Rights to MSRs (Tables)

12 Months Ended

Dec. 31, 2019

Transfers and Servicing [Abstract]

Schedule of Interest Expense Related to Financial Liability

The following tables present selected assets and liabilities recorded on our consolidated balance sheets as well as the impacts to our consolidated statements of operations in connection with our NRZ agreements.

	Years Ended December 31,
	2019			2018		2017
Balance Sheets
MSRs, at fair value	$	915,148		$	894,002	$	499,042
Due from NRZ (Receivables)
Sales and transfers of MSRs (1)	24,167			23,757		—
Advance funding, subservicing fees and reimbursable expenses	9,197			30,845		14,924
	$	33,364		$	54,602	$	14,924
Due to NRZ (Other liabilities)	$	63,596		$	53,001	$	98,493
Financing liability - MSRs pledged, at fair value
Original Rights to MSRs Agreements	$	603,046		$	436,511	$	499,042
2017 Agreements and New RMSR Agreements (2)	35,445			138,854		9,249
PMC MSR Agreements	312,102			457,491		—
	$	950,593		$	1,032,856	$	508,291
Statements of Operations
Servicing fees collected on behalf of NRZ	$	577,015		$	539,039	$	549,411
Less: Subservicing fee retained	139,343			142,334		295,192
Net servicing fees remitted to NRZ	437,672			396,705		254,219
Less: Reduction (increase) in financing liability
Changes in fair value:
Original Rights to MSRs Agreements	(229,198		)	171		(83,300		)
2017 Agreements and New RMSR Agreements	(5,866		)	14,369		42,018
PMC MSR Agreements	82,078			4,729		—
	(152,986		)	19,269		(41,282		)

	Years Ended December 31,
	2019		2018			2017
Runoff and settlement:
Original Rights to MSRs Agreements	48,729		58,837			57,264
2017 Agreements and New RMSR Agreements	101,003		134,509			1,926
PMC MSR Agreements	64,631		18,420			—
	214,363		211,766			59,190
Other	4,206		(6,000		)	—
Pledged MSR liability expense	$	372,089	$	171,670		$	236,311

Schedule of Activity Related to Rights to Mortgage Servicing Rights

	Year Ended December 31, 2019
Financing Liability - MSRs Pledged	Original Rights to MSRs Agreements			2017 Agreements and New RMSR Agreements			PMC MSR Agreements			Total
Beginning balance	$	436,511		$	138,854		$	457,491		$	1,032,856
Additions	—			—			1,276			1,276
Sales	—			—			44			44
Changes in fair value:
Original Rights to MSRs Agreements	229,198			—			—			229,198
2017 Agreements and New RMSR Agreements	—			5,866			—			5,866
PMC MSR Agreements	—			—			(82,078		)	(82,078		)
Runoff and settlement:
Original Rights to MSRs Agreements	(48,730		)	—			—			(48,730		)
2017 Agreements and New RMSR Agreements	—			(101,003		)	—			(101,003		)
PMC MSR Agreements	—			—			(64,631		)	(64,631		)
Calls (1):
Original Rights to MSRs Agreements	(13,933		)	—			—			(13,933		)
2017 Agreements and New RMSR Agreements	—			(8,272		)	—			(8,272		)
PMC MSR Agreements	—			—			—			—
Ending balance	$	603,046		$	35,445		$	312,102		$	950,593

	Year Ended December 31, 2018
Financing Liability - MSRs Pledged	Original Rights to MSRs Agreements			2017 Agreements and New RMSR Agreements			PMC MSR Agreements			Total
Beginning balance	$	499,042		$	9,249		$	—		$	508,291
Additions	—			—			667			667
Assumed in connection with the acquisition of PHH	—			—			481,020			481,020
Receipt of lump-sum cash payments	—			279,586			—			279,586
Changes in fair value:
Original Rights to MSRs Agreements	(171		)	—			—			(171		)
2017 Agreements and New RMSR Agreements	—			(14,369		)	—			(14,369		)
PMC MSR Agreements	—			—			(4,729		)	(4,729		)
Runoff and settlement:
Original Rights to MSRs Agreements	(58,837		)	—			—			(58,837		)
2017 Agreements and New RMSR Agreements	—			(134,509		)	—			(134,509		)
PMC MSR Agreements	—			—			(18,420		)	(18,420		)
Calls (1):	—			—			—
Original Rights to MSRs Agreements	(3,523		)	—			—			(3,523		)
2017 Agreements and New RMSR Agreements	—			(1,103		)	—			(1,103		)
PMC MSR Agreements	—			—			(1,047		)	(1,047		)
Ending balance	$	436,511		$	138,854		$	457,491		$	1,032,856

(1) Represents the carrying value of MSRs in connection with call rights exercised by NRZ, for MSRs transferred to NRZ under the 2017 Agreements and New RMSR Agreements, or by Ocwen at NRZ’s direction, for MSRs underlying the Original Rights to MSRs Agreements. Ocwen derecognizes the MSRs and the related financing liability upon collapse of the securitization.