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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

23. Subsequent Events

In April 2013, the Company entered into an agreement to acquire an MSR pool of reverse loans from Wells Fargo Home Mortgage. The transfer to RMS is subject to the receipt of regulatory approval.

In May 2013, the Company amended its Receivables Loan Agreement, which provides borrowings and is collateralized by certain principal and interest, taxes and insurance and other corporate advances reimbursable from securitization trusts serviced by the Company. The amendment modified the definition of certain financial covenant requirements. All other terms of the agreement remained unchanged.

On July 17, 2013, the Company entered into Amendment No. 1 to the Second Incremental Amendment to its Term Loan, or the Amendment to Second Incremental Amendment. The Amendment to Second Incremental Amendment adds a prepayment premium in connection with re-pricings and increases the required amortization payments for the incremental term loan made to the Company in June 2013 pursuant to the Second Incremental Amendment, so that the terms of such incremental term loans are identical to the terms of the other term loans outstanding under the existing Term Loan.

On July 23, 2013, the Company entered into Amendment No. 4, Incremental Amendment and Joinder Agreement, or the Third Incremental Amendment, to its Term Loan. The Third Incremental Amendment, among other things, provides for a secured term loan, or the Third Incremental Loan, in the amount of $50.0 million, which was borrowed in its entirety on July 23, 2013. All material terms under the Third Incremental Loan are consistent with the terms of the existing Term Loan.

On July 29, 2013, the Company entered into a strategic relationship with UFG Holdings, LLC, or UFG, a company controlled by an investor group led by Brian Libman, the Company’s Chief Strategy Officer, which has agreed to acquire 100% of the membership interests of Urban Financial Group, LLC, or Urban, from KCG Holdings, Inc. Pursuant to the terms of its agreement with UFG, and subject to the closing of the purchase of Urban, the Company will invest approximately $15.0 million in UFG in the form of an unsecured loan and will receive warrants entitling the Company to purchase up to 19% of the common units of UFG. In addition, RMS will enter into a forward flow agreement to purchase mortgage servicing rights originated by Urban. Effective with the closing of the transaction, which is expected during the fourth quarter of 2013, Mr. Libman will resign his position with the Company.

On August 1, 2013, the Company amended its Servicer Advance Reimbursement Agreement, which provides for the reimbursement of up to $950.0 million of certain principal and interest and protective advances that are the responsibility of the Company under certain servicing agreements. The amendment adjusted certain early reimbursement rate calculations and has an expiration date of December 31, 2013. All other material terms of the agreement remained unchanged.