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Investment in Equity Method Investee and Related Party Transactions | 3 Months Ended
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Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Equity Method Investee and Related Party Transactions |
Note 11 - Investment in Equity Method Investee and Related Party Transactions
Oaktree Capital Management L.P. and certain affiliates, including managed investment funds and accounts (collectively Oaktree), MAV Canopy and MAV are deemed related parties to Onity. Oaktree invested shares and warrants of our common stock and has two non-voting observers to our Board of Directors for as long as Oaktree owns at least 15.0% of all issued and outstanding common stock of Onity (assuming the exercise of warrants in full). In November 2024, Onity sold to Oaktree its 15% investment in MAV Canopy. Through the date of sale of our ownership interest, we accounted for our investment in MAV Canopy under the equity method. Subservicing Agreement with MAV As of March 31, 2025, PHH subserviced a total of $40.5 billion UPB on behalf of MAV, of which $21.1 billion of MSRs were previously sold by PHH to MAV and do not qualify for sale accounting and thus remain reported on the consolidated balance sheet of PHH, with a fair value of $325.7 million MSR and $317.2 million Pledged MSR liability - see Note 8 — Other Financing Liabilities, at Fair Value. Joint Marketing Agreement and Recapture Agreement with MAV PHH is entitled to the exclusive right to solicit and refinance borrowers with loans underlying the MSR owned by MAV, and is obligated to transfer to MAV the MSR associated with the loans so originated for no cash consideration. During the three months ended March 31, 2025 and 2024, PHH transferred MSRs with a UPB of $25.8 million and $18.0 million, respectively, under this agreement. MAV MSR Sale Agreements and Right of First Offer During the three months ended March 31, 2025 and 2024, pursuant to different MSR sale agreements, PHH did not transfer any MSRs to MAV.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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