XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Mortgage Servicing (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Transfers and Servicing [Abstract] |
Schedule of Activity Related to MSRs - Fair Value Measurement Method | The following table presents the composition of our MSR portfolio:
MSR UPB and Fair Value | March 31, 2024 |  | December 31, 2023 |  |
Fair Value | UPB ($ billions) |  | Fair Value | UPB ($ billions) |  |  |
Owned MSRs | $ | 1,707.3 |  | $ | 124.5 |  |  | $ | 1,604.6 |  | $ | 122.7 |  |  |  |
Rithm and others transferred MSRs (1) (2) | 253.8 |  | 18.5 |  |  | 244.8 |  | 18.1 |  |  |  |
MAV transferred MSRs (1) | 413.6 |  | 28.4 |  |  | 422.8 |  | 28.8 |  |  |  |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 667.4 |  | 46.8 |  |  | 667.6 |  | 46.9 |  |  |  |
Total MSRs | $ | 2,374.7 |  | $ | 171.3 |  |  | $ | 2,272.2 |  | $ | 169.7 |  |  |  |
(1)MSRs subject to sale agreements that do not meet sale accounting criteria. See Note 8 — Other Financing Liabilities, at Fair Value. (2)At March 31, 2024, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $9.7 billion.
Mortgage Servicing Rights – At Fair Value |  |  |  |  | Three Months Ended March 31,
|  |  |  | 2024 |  |  |  |  |  | 2023
Beginning balance |  |  |  |  | $ | 2,272.2 |  |  |  |  |  |  | $ | 2,665.2 |
Sales |  |  |  |  | — |  |  |  |  |  |  | — |
Additions: |  |  |  |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  |  |  |  | 34.7 |  |  |  |  |  |  | 31.1 |
Purchases of MSRs |  |  |  |  | 27.0 |  |  |  |  |  |  | 25.0 |
Servicing transfers and adjustments |  |  |  |  | (1.3) |  |  |  |  |  |  | — |
Net additions (sales) |  |  |  |  | 60.4 |  |  |  |  |  |  | 56.0 |
Changes in fair value recognized in earnings: |  |  |  |  |  |  |  |  |  |  |
Changes in valuation inputs or assumptions |  |  |  |  | 101.8 |  |  |  |  |  |  | (83.6) |
Realization of cash flows |  |  |  |  | (59.8) |  |  |  |  |  |  | (57.1) |
Fair value gains (losses) recognized in earnings |  |  |  |  | 42.0 |  |  |  |  |  |  | (140.7) |
Ending balance |  |  |  |  | $ | 2,374.7 |  |  |  |  |  |  | $ | 2,580.6 |
Financing Receivable, Past Due | The following table summarizes the delinquency status of the loans underlying our MSRs:
| March 31, 2024 |  | December 31, 2023
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
Total MSR UPB (in billions) | $ | 128.4 |  |  | $ | 19.9 |  |  | $ | 23.0 |  |  | $ | 171.3 |  |  | $ | 127.3 |  |  | $ | 18.6 |  |  | $ | 23.8 |  |  | $ | 169.7 |
30 days | 1.1 | % |  | 5.8 | % |  | 8.8 | % |  | 3.4 | % |  | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | %
60 days | 0.2 |  |  | 1.9 |  |  | 3.4 |  |  | 1.1 |  |  | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |
90 days or more | 0.5 |  |  | 4.4 |  |  | 7.6 |  |  | 2.6 |  |  | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |
Total 30-60-90 days or more | 1.9 | % |  | 12.0 | % |  | 19.8 | % |  | 7.1 | % |  | 1.9 | % |  | 11.8 | % |  | 21.2 | % |  | 7.5 | %
The following table summarizes the components of our servicing and subservicing fee revenue:
Schedule of Components of Servicing and Subservicing Fees |
Servicing Revenue | Three Months Ended March 31, |  |
2024 |  | 2023 |  |  |  |
Loan servicing and subservicing fees |  |  |  |  |  |  |
Servicing fee | $ | 90.4 |  |  | $ | 90.0 |  |  |  |  |
Subservicing fee (4) | 27.5 |  |  | 19.7 |  |  |  |  |
MAV Subservicing fee | 2.0 |  |  | 1.8 |  |  |  |  |
MAV Servicing fee / Transferred MSR (1) | 18.0 |  |  | 16.4 |  |  |  |  |
Rithm and Others Servicing fee / Transferred MSR (1) (3) | 18.6 |  |  | 59.6 |  |  |  |  |
| 156.6 |  |  | 187.5 |  |  |  |  |
Ancillary income |  |  |  |  |  |  |
Custodial accounts (float earnings) | 27.2 |  |  | 20.2 |  |  |  |  |
Late charges | 8.0 |  |  | 9.6 |  |  |  |  |
Reverse subservicing ancillary fees | 6.7 |  |  | 8.1 |  |  |  |  |
Loan collection fees | 1.8 |  |  | 2.6 |  |  |  |  |
Recording fees | 1.1 |  |  | 1.2 |  |  |  |  |
Boarding and deboarding fees | 0.7 |  |  | 0.9 |  |  |  |  |
GSE forbearance fees | 0.1 |  |  | 0.2 |  |  |  |  |
Other, net | 2.3 |  |  | 2.0 |  |  |  |  |
| 48.0 |  |  | 44.7 |  |  |  |  |
Total Servicing and subservicing fees | $ | 204.5 |  |  | $ | 232.2 |  |  |  |  |
Owned MSR and Subservicing | 164.3 |  |  | 151.0 |  |  |  |  |
Transferred MSR (1) (2) | 40.2 |  |  | 81.1 |  |  |  |  |
(1)Includes servicing fees collected on behalf of respective parties related to transferred MSRs that do not achieve sale accounting. See Note 8 — Other Financing Liabilities, at Fair Value. (2)Includes $3.6 million and $5.2 million of ancillary income in the three months ended March 31, 2024 and 2023, respectively, associated with transferred MSRs that do not achieve sale accounting. (3)Includes $45.7 million of servicing fee in the three months ended March 31, 2023 related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023. See Note 8 — Other Financing Liabilities, at Fair Value. (4)Includes $11.9 million of subservicing fee in the three months ended March 31, 2024 related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023. See Note 8 — Other Financing Liabilities, at Fair Value.

X
- Definition Tabular disclosure of fees generated during the reporting period for servicing subservicing of assets. + References No definition available. + Details
Name: | ocn_ScheduleOfServicingAndSubservicingFeesTableTextBlock
Namespace Prefix: | ocn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 + Details
Name: | us-gaap_ScheduleOfServicingAssetsAtFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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