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Subsequent Events | 12 Months Ended
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Dec. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events | Note 27 — Subsequent Events On February 22, 2024, we entered into a mortgage loan purchase agreement (MLPA) for active and inactive reverse mortgage loan buyouts that we currently subservice on behalf of the seller. The purchased assets include reverse loans and related claim receivables from HUD and real estate properties. Ocwen agreed to assume the repurchase obligations associated with the purchased assets. The transaction was settled on February 22, 2024 for a net purchase price of $99.4 million, and was concurrently financed through a private placement securitization. The securitization trust, Ocwen Loan Investment Trust 2024-HB1 issued senior and mezzanine class Notes to third party investors with an initial principal amount of $268.6 million at a discount of $20.8 million, with a stated interest rate of 3% and a mandatory call date of February 2027. We retain certain mezzanine and subordinate class Notes and ownership interests and service the underlying assets. The securitized assets include the purchased assets under the MLPA and assets previously originated or purchased by PHH, for an aggregated UPB of $274.6 million, and will remain on our consolidated balance sheet.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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