XML 74 R50.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Mortgage Servicing (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023
Transfers and Servicing [Abstract] |  |
Summary of Activity Related to Fair Value Servicing Assets |  | The following table presents the composition of our MSR portfolio:
MSR UPB and Fair Value | December 31, 2024 |  | December 31, 2023
Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions)
Owned MSRs | $ | 1,869.6 |  |  | $ | 129.8 |  |  | $ | 1,604.6 |  |  | $ | 122.7 |
Rithm and others transferred MSRs (1) | 266.1 |  |  | 19.0 |  |  | 244.8 |  |  | 18.1 |
MAV transferred MSRs (1) | 330.6 |  |  | 21.5 |  |  | 422.8 |  |  | 28.8 |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 596.7 |  |  | 40.5 |  |  | 667.6 |  |  | 46.9 |
Total MSRs | $ | 2,466.3 |  |  | $ | 170.3 |  |  | $ | 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. The following table presents the composition of our MSR portfolio by investor:
MSR UPB and Fair Value | December 31, 2024 |  | December 31, 2023
Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions)
GSE | $ | 1,902.5 |  |  | $ | 129.3 |  |  | $ | 1,773.9 |  |  | $ | 127.3 |
GNMA | 351.6 |  |  | 19.4 |  |  | 277.1 |  |  | 18.6 |
Non-Agency | 212.2 |  |  | 21.6 |  |  | 221.2 |  |  | 23.8 |
Total MSRs | $ | 2,466.3 |  |  | $ | 170.3 |  |  | $ | 2,272.2 |  |  | $ | 169.7 |
The following table summarizes the delinquency status of loans underlying our MSRs:
| December 31, 2024 |  | December 31, 2023
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
30 days | 1.0 | % |  | 5.4 | % |  | 8.4 | % |  | 3.1 | % |  | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | %
60 days | 0.2 |  |  | 1.8 |  |  | 3.4 |  |  | 1.1 |  |  | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |
90 days or more | 0.5 |  |  | 4.5 |  |  | 6.9 |  |  | 2.3 |  |  | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |
Total 30-60-90 days or more | 1.8 | % |  | 11.8 | % |  | 18.7 | % |  | 6.5 | % |  | 1.9 | % |  | 11.8 | % |  | 21.2 | % |  | 7.5 | %
The following table summarizes the activity of our MSRs at fair value:
Mortgage Servicing Rights, At Fair Value |  | Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 2,272.2 |  |  | $ | 2,665.2 |  |  | $ | 2,250.1 |
Sales |  | (211.0) |  |  | 0.1 |  |  | (154.4) |
Additions: |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  | 247.6 |  |  | 183.0 |  |  | 234.7 |
Purchases of MSRs |  | 239.6 |  |  | 109.9 |  |  | 181.6 |
Servicing transfers and adjustments (1) (2) |  | (87.1) |  |  | (454.3) |  |  | (25.3) |
Net additions (sales) |  | 189.1 |  |  | (161.3) |  |  | 236.6 |
Changes in fair value recognized in earnings: |  |  |  |  |  |
Changes in valuation inputs or assumptions |  | 232.3 |  |  | 6.4 |  |  | 454.0 |
Realization of cash flows |  | (227.4) |  |  | (238.1) |  |  | (275.5) |
Fair value gains (losses) recognized in earnings |  | 5.0 |  |  | (231.7) |  |  | 178.5 |
Ending balance |  | $ | 2,466.3 |  |  | $ | 2,272.2 |  |  | $ | 2,665.2 |
(1)On December 31, 2023, we derecognized $421.7 million non-Agency MSRs and Pledged MSR liability associated with Rithm servicing agreements with a UPB of $33.4 billion for which MSR sale accounting criteria were met. See Note 8 — Other Financing Liabilities, at Fair Value. (2)During 2024, 2023 and 2022, upon sale of GSE MSRs by MAV to third parties, we derecognized $85.7 million, $32.5 million and $39.0 million, respectively, of those MSRs that were previously sold to MAV in transactions that did not qualify for sale accounting treatment. We derecognized the MSRs from our balance sheets along with the associated Pledged MSR liability - see Note 8 — Other Financing Liabilities, at Fair Value.
Summary of Geographic Distributions of UPB and Count of Residential Loans and Real Estate Serviced | The geographic concentration of the UPB of residential loans and real estate underlying our MSRs at December 31, 2024 was as follows:
(Dollars in billions) (Count in thousands) | Amount |  | Count
California | $ | 33.5 |  |  | 109.0 |
Texas | 15.5 |  |  | 73.5 |
Florida | 11.5 |  |  | 55.1 |
New Jersey | 7.8 |  |  | 30.5 |
New York | 7.1 |  |  | 28.2 |
Other | 94.8 |  |  | 454.3 |
| $ | 170.3 |  |  | 750.5 |
The following table summarizes the components of our servicing and subservicing fee revenue: |
Schedule of Components of Servicing and Subservicing Fees |
Servicing Revenue | Years Ended December 31,
2024 |  | 2023 |  | 2022
Loan servicing and subservicing fees |  |  |  |  |
Servicing fee | $ | 364.2 |  |  | $ | 347.7 |  |  | $ | 337.8 |
Subservicing fee (1) | 107.6 |  |  | 71.6 |  |  | 72.9 |
MAV - Subservicing fee | 7.7 |  |  | 7.9 |  |  | 5.2 |
MAV - Servicing fee / Transferred MSR (2) | 63.8 |  |  | 67.4 |  |  | 67.6 |
Rithm and Others - Servicing fee / Transferred MSR (2) (3) | 75.3 |  |  | 241.5 |  |  | 255.0 |
| 618.6 |  |  | 736.0 |  |  | 738.5 |
Ancillary income |  |  |  |  |
Late charges | 34.3 |  |  | 38.3 |  |  | 41.0 |
Custodial accounts (float earnings) | 129.3 |  |  | 110.7 |  |  | 26.2 |
Reverse subservicing ancillary fees | 22.3 |  |  | 33.5 |  |  | 20.4 |
Other | 27.9 |  |  | 28.8 |  |  | 36.5 |
| 213.9 |  |  | 211.3 |  |  | 124.1 |
Total Servicing and subservicing fees | $ | 832.5 |  |  | $ | 947.3 |  |  | $ | 862.6 |
Owned MSR and Subservicing | $ | 676.9 |  |  | $ | 615.7 |  |  | $ | 525.4 |
Transferred MSR (2) (4) | 155.6 |  |  | 331.6 |  |  | 337.2 |
(1)Includes $45.6 million of subservicing fees in 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. (2)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. (3)Includes $175.5 million and $194.7 million of servicing fees in 2023 and 2022, respectively, 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 $16.4 million, $22.7 million and $14.7 million of ancillary income in 2024, 2023 and 2022, respectively, associated with transferred MSRs that do not achieve sale accounting. |

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 Schedule of Geographic Residential Loans and Real Estate [Table Text Block] + References No definition available. + Details
Name: | ocn_ScheduleofGeographicResidentialLoansandRealEstateTableTextBlock
Namespace Prefix: | ocn_
Data Type: | dtr-types1: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