)
(11.2)(11.8)
$602.3 $599.6 
(1)Excluding the effect of the amortization of debt issuance costs and discount.
(2)Redeemable at 103.938% and 101.969% before March 15, 2024 and March 15, 2025, respectively, at par thereafter. The Indenture contains customary covenants that limit the ability of PHH Corporation (PHH) and its restricted subsidiaries (including PMC) to, among other things, (i) incur or guarantee additional indebtedness, (ii) incur liens, (iii) pay dividends on or make distributions in respect of PHH’s capital stock or make other restricted payments, (iv) make investments, (v) consolidate, merge, sell or otherwise dispose of certain assets, and (vi) enter into transactions with Ocwen’s affiliates.
(3)Redeemable at a make-whole premium prior to March 4, 2026, at par thereafter. The make-whole premium represents the present value of all scheduled interest payments due through March 4, 2026. The Notes are solely the obligation of Ocwen and are secured by a pledge of substantially all of the assets of Ocwen, including its directly held subsidiaries.
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 March 31, 2023:
AssetsPledged
Assets		Collateralized BorrowingsUnencumbered Assets (1)
Cash$216.6 $— $— $216.6 
Restricted cash39.3 39.3 — — 
Loans held for sale849.4 825.3 797.6 24.1 
Loans held for investment - securitized (2)7,545.2 7,545.2 7,470.6 — 
Loans held for investment - unsecuritized117.6 65.5 59.4 52.1 
MSRs (3)1,673.1 1,684.9 1,144.3 0.5 
Advances, net656.9 600.6 504.0 56.3 
Receivables, net200.2 87.9 86.1 112.3 
REO12.4 6.2 5.2 6.2 
Total (4)$11,310.7 $10,854.9 $10,067.2 $468.1 
(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 MAV, Rithm and others, 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 Second Lien Priority on Specified Assets Carried on Balance Sheet The OFC Senior Secured Notes due 2027 have a second lien priority on specified security interests, as defined under the OFC Senior Secured Note Agreement and listed in the table below, and have a priority lien on the following assets: investments by OFC in subsidiaries not guaranteeing the PMC Senior Secured Notes, including PHH and MAV; cash and investment accounts at OFC; and certain other assets, including receivables.
March 31, 2023
Specified net servicing advances$203.9
Specified deferred servicing fee4.4
Specified MSR value less borrowings632.7
Specified unrestricted cash balances124.1
Specified advance facility reserves15.9
Specified loan value108.8
Specified residual value—
Total $1,089.8