XML 37 R14.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Reverse Mortgages | 12 Months Ended
--- | ---
Dec. 31, 2023
Receivables [Abstract] |
Reverse Mortgages | Note 5 – Reverse Mortgages The following table presents the estimated fair value of reverse mortgage loans held for investment for which we elected the fair value option:
| December 31, 2023 |  | December 31, 2022 |  |
Unpaid principal balance | $ | 7,664.7 |  |  | $ | 7,261.2 |  |  |
Fair value adjustments | 305.3 |  |  | 242.9 |  |  |
Total fair value | $ | 7,970.0 |  |  | $ | 7,504.1 |  |  |
The following table presents the composition of reverse mortgage loans held for investment, at fair value by type:
| December 31, 2023 |  | December 31, 2022
HECM loans - securitized, pledged to HMBS-related borrowings (1) | $ | 7,868.5 |  |  | $ | 7,392.6 |
New HECM loan originations and HECM loan tails (2) - unsecuritized | 101.5 |  |  | 111.5 |
Total fair value | $ | 7,970.0 |  |  | $ | 7,504.1 |
(1)The Ginnie Mae securitization of conventional, HECM loans does not qualify for sale accounting treatment and is accounted for as a secured financing transaction, with the recognition of both loans and HMBS-related borrowing on the consolidated balance sheets. (2)Tails represent the fair value of future scheduled and unscheduled draw commitments for HECM loans, mortgage insurance premium, servicing fee and other advances which we subsequently securitize. The following table summarizes the activity in reverse mortgage loans held for investment and HMBS related borrowings that do not qualify for sale accounting and for which we elected the fair value option:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings (2) |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings (2) |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings (2)
Beginning balance | $ | 7,504.1 |  |  | $ | (7,326.8) |  |  | $ | 7,199.8 |  |  | $ | (6,885.0) |  |  | $ | 6,997.1 |  |  | $ | (6,772.7) |
Originations | 1,033.4 |  |  | — |  |  | 1,658.1 |  |  | — |  |  | 1,763.4 |  |  | — |
Securitization of HECM loans accounted for as a financing | — |  |  | (1,054.6) |  |  | — |  |  | (1,780.4) |  |  | — |  |  | (1,674.9) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (11.0) |  |  | — |  |  | (25.2) |  |  | — |  |  | (44.6) |
Acquisition (1) | — |  |  | — |  |  | 211.3 |  |  | (209.1) |  |  | — |  |  | — |
Repayments (principal payments received) | (1,076.9) |  |  | 1,070.1 |  |  | (1,579.9) |  |  | 1,568.4 |  |  | (1,626.4) |  |  | 1,614.3 |
Transfers: |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value | (6.1) |  |  | — |  |  | (8.0) |  |  | — |  |  | (3.4) |  |  | — |
Receivables, net | (3.4) |  |  | — |  |  | 2.1 |  |  | — |  |  | (0.3) |  |  | — |
REO (Other assets) | (0.1) |  |  | — |  |  | (0.4) |  |  | — |  |  | (0.3) |  |  | — |
Fair value gains (losses) included in earnings (3) | 519.0 |  |  | (475.0) |  |  | 21.1 |  |  | 4.5 |  |  | 69.7 |  |  | (7.1) |
Ending Balance | $ | 7,970.0 |  |  | $ | (7,797.3) |  |  | $ | 7,504.1 |  |  | $ | (7,326.8) |  |  | $ | 7,199.8 |  |  | $ | (6,885.0) |
(1)During 2022, we purchased a reverse mortgage servicing portfolio of HECM loans securitized in Ginnie Mae pools. As the Ginnie Mae HMBS program does not qualify for sale accounting, the transaction conveyed the HECM loans and associated HMBS-related borrowings to us. We have accounted for this transaction as a secured financing, as a purchase of loans held for investment and assumption of an HMBS securitization liability for the obligation to Ginnie Mae. (2)Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS that did not qualify for sale accounting treatment of HECM loans. Under this accounting treatment, the HECM loans securitized with Ginnie Mae remain on our consolidated balance sheets and the proceeds from the sale are recognized as a financing liability, which is recorded at fair value consistent with the related HECM loans. The beneficial interests in Ginnie Mae guaranteed HMBS have no maturity dates, and the borrowings mature as the related loans are repaid. The interest rate is the pass-through rate of the loans less applicable margin. See Note 2 — Securitizations and Variable Interest Entities. (3)See further breakdown of the net gain (loss) in the table below. The following table presents the components of Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net:
Gain (Loss) on Reverse Loans Held for Investment and HMBS-related Borrowings, Net | Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Gain on new originations (1) | $ | 20.5 |  |  | $ | 50.7 |  |  | $ | 65.0 |
Net interest income (servicing fee) (2) | 23.6 |  |  | 21.9 |  |  | 19.9 |
Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net (3) | (0.1) |  |  | (47.1) |  |  | (22.2) |
Fair value gains (losses) included in earnings (3)(4) | 44.0 |  |  | 25.6 |  |  | 62.7 |
Loan fees and other | 2.8 |  |  | 10.5 |  |  | 17.0 |
| $ | 46.7 |  |  | $ | 36.1 |  |  | $ | 79.7 |
(1)Includes the changes in fair value of newly originated loans held for investment in the period from interest rate lock commitment date through securitization date. (2)Includes the interest income on loans held for investment less the interest expense on HMBS-related borrowings (previously reported within Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net in the table above). The net interest income includes the servicing fee Ocwen is contractually entitled to on securitized loans. (3)Includes the cash realized gains upon securitization of tails (previously separately reported the table above). (4)See breakdown between Loans held for investment and HMBS-related borrowings in the table above within Fair value gains (losses) included in earnings.

X
- Definition Reverse Mortgages + References No definition available. + Details
Name: | ocn_ReverseMortgagesTextBlock
Namespace Prefix: | ocn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration