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Investment in Equity Method Investee and Related Party Transactions | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Equity Method Investee and Related Party Transactions |
Note 10 - Investment in Equity Method Investee and Related Party Transactions
We account for our 15% investment in MAV Canopy under the equity method. As of June 30, 2023, PMC subserviced a total $46.6 billion UPB on behalf of MAV under the Subservicing Agreement, of which $22.9 billion MSR was previously sold by PMC to MAV and remains reported on the consolidated balance sheet of PMC. During the six months ended June 30, 2023 and 2022, PMC transferred UPB of $17.9 million and $191.4 million under a flow MSR sale agreement (Recapture Agreement), respectively. During the six months ended June 30, 2023 and 2022, PMC transferred MSRs with UPB of nil and $5.7 billion to MAV under various MSR purchase and sale agreements, respectively. These MSR sale transactions between PMC and MAV do not qualify for sale accounting primarily due to the termination restrictions of the subservicing agreement, and are accounted for as secured borrowings. See Note 8 — Other Financing Liabilities, at Fair Value. MAV Canopy, MAV and Oaktree are deemed related parties to Ocwen. In addition to the transactions described above, Ocwen issued common stock, warrants and senior secured notes to Oaktree in 2021. See also Note 12 – Borrowings and Note 15 – Interest Expense.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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