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v3.23.2

MSR Transfers Not Qualifying for Sale Accounting (Tables) | 6 Months Ended
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Jun. 30, 2023
Transfers and Servicing [Abstract] |
Schedule of Activity Related to Financing Liability - MSRs Pledged | The following tables present the activity of the pledged MSR liability recorded in connection with the MSR transfer agreements with Rithm and MAV that do not qualify for sale accounting.
| Three Months Ended June 30,
| 2023 |  | 2022
Pledged MSR Liability | Rithm and Others |  | MAV (1) |  | Total |  | Rithm and Others |  | MAV (1) |  | Total
Beginning Balance | $ | 564.5 |  |  | $ | 318.7 |  |  | $ | 883.3 |  |  | $ | 545.3 |  |  | $ | 319.0 |  |  | $ | 864.3 |
MSR transfers | 93.3 |  |  | 0.1 |  |  | 93.4 |  |  | — |  |  | 30.3 |  |  | 30.3 |
Derecognition of financing liability (2) | — |  |  | (32.5) |  |  | (32.5) |  |  | — |  |  | — |  |  | — |
Fair value gain (loss) |  |  |  |  |  |  |  |  |  |  |
Changes in fair value due to inputs and assumptions | 39.3 |  |  | 41.8 |  |  | 81.0 |  |  | 24.7 |  |  | 15.7 |  |  | 40.4 |
Realization of expected cash flows | (7.2) |  |  | (8.4) |  |  | (15.6) |  |  | (19.2) |  |  | (9.5) |  |  | (28.8) |
Total fair value (gain) loss | 32.1 |  |  | 33.4 |  |  | 65.4 |  |  | 5.5 |  |  | 6.2 |  |  | 11.7 |
Ending Balance | $ | 689.9 |  |  | $ | 319.7 |  |  | $ | 1,009.5 |  |  | $ | 550.8 |  |  | $ | 355.5 |  |  | $ | 906.3 |
| Six Months Ended June 30,
| 2023 |  | 2022
Pledged MSR Liability | Rithm and Others |  | MAV Agreements (1) |  | Total |  | Original Rights to MSRs Agreements - Rithm |  | MAV Agreements (1) |  | Total
Beginning Balance | $ | 601.9 |  |  | $ | 329.8 |  |  | $ | 931.7 |  |  | $ | 558.9 |  |  | $ | 238.1 |  |  | $ | 797.1 |
MSR transfers | 97.6 |  |  | 0.2 |  |  | 97.8 |  |  | — |  |  | 69.6 |  |  | 69.6 |
Derecognition of financing liability (2) | — |  |  | (32.5) |  |  | (32.5) |  |  | — |  |  | — |  |  | — |
Calls | — |  |  | — |  |  | — |  |  | (0.6) |  |  | — |  |  | (0.6) |
Fair value gain (loss) |  |  |  |  |  |  |  |  |  |  |
Changes in fair value due to inputs and assumptions | 3.5 |  |  | 39.2 |  |  | 42.7 |  |  | 31.5 |  |  | 65.6 |  |  | 97.2 |
Realization of expected cash flows | (13.1) |  |  | (17.0) |  |  | (30.1) |  |  | (39.1) |  |  | (17.9) |  |  | (57.0) |
Total fair value (gain) loss (3) | (9.6) |  |  | 22.2 |  |  | 12.6 |  |  | (7.6) |  |  | 47.7 |  |  | 40.2 |
Ending Balance | $ | 689.9 |  |  | $ | 319.7 |  |  | $ | 1,009.5 |  |  | $ | 550.8 |  |  | $ | 355.5 |  |  | $ | 906.3 |
(1)The fair value of the Pledged MSR liability differs from the fair value of the associated transferred MSR asset mostly due to the portion of ancillary income that is contractually retained by PMC (shared between PMC and MAV) and other contractual cash flows during the expected life of the subservicing agreement. (2)During the three months ended June 30, 2023, we derecognized a portion of the MAV Pledged MSR liability upon sale of the related MSRs by MAV to a third party with a UPB of $2.3 billion. (3)The changes in fair value of the MAV Pledged MSR liability includes a $14.1 million loss associated with the amendment to the MAV Subservicing Agreement in March 2022, resulting in lower contractual ancillary income retained by PMC.
Schedule of Assets, Liabilities Related to MSR Transfer Agreements |
Schedule of Results of Operations in Connection With MSR Transfer Agreements that Do Not Qualify for Sale Accounting |
| Three Months Ended June 30, 2023 |  | Three Months Ended June 30, 2022
| Rithm and Others |  | MAV |  | Total |  | Rithm and Others |  | MAV |  | Total
Servicing fees collected on behalf of Rithm, MAV and others | $ | 59.2 |  |  | $ | 15.5 |  |  | $ | 74.7 |  |  | $ | 64.7 |  |  | $ | 17.5 |  |  | $ | 82.2 |
Less: Subservicing fee retained by Ocwen | (16.9) |  |  | (2.1) |  |  | (19.1) |  |  | (18.8) |  |  | (2.3) |  |  | (21.0) |
Ancillary fee/income and other settlement (including expense reimbursement) | 3.6 |  |  | (0.2) |  |  | 3.5 |  |  | 1.8 |  |  | — |  |  | 1.8 |
Transferred MSR net servicing fee remittance | $ | 45.9 |  |  | $ | 13.2 |  |  | 59.1 |  |  | $ | 47.7 |  |  | $ | 15.2 |  |  | 63.0 |
ESS servicing spread remittance |  |  |  |  | 13.9 |  |  |  |  |  |  | — |
Pledged MSR liability expense |  |  |  |  | $ | 73.0 |  |  |  |  |  |  | $ | 63.0 |
| Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
| Rithm and Others |  | MAV |  | Total |  | Rithm and Others |  | MAV |  | Total
Servicing fees collected on behalf of Rithm, MAV and others | $ | 118.8 |  |  | $ | 31.9 |  |  | $ | 150.7 |  |  | $ | 131.9 |  |  | $ | 33.2 |  |  | $ | 165.1 |
Less: Subservicing fee retained by Ocwen | (34.2) |  |  | (4.4) |  |  | (38.6) |  |  | (38.1) |  |  | (4.4) |  |  | (42.5) |
Ancillary fee/income and other settlement (including expense reimbursement) | 6.9 |  |  | (0.2) |  |  | 6.7 |  |  | (0.5) |  |  | 0.6 |  |  | 0.1 |
Transferred MSR net servicing fee remittance | $ | 91.5 |  |  | $ | 27.3 |  |  | 118.8 |  |  | $ | 93.2 |  |  | $ | 29.5 |  |  | 122.7 |
ESS servicing spread remittance |  |  |  |  | 24.5 |  |  |  |  |  |  | — |
Pledged MSR liability expense |  |  |  |  | $ | 143.3 |  |  |  |  |  |  | $ | 122.7 |

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