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Document And Entity Information - USD ($)	6 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2012	Aug. 01, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	Ocwen Financial Corporation
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		134,885,695
Entity Public Float			$ 986,058,629
Amendment Flag	false
Entity Central Index Key	0000873860
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Assets
Cash	$ 128,108	$ 144,234
Restricted cash – for securitization investors	823	675
Loans held for resale, at lower of cost or fair value	19,772	20,633
Advances	226,964	103,591
Match funded advances	4,027,127	3,629,911
Loans, net – restricted for securitization investors	54,782	58,560
Mortgage servicing rights, net	434,568	293,152
Receivables, net	83,123	83,202
Deferred tax assets, net	107,282	107,968
Goodwill	78,432	78,432
Premises and equipment, net	22,133	7,350
Investments in unconsolidated entities	20,433	23,507
Other assets	171,315	185,942
Total assets	5,374,862	4,737,157
Liabilities
Match funded liabilities	3,104,964	2,558,951
Secured borrowings – owed to securitization investors	49,902	53,323
Lines of credit and other secured borrowings	567,538	540,369
Debt securities	26,119	82,554
Other liabilities	156,766	158,649
Total liabilities	3,905,289	3,393,846
Stockholders’ Equity
Common stock, $.01 par value; 200,000,000 shares authorized; 134,885,695 and 129,899,288 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively	1,349	1,299
Additional paid-in capital	887,079	826,121
Retained earnings	587,969	523,787
Accumulated other comprehensive loss, net of income taxes	(6,824)	(7,896)
Total stockholders’ equity	1,469,573	1,343,311
Total liabilities and stockholders’ equity	$ 5,374,862	$ 4,737,157

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2012	Dec. 31, 2011
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	134,885,695	129,899,288
Common stock, shares outstanding	134,885,695	129,899,288

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenue
Servicing and subservicing fees	$ 200,339	$ 95,837	$ 355,442	$ 198,342
Process management fees	9,865	9,140	18,656	16,936
Other revenues	1,181	860	1,833	1,565
Total revenue	211,385	105,837	375,931	216,843
Operating expenses
Compensation and benefits	30,004	15,253	60,787	30,040
Amortization of mortgage servicing rights	19,097	9,926	33,411	18,849
Servicing and origination	5,881	1,301	9,168	3,223
Technology and communications	11,042	6,373	20,391	13,245
Professional services	5,943	3,270	14,502	5,654
Occupancy and equipment	10,280	4,153	25,585	8,283
Other operating expenses	3,661	1,978	8,191	4,159
Total operating expenses	85,908	42,254	172,035	83,453
Income from operations	125,477	63,583	203,896	133,390
Other income (expense)
Interest income	2,038	2,289	4,350	4,458
Interest expense	(58,319)	(21,813)	(105,243)	(59,356)
Loss on loans held for resale, net	(780)	(1,616)	(1,200)	(2,520)
Equity in (loss) earnings of unconsolidated entities	(231)	(680)	21	(550)
Other, net	1,979	(727)	(1,541)	103
Other expense, net	(55,313)	(22,547)	(103,613)	(57,865)
Income before income taxes	70,164	41,036	100,283	75,525
Income tax expense	25,331	14,653	36,101	27,078
Net income	44,833	26,383	64,182	48,447
Net loss (income) attributable to non-controlling interest		(5)		5
Net income attributable to Ocwen Financial Corporation	$ 44,833	$ 26,378	$ 64,182	$ 48,452
Earnings per share attributable to Ocwen Financial Corporation
Basic (in Dollars per share)	$ 0.33	$ 0.26	$ 0.48	$ 0.48
Diluted (in Dollars per share)	$ 0.32	$ 0.25	$ 0.47	$ 0.45
Weighted average common shares outstanding
Basic (in Shares)	134,856,101	100,943,402	132,752,848	100,853,424
Diluted (in Shares)	138,155,373	108,110,588	138,100,822	107,944,681

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Net income

$ 44,833

$ 26,383

$ 64,182

$ 48,447

Other comprehensive income (loss), net of income taxes:

Unrealized foreign currency translation income arising during the period (1)

(1)

^[1]

Change in deferred loss on cash flow hedges arising during the period (2)

^[2]

(2,538)

(2,177)

(3,734)

(232)

Reclassification adjustment for losses on cash flow hedges included in net income (3)

^[3]

535

567

4,803

722

Net change in deferred loss on cash flow hedges

(2,003)

(1,610)

1,069

490

Other (4)

^[4]

Total other comprehensive income (loss), net of income taxes

(2,002)

(1,602)

1,072

519

Comprehensive income

42,831

24,781

65,254

48,966

Comprehensive loss attributable to non-controlling interests

(5)

Comprehensive income attributable to Ocwen Financial Corporation

$ 42,831

$ 24,776

$ 65,254

$ 48,961

[1]	Net of income tax benefit (expense) of $4 and $(9) for the three and six months ended June 30, 2011, respectively
[2]	Net of income tax benefit of $1,470 and $1,231 for the three months ended June 30, 2012 and 2011, respectively, and $2,166 and $158 for the six months ended June 30, 2012 and 2011, respectively.
[3]	Net of income tax expense of $301 and $321 for the three months ended June 30, 2012 and 2011, respectively, and $2,701 and $409 for the six months ended June 30, 2012 and 2011, respectively.
[4]	Net of income tax expense of $1 for both the six months ended June 30, 2012 and 2011.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Income tax expense		$ 4		$ 9
Income tax benefit	$ 1,470	1,231	$ 2,166	158
Income tax expense	$ 301	$ 321	2,701	409
Income tax expense			$ 1	$ 1

- Definition

Tax effect on the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into reporting currency of the reporting entity for the period being reported.

+ References

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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- Definition

Tax effect of the change in accumulated other comprehensive income (loss), that is, the tax effect on items included in other comprehensive income (loss) during the period.

+ References

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-Publisher SEC
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balance at at Dec. 31, 2010	$ 1,007	$ 467,500	$ 445,456	$ (9,392)	$ 246	$ 904,817
Balance at (in Shares) at Dec. 31, 2010	100,726,947,000
Net income			48,452		(5)	48,447
Exercise of common stock options	$ 2	577				579
Exercise of common stock options (in Shares)	210,336,000
Equity-based compensation		1,464				1,464
Equity-based compensation (in Shares)	11,364,000
Other comprehensive income, net of income taxes				509	10	519
Balance at at Jun. 30, 2011	$ 1,009	469,541	493,908	(8,883)	$ 251	955,826
Balance at (in Shares) at Jun. 30, 2011	100,948,647,000
Balance at at Dec. 31, 2011						$ 1,343,311
Balance at (in Shares) at Dec. 31, 2011						129,899,288
Net income			64,182			$ 64,182
Conversion of 3.25% Convertible Notes	$ 46	56,364				56,410
Conversion of 3.25% Convertible Notes (in Shares)	4,635,159,000
Exercise of common stock options	$ 4	1,220				1,224
Exercise of common stock options (in Shares)	342,371,000
Equity-based compensation		3,374				3,374
Equity-based compensation (in Shares)	8,877,000
Other comprehensive income, net of income taxes				1,072		1,072
Balance at at Jun. 30, 2012	$ 1,349	$ 887,079	$ 587,969	$ (6,824)		$ 1,469,573
Balance at (in Shares) at Jun. 30, 2012	134,885,695,000					134,885,695

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities
Net income	$ 64,182	$ 48,447
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of mortgage servicing rights	33,411	18,849
Amortization of debt discount	1,480	7,343
Amortization of debt issuance costs – senior secured term loans	1,843	8,604
Depreciation	1,937	887
Provision for (reversal of) valuation allowance on mortgage servicing assets	88	(701)
Loss on loans held for resale, net	1,200	2,520
Equity in losses (earnings) of unconsolidated entities	(21)	550
Unrealized losses on derivative financial instruments	2,255	1,248
Gain on extinguishment of debt		(1,246)
Decrease (increase) in deferred tax assets, net	151	(631)
Net cash provided by loans held for resale activities	949	519
Changes in assets and liabilities:
Decrease in advances and match funded advances	774,643	518,493
Decrease in receivables and other assets, net	23,812	53,675
Increase (decrease) in servicer liabilities	7,250	(427)
Decrease in other liabilities	(19,068)	(32,334)
Other, net	6,510	4,588
Net cash provided by operating activities	900,622	630,384
Cash flows from investing activities
Purchase of mortgage servicing rights, net	(169,411)
Acquisition of advances in connection with purchase of mortgage servicing rights	(1,833,485)
Proceeds from sale of advance financing subsidiary and special purpose entity	76,334
Proceeds from sale of match funded advances	92,593
Investment in unconsolidated entities		(3,025)
Distributions of capital from unconsolidated entities	2,839	1,639
Additions to premises and equipment	(16,720)	(571)
Proceeds from sales of real estate	760	648
Increase in restricted cash – for securitization investors	(148)	(780)
Principal payments received on loans – restricted for securitization investors	1,736	3,512
Net cash provided by (used in) investing activities	(1,845,502)	1,423
Cash flows from financing activities
Proceeds from (repayment of) match funded liabilities	904,348	(440,531)
Repayment of secured borrowings – owed to securitization investors	(3,421)	(4,009)
Proceeds from lines of credit and other secured borrowings	29,784
Repayment of lines of credit and other secured borrowings	(74,270)	(210,712)
Proceeds from sale of mortgage servicing rights accounted for as a financing	73,691
Exercise of common stock options	1,200	836
Other	(2,578)	(1,020)
Net cash provided by (used in) financing activities	928,754	(655,436)
Net decrease in cash	(16,126)	(23,629)
Cash at beginning of period	144,234	127,796
Cash at end of period	128,108	$ 104,167
Supplemental non-cash investing and financing activities
Conversion of 3.25% Convertible Notes to common stock	$ 56,410

Note 1 Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Significant Accounting Policies [Text Block]

Note 1 Summary of Significant Accounting Policies

Organization

Ocwen Financial Corporation (NYSE: OCN) (Ocwen or OCN), through its subsidiaries, is a leading provider of residential and commercial mortgage loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia with offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, United States Virgin Islands (USVI) and Washington, DC and support operations in India and Uruguay. Ocwen is a Florida corporation organized in February 1988. Ocwen Loan Servicing, LLC (OLS), a wholly-owned subsidiary, is licensed to service mortgage loans in all 50 states, the District of Columbia and two U.S. territories.

At June 30, 2012, Ocwen directly or indirectly owned all of the outstanding stock of its primary operating subsidiaries: OLS, Ocwen Financial Solutions Private Limited and Ocwen Mortgage Servicing, Inc. (OMS). OMS is a corporation formed on February 27, 2012 under the laws of the USVI and is a wholly owned subsidiary of OCN. OMS has its principal place of business in St. Croix, USVI.

Ocwen also holds a 49% equity interest in Correspondent One S.A. (Correspondent One), an entity formed with Altisource Portfolio Solutions S.A. (Altisource) in March 2011, a 27% interest in Ocwen Structured Investments, LLC (OSI) and an approximate 25% interest in Ocwen Nonperforming Loans, LLC (ONL) and Ocwen REO, LLC (OREO). The assets of ONL and OREO have been liquidated to cash, and these entities are expected to be dissolved by year-end.

On September 1, 2011, Ocwen completed its acquisition (the Litton Acquisition) of (i) all the outstanding partnership interests of Litton Loan Servicing LP (Litton), a subsidiary of The Goldman Sachs Group, Inc. (Goldman Sachs) and a provider of servicing and subservicing of primarily non-prime residential mortgage loans and (ii) certain interest-only servicing securities previously owned by Goldman Sachs & Co., also a subsidiary of Goldman Sachs (collectively referred to as Litton Loan Servicing Business). See Note 3 for additional information regarding the Litton Acquisition.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in conformity with the instructions of the Securities and Exchange Commission (SEC) to Form 10-Q and SEC Regulation S-X, Article 10, Rule 10-01 for interim financial statements. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. In our opinion, the accompanying unaudited financial statements contain all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation. The results of operations and other data for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for any other interim period or for the entire year ending December 31, 2012. The unaudited interim consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011.

The preparation of financial statements in conformity with GAAP requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly significant in the near or medium term relate to fair value measurements, the provision for potential losses that may arise from litigation proceedings, the amortization of mortgage servicing rights (MSRs) and the valuation of goodwill and deferred tax assets.

Principles of Consolidation

Our financial statements include the accounts of Ocwen and its majority-owned subsidiaries. We apply the equity method of accounting to investments when the entity is not a variable interest entity (VIE), and we are able to exercise significant influence, but not control, over the policies and procedures of the entity but own 50% or less of the voting securities. We account for our investments in OSI, ONL, OREO and Correspondent One using the equity method. We have eliminated intercompany accounts and transactions in consolidation.

Variable Interest Entities

We evaluate each special purpose entity (SPE) for classification as a VIE. When an SPE meets the definition of a VIE and we determine that Ocwen is the primary beneficiary, we include the SPE in our consolidated financial statements.

We have determined that the SPEs created in connection with the match funded financing facilities discussed below are VIEs of which we are the primary beneficiary. We have also determined that we are the primary beneficiary for four residential mortgage loan securitization trusts. The accounts of these SPEs are included in our consolidated financial statements.

Securitizations or Asset Backed Financing Arrangements

Ocwen or its subsidiaries have been a transferor in connection with a number of securitizations or asset-backed financing arrangements. We have continuing involvement with the financial assets of eight of the securitizations and six of the asset-backed financing arrangements. We have aggregated these securitizations and asset-backed financing arrangements into two groups: (1) securitizations of residential mortgage loans and (2) financings of advances on loans serviced for others.

Securitizations of Residential Mortgage Loans. The assets and liabilities of the four consolidated trusts are reported on our Consolidated Balance Sheet as Restricted cash – for securitization investors, Loans, net – restricted for securitization investors and Secured borrowings – owed to securitization investors. Our involvement with each of the remaining trusts does not represent a variable interest, and therefore, we exclude them from our consolidated financial statements.

With regard to both the consolidated and the unconsolidated securitization trusts, we have no obligation to provide financial support to the trusts and have provided no such support. The creditors of the trusts can look only to the assets of the trusts themselves for satisfaction of the debt and have no recourse against the assets of Ocwen. Similarly, the general creditors of Ocwen have no claim on the assets of the trusts.

Financings of Advances on Loans Serviced for Others. Match funded advances on loans serviced for others result from our transfers of residential loan servicing advances to SPEs in exchange for cash. These SPEs issue debt supported by collections on the transferred advances. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have no recourse against Ocwen. However, OLS has guaranteed the payment of the obligations under the securitization documents of one of the entities. The maximum amount payable under the guarantee is limited to 10% of the notes outstanding at the end of the facility’s revolving period on July 1, 2013. As of June 30, 2012, this entity had $65,595 of notes outstanding. The assets and liabilities of the advance SPEs are comprised solely of Match funded advances, Debt service accounts, Match funded liabilities and amounts due to affiliates which are eliminated in consolidation. See 7, 10 and 11 for additional information.

Reclassification

Within the operating activities section of the Consolidated Statement of Cash Flows for the six months ended June 30, 2011, we reclassified Unrealized losses on derivative financial instruments from Other, net to conform to the current year presentation.

Note 2 Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

New Accounting Pronouncement or Change in Accounting Principle, Description

Note 2 Recent Accounting Pronouncements Accounting Standards Update (ASU) 2011-03 (Accounting Standards Codification (ASC) 860, Transfers and Servicing): Reconsideration of Effective Control for Repurchase Agreements. Repurchase agreements are accounted for as secured borrowings (and therefore not as sales) if the transferor has not surrendered control over the transferred assets. The amendments in this ASU remove from the assessment of effective control the criterion relating to the transferor’s ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. Consequently, the amendments in this update also eliminate the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets. The effect of these amendments is to reduce the criteria that must be met in order for the transaction to be accounted for as a secured borrowing. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Our adoption of the provisions in this ASU effective January 1, 2012 did not have a material impact on our consolidated financial statements. See Note 12 for our disclosure of repurchase agreements, which we account for as a secured borrowing. ASU 2011-04 (ASC 820, Fair Value Measurement): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU clarifies the FASB’s intent about the application of existing fair value measurement and disclosure requirements and prescribes certain additional disclosures about fair value measurements. Our adoption of this standard effective January 1, 2012 did not have a material impact on our consolidated financial statements. See Note 5 for our fair value disclosures. ASU 2011-05 (ASC 220, Comprehensive Income): Presentation of Comprehensive Income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. This ASU also requires consecutive presentation of the statement of net income and other comprehensive income and requires that an entity present reclassification adjustments from other comprehensive income to net income by component on the face of both the statement in which net income is presented and the statement in which other comprehensive income is presented. ASU 2011-12 defers indefinitely the provision regarding the presentation of reclassification adjustments. Our adoption of this standard effective January 1, 2012 did not have a material impact on our consolidated financial statements.

- Definition

Disclosure related to a new accounting pronouncement or a change in accounting principle, including the nature and reason for the change and the effect of the change on prior periods and the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 2, 17, 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

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+ Details

Note 3 Business Acquisition

6 Months Ended

Jun. 30, 2012

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

Note 3 BUSINESS acquisition

As disclosed in Note 1, Ocwen completed its acquisition of the Litton Loan Servicing Business on September 1, 2011. There were no adjustments to the purchase price during the first six months of 2012 and we do not anticipate any significant adjustments subsequent to June 30, 2012. We recorded $65,622 of goodwill in our Servicing segment in connection with the Litton Acquisition. The allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period (up to one year from the acquisition date). There were no revisions to the allocation of the purchase price during the first six months of 2012, and while we do anticipate adjustments of up to $10,000 subsequent to June 30, 2012, these adjustments will not affect earnings and we do not believe that they will be material to our consolidated financial statements.

Pro forma impact of the Litton Acquisition

The following table presents supplemental pro forma information for the three and six months ended June 30, 2011 as if the acquisition of Litton occurred on January 1, 2010. The pro forma consolidated results are not indicative of what Ocwen’s consolidated net earnings would have been if Ocwen had completed the acquisition of Litton on January 1, 2010 because of differences in servicing practices and cost structure between Ocwen and Litton. In addition, the pro forma consolidated results do not purport to project the future results of Ocwen combined nor do they reflect the expected realization of any cost savings associated with the Litton Acquisition.

For the periods ended June 30, 2011:	Three months		Six months
Revenues	$	177,111	$	329,988
Net income	$	8,307	$	2,109

Facility Closure Costs

Following the Litton Acquisition, we incurred severance and other benefits during 2011 related to the termination of former Litton employees. The Litton Acquisition included two leased facilities located in McDonough, Georgia and Houston, Texas. During the first quarter of 2012, we vacated the leased facility located in Georgia. The lease on the Texas facility expires on August 31, 2012 and is expected to be renewed on a short-term basis for a portion of the space. During 2010, we incurred similar costs related to our acquisition of the U.S. non-prime mortgage servicing business known as “HomEq Servicing” (the HomEq Acquisition) when we terminated the former HomEq employees and vacated the leased facilities located in Raleigh, North Carolina and Sacramento (North Highlands), California. The following table provides a reconciliation of the beginning and ending liability balances for these costs:

	Employee termination benefits			Lease termination costs (1)			Total
Liability balance at December 31, 2011 (2)	$	5,163		$	5,287		$	10,450
Additions charged to operations (2)		2,392			5,030			7,422
Amortization of discount		—			104			104
Payments		(7,555	)		(4,427	)		(11,982	)
Liability balance at June 30, 2012 (2)	$	—		$	5,994		$	5,994

(1)	In March 2012, we recorded a charge of $4,779 to establish a liability for the remaining lease payments on the Georgia facility discounted through the lease expiration date in 2017. This lease does not contain an option for early termination, and we are actively attempting to sublease the space. The balance at December 31, 2011 relates to a liability established in 2010 for the remaining lease payments on the HomEq facilities through the early termination dates of the leases in 2013, including early termination penalties. In June 2012, we negotiated a buyout of the lease on the California facility for $2,900 and incurred an additional expense of $251 as the payment exceeded the liability, net of unamortized discount.

(2)	All charges were recorded in the Servicing segment. Charges related to employee terminations and lease terminations are reported in Compensation and benefits expense and Occupancy and equipment expense, respectively, in the Consolidated Statements of Operations. The liabilities are included in Other liabilities in the Consolidated Balance Sheets.

Note 4 Asset Sales and Financing

6 Months Ended

Jun. 30, 2012

Dispositions Disclosure [Text Block]

Note 4 ASSET SALES AND FINANCING

On March 5, 2012, Ocwen completed its initial sale to HLSS Holdings, LLC (HLSS Holdings), a wholly owned subsidiary of Home Loan Servicing Solutions, Ltd. (HLSS), of the right to receive the servicing fees, excluding ancillary income, relating to certain mortgage servicing (Rights to MSRs) for approximately $15.2 billion of UPB and related servicing advances that we acquired in connection with the HomEq Acquisition. HLSS Holdings also acquired HomEq Servicer Advance Facility Transferor, LLC and HomEq Servicer Advance Receivables Trust 2010-ADV1 (together the Advance SPEs). As a result of the acquisition of the Advance SPEs, HLSS Holdings also assumed the related match funded liabilities under the structured servicing advance financing facility that we entered into as part of the HomEq Acquisition (the HomEq Servicing advance facility), with the exception of the Class D Term Note which Ocwen agreed to repay prior to closing. Ocwen received proceeds of $149,798 at closing based on the estimated purchase price as of February 28, 2012. On March 31, 2012, the purchase price was reduced to $138,792 as a result of post-closing adjustments that principally resulted from declines in match funded advances between February 28, 2012 and March 5, 2012. On March 31, 2012, Ocwen recorded a liability of $11,006 payable to HLSS which was subsequently settled on May 1, 2012.

On May 1, 2012, Ocwen completed a second sale to HLSS of Rights to MSRs for approximately $2.9 billion of UPB and related servicing advances. Unlike the initial sale, this “flow” transaction did not involve the acquisition of the advance SPE or the assumption of related match funded liabilities by HLSS. These transactions with HLSS Holdings are referred to as the HLSS Transactions. See Note 11 for additional information regarding the match funded liabilities assumed by HLSS Holdings. Ocwen received proceeds of $103,826 at closing based on the estimated purchase price which was subsequently reduced to $103,458 for post-closing adjustments that resulted from declines in match funded advances through the closing date. Ocwen recorded a liability of $368 payable to HLSS which will be settled in the third quarter of 2012.

As part of the HLSS Transactions, Ocwen retains legal ownership of the MSRs and continues to service the related mortgage loans. However, Ocwen will service the loans for a reduced fee because HLSS Holdings has assumed the match funded liabilities as well as the obligation for future servicing advances related to the MSRs. Ocwen is obligated to transfer legal ownership of the MSRs to HLSS Holdings if and when the required third party consents are obtained. At that time, Ocwen would commence subservicing the MSRs under essentially the same terms and conditions pursuant to a subservicing agreement with HLSS Holdings which was executed on February 10, 2012.

The following table summarizes the sales price of the assets and liabilities acquired by HLSS in connection with the HLSS Transactions:

	Initial sale			Flow sale		Total
Sale of MSRs accounted for as a financing (1)	$	62,458		$	11,233	$	73,691

Sale of match funded advances (2)		—			92,225		92,225

Sale of Advance SPEs:
Match funded advances		413,374			—		413,374
Debt service account		14,786			—		14,786
Prepaid lender fees and debt issuance costs		5,422			—		5,422
Other prepaid expenses		1,928			—		1,928
Match funded liabilities		(358,335	)		—		(358,335	)
Accrued interest payable and other accrued expenses		(841	)		—		(841	)
Net assets of Advance SPEs (3)		76,334			—		76,334
Sales price, as adjusted		138,792			103,458		242,250
Amount due HLSS for post-closing adjustments at June 30, 2012		—			368		368
Cash received	$	138,792		$	103,826	$	242,618

Use of proceeds:
Repayment of senior secured term loan	$	37,449		$	7,106	$	44,555
Repayment of match funded liabilities		—			64,395		64,395
Other		101,343			32,325		133,668
Cash received	$	138,792		$	103,826	$	242,618

(1)	Reported in the Consolidated Statements of Cash Flows cash flows with financing activities as Proceeds from sale of mortgage servicing rights accounted for as a financing.

(2)	Reported in the Consolidated Statements of Cash Flows with investing activities as Proceeds from sale of match funded advances. The $92,593 amount reported as proceeds does not reflect the post-closing price adjustment of $368 not yet paid as of June 30, 2012.

(3)	Reported in the Consolidated Statements of Cash Flows with investing activities as Proceeds from sale of advance financing subsidiary and special purpose entity.

Because Ocwen has retained legal title to the MSRs, the sales to HLSS of Rights to MSRs have been accounted for as financings. As a result, we have not derecognized the MSRs, and we have established a liability equal to the sales price. If and when the third party consents are obtained, legal title will transfer to HLSS, and we expect to record a sale with the gain deferred and derecognize the MSRs. Until such time, we continue to recognize the full amount of servicing revenue and amortization of the MSRs. The sales proceeds represent the estimated fair value of the MSRs. Total combined proceeds received from the sale of Rights to MSRs in the initial sale and the flow sale exceed Ocwen’s combined carrying value of the MSRs at the date of sale by $11,020. This excess amount will be realized over time as the Rights to MSRs amortize. Our investment in the Advance SPEs was sold at carrying value and accounted for as a sale. The consolidated assets and liabilities of the advance SPEs were derecognized at the time of the sale.

We have determined that the HLSS Transactions do not constitute the disposal of a business. Therefore, there was no need to consider goodwill in determining the gain on the sale. Because the HLSS Transactions resulted in the sale of a portion of the assets within the Residential Servicing reporting unit which is an indicator that goodwill for the reporting unit should be tested for impairment, we updated our qualitative assessment of whether it was more likely than not that the fair value of the Residential Servicing reporting unit was less than its carrying amount. Our updated assessment indicated that goodwill was not impaired.

In 2010, Ocwen entered into a hedge of the effect of changes in interest rates on the total cash flows of the HomEq Servicing advance financing facility. With the assumption of the HomEq Servicing advance facility by HLSS in March 2012, Ocwen terminated the hedging relationship for accounting purposes and recognized in Other, net in the Consolidated Statements of Operations $5,958 of hedge losses that were included in Accumulated other comprehensive loss.

Ocwen also entered into an agreement with HLSS Management, LLC (HLSS Management), a wholly owned subsidiary of HLSS, for the provision of certain professional services to us and the provision by us of certain professional services to HLSS Management. See Note 20 for additional information regarding this agreement.

Note 5 Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Text Block]

Note 5 Fair Value of Financial Instruments

Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs.

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability.

Where available, we utilize quoted market prices or observable inputs rather than unobservable inputs to determine fair value. We classify assets in their entirety based on the lowest level of input that is significant to the fair value measurement.

The carrying amounts and the estimated fair values of our financial instruments and our nonfinancial assets measured at fair value are as follows at the dates indicated:

			June 30, 2012						December 31, 2011
	Level		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial assets:
Loans held for resale (1)	3	$	19,772		$	19,772		$	20,633		$	20,633
Loans, net – restricted for securitization investors (2)	3		54,782			50,831			58,560			55,165
Advances (2)	3		4,254,091			4,254,091			3,733,502			3,733,502
Receivables, net (2)	3		83,123			83,123			83,202			83,202

Financial liabilities:
Match funded liabilities (2)	3	$	3,104,964		$	3,114,818		$	2,558,951		$	2,569,131
Lines of credit and other secured borrowings(2)	3		567,538			571,744			540,369			550,860
Secured borrowings – owed to securitization investors (2)	3		49,902			48,826			53,323			52,652
Debt securities (2)	2		26,119			26,919			82,554			92,125

Derivative financial instruments, net (3)	3	$	(14,905	)	$	(14,905	)	$	(16,676	)	$	(16,676	)

Impaired stratum of MSRs (1)(4)	3	$	—		$	—		$	214		$	214

(1)	Measured at fair value on a non-recurring basis.
(2)	Financial instruments disclosed, but not carried, at fair value.
(3)	Measured at fair value on a recurring basis.
(4)	The high-loan-to-value stratum is measured at fair value on a non-recurring basis and is classified as Level 3 because of the nature of the valuation inputs. The values are net of a valuation allowance of $2,163 and $2,864 at June 30, 2012 and December 31, 2011, respectively.

The methodologies that we use and key assumptions that we make to estimate the fair value of financial instruments and other assets and liabilities measured at fair value on a recurring or non-recurring basis are described below:

Loans Held for Resale

All loans held for resale were measured at fair value because their cost exceeded their estimated fair value at June 30, 2012. Current market illiquidity has reduced the availability of observable pricing data. When we enter into an agreement to sell a loan to an investor at a set price, the loan is valued at the commitment price. We base the fair value of uncommitted loans on the expected future cash flows discounted at a rate commensurate with the risk of the estimated cash flows. The more significant assumptions used in the June 30, 2012 valuation of performing loans include: historical default rates of 5% to 10%; re-performance rates on defaulted loans of 35%; loss severity on defaulted loans of 20% to 50%; an average resolution timeline of 12 months; an average coupon of 7.8%; and a discount rate of 10%. Significant assumptions used in the June 30, 2012 valuation of nonperforming loans include: the current market value of the underlying collateral based on third party sources such as appraisals or broker price opinions; a resolution timeline of 10 to 42 months depending on the state in which the property is located and the type of property; estimated foreclosure and disposition costs that are based on historical experience and considering that state in which the property is located and the type of property; and a discount rate of 15%.

Loans – Restricted for Securitization Investors

We base the fair value of Loans – restricted for securitization investors on the expected future cash flows discounted at a rate commensurate with the risk of the estimated cash flows. Significant assumptions include expected prepayment rates and delinquency and cumulative loss curves. The more significant assumptions used in our June 30, 2012 valuations were: prepayment speeds of 3% to 6%; default rates of 23% to 29%; and a discount rate of 20.5% to 22%.

Advances

We value advances that we make on loans that we service for others at their carrying amounts because they have no stated maturity, generally are realized within a relatively short period of time and do not bear interest.

Receivables

The carrying value of receivables generally approximates fair value because of the relatively short period of time between their origination and realization.

Borrowings

We base the fair value of our debt securities on quoted prices in markets with limited trading activity. The carrying value of match funded liabilities and secured borrowings that bear interest at a rate that is adjusted regularly based on a market index approximates fair value. For other match funded or secured borrowings that bear interest at a fixed rate, we determine fair value by discounting the future principal and interest repayments at a market rate commensurate with the risk of the estimated cash flows. We estimate principal repayments of match funded liabilities during the amortization period based on our historical advance collection rates and taking into consideration any plans to refinance the notes. The more significant assumptions used in the June 30, 2012 valuation of match funded liabilities bearing a fixed interest rate were a discount rate of 2.5% to 3.5% and estimated repayments using an advance reduction curve that is based on historical experience.

Mortgage Servicing Rights

MSRs are an intangible asset representing the right to service a portfolio of mortgage loans. We account for MSRs using the amortization method and perform an impairment analysis based on the difference between the carrying amount and estimated fair value after grouping the underlying loans into the applicable strata based on one or more of their predominant risk characteristics.

We estimate the fair value of our MSRs by calculating the present value of expected future cash flows utilizing assumptions that we believe are used by market participants. The most significant assumptions used in our internal valuation are the speed at which mortgages prepay and delinquency experience. The significant components of the estimated future cash inflows for MSRs include servicing fees, late fees, prepayment penalties, float earnings and other ancillary fees. Significant cash outflows include the cost of servicing, the cost of financing servicing advances and compensating interest payments. We derive prepayment speeds and delinquency assumptions from historical experience adjusted for prevailing market conditions. We develop the discount rate internally, and we consider external market-based assumptions in determining the interest rate for the cost of financing advances, the interest rate for float earnings and the cost of servicing. The more significant assumptions used in the June 30, 2012 valuation include prepayment speeds ranging from 11.0 % to 17.9% (depending on loan type) and delinquency rates ranging from 15.9% to 23.4% (depending on loan type). Other assumptions include an interest rate of 1-month LIBOR plus 4% for computing the cost of financing advances, an interest rate of 1-month LIBOR for computing float earnings and a discount rate of 20%.

As disclosed above and in Note 8, we established a valuation allowance for impairment on the high-loan-to-value stratum of our MSRs because the estimated fair value was less than the carrying value. For all other strata, the fair value exceeded the carrying value at June 30, 2012.

Derivative Financial Instruments

Our derivatives are not exchange-traded and therefore quoted market prices or other observable inputs are not available. Fair value is based on information provided by third-party pricing sources. Third-party valuations are derived from proprietary models based on inputs that include yield curves and contractual terms such as fixed interest rates and payment dates. Although we do not adjust the information obtained from the third-party pricing sources, we review this information to ensure that it provides a reasonable basis for estimating fair value. Our review is designed to identify information that appears stale, information that has changed significantly from the prior period and other indicators that the information may not be accurate. For interest rate contracts, significant increases or decreases in the unobservable portion of the yield curves in isolation will result in substantial changes in the fair value measurement.

The following tables present a reconciliation of the changes in fair value of our Level 3 assets that we measure at fair value on a recurring basis, which consists of derivative financial instruments, for the periods indicated:

	Three months						Six months
For the periods ended June 30,	2012			2011			2012			2011
Beginning balance	$	(12,806	)	$	(12,397	)	$	(16,676	)	$	(15,351	)
Purchases, issuances, sales and settlements:
Settlements		65			25			2,422			71
		65			25			2,422			71
Total realized and unrealized gains and (losses) (1):
Included in Other, net		1,843			(6	)		5,248			(117	)
Included in Other comprehensive income (loss)		(4,007	)		(3,409	)		(5,899	)		(390	)
		(2,164	)		(3,415	)		(651	)		(507	)
Ending balance	$	(14,905	)	$	(15,787	)	$	(14,905	)	$	(15,787	)

(1)

Total net losses attributable to derivative financial instruments for the three and six months ended June 30, 2012 include losses of $2,164 and $6,437, respectively, on derivatives held at June 30, 2012. Net losses attributable to derivative financial instruments for the three and six months ended June 30, 2011 include losses of $3,415 and $289, respectively, on derivatives held at June 30, 2011.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 17-22, 27, 28
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-Publisher FASB
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Note 6 Advances

6 Months Ended

Jun. 30, 2012

Advances [Text Block]

Note 6 Advances

Advances, representing payments made on behalf of borrowers or on foreclosed properties, consisted of the following at the dates indicated:

	June 30, 2012		December 31, 2011
Servicing:
Principal and interest	$	88,392	$	30,462
Taxes and insurance		54,660		33,387
Foreclosure and bankruptcy costs		48,069		8,390
Other		31,944		27,442
		223,065		99,681
Corporate Items and Other		3,899		3,910
	$	226,964	$	103,591

Note 7 Match Funded Advances

6 Months Ended

Jun. 30, 2012

Transfers Accounted For As Secured Borrowings Advances [Text Block]

Note 7 Match Funded Advances

Match funded advances on residential loans we service for others are comprised of the following at the dates indicated:

	June 30, 2012		December 31, 2011
Principal and interest	$	2,098,469	$	1,679,536
Taxes and insurance		1,437,337		1,452,707
Foreclosure and bankruptcy costs		300,827		259,231
Real estate servicing costs		90,864		121,705
Other		99,630		116,732
	$	4,027,127	$	3,629,911

Note 8 Mortgage Servicing

6 Months Ended

Jun. 30, 2012

Transfers and Servicing of Financial Assets [Text Block]

Note 8 Mortgage Servicing

Servicing Assets. The following table summarizes the activity in the carrying value of servicing assets, or MSRs, for the six months ended June 30, 2012:

Balance at December 31, 2011	$	293,152
Purchases (1)		175,852
Increase in impairment valuation allowance		(88	)
Amortization (2)		(34,348	)
Balance at June 30, 2012	$	434,568

(1)	The following table reconciles the adjusted purchase price of MSRs to the cash paid as of June 30, 2012:

Purchase price of MSRs, as adjusted	$	175,852
Cash holdback of purchase price due to seller (a)		(5,000	)
Servicing liabilities assumed		(1,441	)
Cash paid for MSRs acquired, net of servicing liabilities assumed	$	169,411

	a.	Under the terms of one of the MSR purchase and sale agreements, Ocwen withheld $5,000 of the purchase price of the MSRs pending the receipt of missing mortgage loan documents from the seller. Beginning sixty days after the servicing transfer date of June 18, 2012, the holdback is to be released to the seller pro rata as the missing loan documents are provided. One year after the servicing transfer date, the remainder of the holdback is to be released to the seller less any out of pocket cost incurred by Ocwen in order to create or obtain any loan documents that have not been provided.

(2)	In the Consolidated Statement of Operations, Amortization of mortgage servicing rights is reported net of the amortization of servicing liabilities and includes the amount of charges we recognized to increase servicing liability obligations.

We completed the following MSR acquisitions in the first six months of 2012:

	·	On April 2, 2012, we completed an acquisition from Saxon Mortgage Services, Inc. (Saxon) of an MSR portfolio of approximately $22.2 billion in UPB of residential mortgage loans, approximately $9.9 billion of which Ocwen had previously subserviced, and approximately $1.2 billion of associated servicing advances (the Saxon MSR Transaction). To finance the Saxon MSR Transaction, we utilized a combination of available cash and two new two-year servicing advance facilities. On April 2, 2012, we also completed an acquisition of MSRs from JPMorgan Chase Bank, N.A. (JPMCB) which includes servicing rights for non-prime loans with a UPB of approximately $8.1 billion (the JPMCB MSR Transaction) and $557,184 of servicing advances. Ocwen financed the purchase price through available cash and an existing servicing advance facility.
	·	On May 31, 2012, we completed the acquisition of MSRs from Aurora Bank FSB (Aurora) on a portfolio of small-balance commercial mortgage loans with a total UPB of $1.8 billion and $52,911 of servicing advances.
	·	On June 11, 2012, we purchased residential MSRs from Bank of America, N.A. (BANA) with respect to mortgage loans with a UPB of approximately $10.1 billion owned by Freddie Mac. We entered into a new servicing advance facility to finance a portion of the $34,486 of related servicing advances acquired in the transaction. At June 30, 2012, the acquired MSRs, which had a carrying value of $64,400, were pledged as collateral for the promissory note used to finance the purchase.

See Note 11 and Note 12 for additional information regarding the advance facilities and promissory note used to finance the advances and MSRs acquired in the transactions described above.

As part of the Saxon MSR Transaction and the JPMCB MSR Transaction, the selling parties and Ocwen have agreed to certain indemnification provisions. Additionally, as part of the Saxon MSR Transaction, Saxon and Morgan Stanley agreed to retain certain contingent liabilities for losses, fines and penalties arising from claims by and/or settlements with government authorities and certain third parties relating to the Saxon’s and its affiliates’ pre-closing foreclosure, servicing and loan origination practices. Further, Saxon, Morgan Stanley and Ocwen have agreed to share certain losses arising out of third-party claims in connection with the Seller’s pre-closing performance under its servicing agreements.

As disclosed in Note 4, we sold certain Rights to MSRs on March 5, 2012 and May 1, 2012 as part of the HLSS Transactions. The carrying value of the related MSRs which have not been derecognized at June 30, 2012 was $58,298.

The following table presents the composition of our servicing and subservicing portfolios by type of property serviced as measured by UPB. The servicing portfolio represents loans for which we own the MSRs while subservicing represents all other loans.

UPB of Assets Serviced:	Residential		Commercial		Total
June 30, 2012:
Servicing	$	112,505,980	$	—	$	112,505,980
Subservicing		15,367,244		387,352		15,754,596
	$	127,873,224	$	387,352	$	128,260,576
December 31, 2011:
Servicing	$	78,675,160	$	—	$	78,675,160
Subservicing		23,524,062		290,863		23,814,925
	$	102,199,222	$	290,863	$	102,490,085

Residential assets serviced consist principally of mortgage loans, primarily subprime, but also include foreclosed real estate. Residential assets also include small-balance commercial assets with a UPB of $2,142,069 and $586,080 at June 30, 2012 and December 31, 2011, respectively that are managed using the REALServicing™ application. Commercial assets subserviced consist of large-balance foreclosed real estate. Assets serviced for others are not included on our Consolidated Balance Sheet.

Custodial accounts, which hold funds representing collections of principal and interest that we receive from borrowers, are held in escrow by an unaffiliated bank and excluded from our Consolidated Balance Sheet. Custodial accounts amounted to approximately $716,900 and $555,500 at June 30, 2012 and December 31, 2011, respectively.

Valuation Allowance for Impairment. We established a valuation allowance for impairment on the high-loan-to-value stratum of our MSRs as the estimated fair value was less than the carrying value. Net of the valuation allowance of $2,378 and $2,290, the carrying value of this stratum was $0 and $214 at June 30, 2012 and December 31, 2011, respectively. Changes in the valuation allowance for impairment are reflected in Servicing and origination expenses in our Consolidated Statement of Operations.

The estimated fair value of residential MSRs at June 30, 2012 and December 31, 2011 was $470,974 and $340,015, respectively.

Servicing Liabilities. We recognize a servicing liability for those agreements that are not expected to compensate us adequately for performing the servicing. Servicing liabilities are included in Other liabilities. See Note 14 for additional information.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 140
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Note 9 Receivables

6 Months Ended

Jun. 30, 2012

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 9 Receivables

Receivables consisted of the following at the dates indicated:

	June 30, 2012							December 31, 2011
	Receivables		Allowance for Losses			Net		Receivables		Allowance for Losses			Net
Servicing (1)	$	73,230	$	(3,112	)	$	70,118	$	53,852	$	(1,648	)	$	52,204
Income taxes receivable		—		—			—		21,518		—			21,518
Affordable housing (2)		1,317		(768	)		549		5,568		(5,019	)		549
Due from related parties(3)		8,914		—			8,914		2,309		—			2,309
Derivatives, at fair value(4)		2,421		—			2,421		3,600		—			3,600
Other		2,389		(1,268	)		1,121		4,284		(1,262	)		3,022
	$	88,271	$	(5,148	)	$	83,123	$	91,131	$	(7,929	)	$	83,202

(1)	Balances arise from our Servicing business and primarily include reimbursable expenditures due from investors and amounts to be recovered from the custodial accounts of the trustees. The balance at June 30, 2012 also includes amounts due from the seller as a result of post-closing adjustments to the purchase price of advances in connection with MSRs that we acquired during the second quarter.
(2)	Balances primarily represent payments to be received for proceeds from sales of investments in affordable housing properties. None of these receivables is delinquent.
(3)	See Note 20 for additional information regarding transactions with HLSS and Altisource.
(4)	Balances represent the fair value of an interest rate cap. See Note 15 for additional information.

The change in the allowance for credit losses for the six months ended June 30, 2012 and the balance of the related receivables at those dates were as follows (the disclosure requirements for the allowance for credit losses do not apply to mortgage banking activities, including the long-term servicing of loans, such as the activities of our Servicing segment):

	Affordable Housing			Other			Total
Allowance for credit losses balance at December 31, 2011	$	5,019		$	1,262		$	6,281
Charge offs		(4,251	)		(387	)		(4,638	)
Provision, net		—			455			455
Other		—			(62	)		(62	)
Allowance for credit losses balance at June 30, 2012	$	768		$	1,268		$	2,036

Receivables balance at June 30, 2012	$	1,317		$	2,389		$	3,706

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

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+ Details

Note 10 Other Assets

6 Months Ended

Jun. 30, 2012

Other Assets Disclosure [Text Block]

Note 10 Other Assets

Other assets consisted of the following at the dates indicated:

	June 30, 2012		December 31, 2011
Debt service accounts	$	106,862	$	115,867
Interest earning collateral deposits (1)		30,752		27,191
Prepaid lender fees and debt issuance costs, net		19,771		27,113
Real estate, net		2,531		3,368
Prepaid expenses and other		11,399		12,403
	$	171,315	$	185,942

(1)	The balances include $20,980 and $19,623 of cash collateral held by the counterparties to certain of our derivative agreements at June 30, 2012 and December 31, 2011, respectively.

Note 11 Match Funded Liabilities

6 Months Ended

Jun. 30, 2012

Transfers Accounted For As Secured Borrowings Associated Liabilities [Text Block]

Note 11 Match Funded Liabilities

Match funded liabilities are comprised of the following at the dates indicated:

				Unused		Balance Outstanding
Borrowing Type	Interest Rate	Maturity	Amortization Date	Borrowing Capacity (1)		June 30, 2012		December 31, 2011

Promissory Note (2)	3.3875%	Sept. 2013	Sept. 2013	$	375,535	$	1,517,265	$	1,784,043
Advance Receivable Backed Note Series 2009-3 (3)	4.14%	July 2023	July 2012		—		210,000		210,000
Advance Receivable Backed Note Series 2010-1 (7)	3.59%	Sep. 2023	Feb. 2011		—		—		40,000
Total fixed rate					375,535		1,727,265		2,034,043
Variable Funding Note Series 2009-2	1-Month LIBOR (1ML)+ 350 bps	Nov. 2023	Nov. 2012		100,000		—		—
Variable Funding Note Series 2009-1 (4)	1ML + 325 bps	Dec. 2023	Dec. 2012		255,466		544,534		11,687
Advance Receivable Backed Notes (5)	1ML + 285 bps	Apr. 2015	Apr. 2014		212,892		437,108		—
Advance Receivable Backed Notes Series 2012-ADV1 (5)	Commercial paper (CP) rate plus 225 or 335 bps	May 2014	April 2014		142,979		307,021		—
Advance Receivable Backed Notes Series 2012-ADV1 (6)	1ML + 250 bps	June 2016	June 2014		76,559		23,441		—
Class A-1 Term Note (8)	CP rate + 350 bps	Aug. 2043	Aug. 2013		—		—		340,185
Class B Term Note (8)	CP rate + 525 bps	Aug. 2043	Aug. 2013		—		—		15,850
Class C Term Note (8)	CP rate + 625 bps	Aug. 2043	Aug. 2013		—		—		15,056
Class D Term Note (8)	1ML + 750 bps	Aug. 2043	Aug. 2013		—		—		11,638
Advance Receivable Backed Notes	1ML + 200 bps	Jan. 2014	July 2013		199,405		65,595		130,492
Total variable rate					987,301		1,377,699		524,908
				$	1,362,836	$	3,104,964	$	2,558,951

(1)	At June 30, 2012, we had no eligible advances available to be pledged as collateral for additional borrowings under our advance facilities.
(2)	This note was issued to finance advances acquired in connection with the acquisition of Litton on September 1, 2011. Borrowing capacity under this facility declined to $1,892,800 on March 1, 2012 and will further decline to $1,637,591 on September 1, 2012, $1,403,650 on March 1, 2013 and $1,169,708 on September 1, 2013.
(3)	This note matured on July 19, 2012, and the borrowing under this note was transferred to the Series 2009-1 variable funding note.
(4)	Effective March 12, 2012, the lender transferred this note from its commercial paper conduit and began charging interest based on 1-Month LIBOR. Beginning June 15, 2012, maximum borrowing capacity under this note will be reduced to the extent that the lender’s commitment under any other advance facilities of Ocwen or its affiliates exceeds $200,000.
(5)	These notes were issued to finance the advances acquired in connection with the Saxon MSR Transaction.
(6)	These notes were issued to finance the advances acquired from BANA in connection with the acquisition of MSRs.
(7)	The amortization period for this note ended in January 2012, at which time the remaining balance of $40,000 was repaid. The advances pledged to this note were transferred to the Series 2009-1 variable funding note and were re-pledged under that note.
(8)	These notes were issued in connection with the financing of advances acquired as part of the HomEq Acquisition. The Class D Term Note was repaid in full on March 2, 2012. On March 5, 2012, HLSS assumed the remaining balances.

Note 12 Lines Of Credit And Other Secured Borrowings

6 Months Ended

Jun. 30, 2012

Secured Debt Other [Text Block]

Note 12 LINES OF CREDIT AND OTHER SECURED BORROWINGS

Lines of credit and other secured borrowings are comprised of the following at the dates indicated:

				Unused		Balance Outstanding
Borrowings	Collateral	Interest Rate	Maturity	Borrowing Capacity		June 30, 2012			December 31, 2011

Servicing:
Senior secured term loan (1)	(1)	1ML + 550 bps with a LIBOR floor of 1.50%	Sept. 2016	$	—	$	472,945		$	546,250
Financing liability – MSRs pledged (2)	MSRs (2)	(2)	(2)		—		70,175			—
Promissory Note (3)	MSRs	1ML + 350 bps	May 2017		—		29,784			—
					—		572,904			546,250
Corporate Items and Other
Securities sold under an agreement to repurchase (4)	Ocwen Real Estate Asset Liquidating Trust 2007-1 Notes	Class A-2 notes: 1ML + 200 bps; Class A-3 notes: 1ML + 300 bps	Monthly		—		3,646			4,610
					—		576,550			550,860
Discount on senior secured term loan					—		(9,012	)		(10,491	)
				$	—	$	567,538		$	540,369

(1)	The principal amount of the loan (originally $575,000) is due in consecutive installments of $14,375 per quarter through June 30, 2016, with the remaining balance becoming due on September 1, 2016. The loan is secured by a first priority security interest in substantially all of the tangible and intangible assets of Ocwen.
(2)	On March 5, 2012 and May 1, 2012, Ocwen completed the HLSS Transactions, in which it transferred to HLSS certain Rights to MSRs. However, because Ocwen has not yet transferred legal title to the MSRs, the sales were accounted for as a financing with the proceeds from the sale of the MSRs recorded as a financing liability. The financing liability is being amortized using the interest method with the servicing income that is remitted to HLSS representing payments of principal and interest. The liability has no contractual maturity but will be amortized over the estimated life of the pledged MSRs. The balance of the liability is reduced each month based on the change in the estimated fair value of the pledged MSRs. See Note 4 for additional information regarding the HLSS Transactions.
(3)	This note was issued to finance the acquisition of MSRs from BANA. Prepayments of the balance on this note may be required if the borrowing base, as defined, falls below the amount of the note outstanding.

(4)	The Class A-2 and A-3 notes issued by Ocwen Real Estate Asset Liquidating Trust 2007-1 have a face value of $27,710 at June 30, 2012.

Note 13 Debt Securities

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Text Block]

Note 13 DEBT SECURITIES

Debt securities consisted of the following at the dates indicated:

	June 30, 2012		December 31, 2011
3.25% Contingent Convertible Senior Unsecured Notes due August 1, 2024	$	—	$	56,435
10.875% Capital Securities due August 1, 2027		26,119		26,119
	$	26,119	$	82,554

On February 27, 2012, we provided notice of redemption to all the holders of our 3.25% Contingent Convertible Senior Unsecured Notes (Convertible Notes) stating our election to redeem all of the outstanding notes on March 28, 2012. Of the $56,435 outstanding principal balance of the Convertible Notes, $56,410 was converted to 4,635,159 shares of common stock at a conversion rate of 82.1693 per $1,000 (in dollars) principal amount (representing a conversion price of $12.17 per share) with 11 fractional shares settled in cash. The remaining $25 principal balance of the Convertible Notes was redeemed at a cash price of 100% of principal outstanding, plus accrued and unpaid interest.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Note 14 Other Liabilities

6 Months Ended

Jun. 30, 2012

Other Liabilities Disclosure [Text Block]

Note 14 OTHER LIABILITIES

Other liabilities were comprised of the following at the dates indicated:

	June 30, 2012		December 31, 2011
Accrued expenses	$	38,327	$	53,516
Payable to servicing and subservicing investors		25,905		28,824
Checks held for escheat		22,340		24,687
Derivatives, at fair value (1)		17,326		20,276
Income taxes payable		11,068		—
Servicing liabilities (2)		10,167		9,662
Due to related parties (3)		5,719		4,274
Accrued interest payable		4,759		4,140
Liability for selected tax items		4,690		4,524
Other (4)		16,465		8,746
	$	156,766	$	158,649

	(1)	See Note 15 for additional information regarding derivatives.
	(2)	Our acquisition of MSRs as part of the JPMCB MSR Transaction included a servicing liability with a fair value of $1,441. During the six months ended June 30, 2012 and 2011, amortization of servicing liabilities exceeded the amount of charges we recognized to increase servicing liability obligations by $937 and $246, respectively. Amortization of mortgage servicing rights is reported net of this amount in the Consolidated Statement of Operations
	(3)	See Note 20 for additional information regarding transactions with HLSS and Altisource.
	(4)	As disclosed in Note 8, the balance at June 30, 2012 includes a $5,000 holdback of the purchase price of MSRs we acquired during the second quarter.

Note 15 Derivative Financial Instruments

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 15 Derivative Financial Instruments

Foreign Currency Exchange Rate Risk Management

We periodically enter into foreign exchange forward contracts to hedge against the effect of changes in the value of the India Rupee (INR) on amounts payable to our India subsidiary, OFSPL.

Interest Rate Management

In our Servicing segment, we have entered into interest rate swaps in order to hedge against the effects of changes in interest rates on our borrowings under our advance funding facilities. We also entered into an interest rate cap which was not designated as a hedge for accounting purposes.

The following summarizes our swap positions at June 30, 2012:

Purpose	Date Opened	Effective Date	Maturity	We Pay	We Receive	Notional Amount		Fair Value
Not designated as hedges:
Hedge the effects of a change in 1ML on borrowing under a $265,000 advance funding facility (1)	April 2010	July 2010	July 2013	2.0590%	1ML	$	250,000	$	(4,794	)
Hedge the effects of a change in the lender’s CP rate and 1ML on borrowing under an advance facility (2)	May 2010 and June 2010	September 2010	August 2013	1.5750% and 1.5275%	1ML		374,125		(4,982	)
Total not designated as hedges							624,125		(9,776	)

Designated as hedges:
Hedge the effects of changes in 1ML or the lenders’ CP rate on advance funding facilities	October 2011	June 2013	January 2015	0.9275% and 0.9780%	1ML		201,892		(5,576	)
Hedge the effects of changes in 1ML or the lenders’ CP rate on advance funding facilities (3)	December 2011	February 2012	January 2015	0.7000% and 0.6825%	1ML		343,582		(1,974	)
Total designated as hedges							545,474		(7,550	)
Total						$	1,169,599	$	(17,326	)

(1)	We discontinued hedge accounting for this hedging relationship effective July 1, 2011 and began amortizing to earnings the $6,179 of deferred losses in Accumulated other comprehensive loss. Unamortized deferred losses were $3,089 at June 30, 2012. Amortization will continue until the related advance facility matures in July 2013. The balance outstanding under the advance facility at June 30, 2012 was $65,595.
(2)	The hedging relationship was terminated when the advance facility was assumed on March 5, 2012 by HLSS. See Note 4 and Note 11 for additional information regarding the match funded liabilities assumed by HLSS Holdings.
(3)	Projected net settlements on the swaps for the next twelve months total approximately $1,200 of payments to the counterparties.

The following table summarizes our use of derivatives during the six months ended June 30, 2012:

	Interest Rate Cap		Foreign Exchange Forwards			Interest Rate Swaps
Notional balance at December 31, 2011	$	1,600,000	$	46,200		$	1,393,685
Maturities		—		—			(224,086	)
Terminations		—		(46,200	)		—
Notional balance at June 30, 2012	$	1,600,000	$	—		$	1,169,599

Fair value of derivative assets (liabilities) at (1):
June 30, 2012	$	2,421	$	—		$	(17,326	)
December 31, 2011	$	3,600	$	(5,785	)	$	(14,491	)

Maturity		May 2014					July 2013 to January 2015

(1)

Derivatives are reported at fair value in Receivables or Other liabilities.

Other income (expense), net, includes the following related to derivative financial instruments:

	Three months						Six months
	2012			2011			2012			2011
Gains (losses) on non-hedging derivatives (1)	$	1,843		$	(6	)	$	5,248		$	(117	)
Losses from ineffectiveness of cash flow hedges		(64	)		(889	)		(1)			(1,131	)
Amortization of losses in Accumulated other comprehensive loss for a discontinued hedge		(772	)		—			(1,544	)		—
Write off losses in Accumulated other comprehensive loss for the hedge of a financing facility assumed by HLSS (See Note 4)		—			—			(5,958	)		—
	$	1,007		$	(895	)	$	(2,255	)	$	(1,248	)

(1)	Includes the gain of $3,359 in the first quarter of 2012 from the termination of foreign exchange forward contracts.

Included in Accumulated other comprehensive loss at June 30, 2012 and December 31, 2011, respectively, were $10,510 and $12,114 of deferred unrealized losses, before taxes of $3,819 and $4,354, respectively, on the interest rate swaps that we designated as cash flow hedges.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 133
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+ Details

Note 16 Servicing And Subservicing Fees

6 Months Ended

Jun. 30, 2012

Servicing Fees Net [Text Block]

Note 16 SERVICING AND SUBSERVICING FEES

The following table presents the principal components of servicing and subservicing fees for the periods ended June 30:

	Three months				Six months
	2012		2011		2012		2011
Loan servicing and subservicing fees	$	149,384	$	72,304	$	261,973	$	149,741
Late charges		17,676		6,691		36,521		15,236
Home Affordable Modification Program (HAMP) fees		21,390		8,654		34,074		17,292
Loan collection fees		3,830		2,363		7,169		4,917
Custodial accounts (float earnings)		663		533		1,450		1,072
Other		7,396		5,292		14,255		10,084
	$	200,339	$	95,837	$	355,442	$	198,342

Note 17 Interest Expense

6 Months Ended

Jun. 30, 2012

Interest Expense [Text Block]

Note 17 INTEREST EXPENSE

The following table presents the components of interest expense for the periods ended June 30:

	Three months				Six months
	2012		2011		2012		2011
Match funded liabilities	$	35,920	$	18,170	$	67,035	$	38,954
Secured borrowings – owed to securitization investors		122		198		377		393
Lines of credit and other secured borrowings(1)		21,060		2,026		35,283		17,264
Debt securities:
3.25% Convertible Notes		—		459		153		917
10.875% Capital Trust Securities		710		710		1,420		1,420
Escrow deposits		507		250		975		408
	$	58,319	$	21,813	$	105,243	$	59,356

(1)

Includes interest expense of $10,591 and $13,535 for the three and six months ending June 30, 2012, respectively, on the financing liability arising from the sales of Rights to MSRs to HLSS that were accounted for as financings. See Note 4 and Note 12 for additional information regarding these sales and the financing liability.

Note 18 Basic and Diluted Earnings per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

Note 18 Basic and Diluted Earnings per Share

The following is a reconciliation of the calculation of basic EPS to diluted EPS for the periods ended June 30:

	Three months				Six months
	2012		2011		2012		2011
Basic EPS:
Net income attributable to Ocwen Financial Corporation	$	44,833	$	26,378	$	64,182	$	48,452

Weighted average shares of common stock		134,856,101		100,943,402		132,752,848		100,853,424

Basic EPS	$	0.33	$	0.26	$	0.48	$	0.48

Diluted EPS:
Net income attributable to Ocwen Financial Corporation	$	44,833	$	26,378	$	64,182	$	48,452
Interest expense on Convertible Notes, net of tax (1)		—		294		98		588
Adjusted net income attributable to Ocwen Financial Corporation	$	44,833	$	26,672	$	64,280	$	49,040

Weighted average shares of common stock		134,856,101		100,943,402		132,752,848		100,853,424
Effect of dilutive elements:
Convertible Notes (1)		—		4,637,224		2,028,868		4,637,224
Stock options		3,297,798		2,529,962		3,317685		2,454,033
Common stock awards		1,474		—		1,421		—
Dilutive weighted average shares of common stock		138,155,373		108,110,588		138,100,822		107,944,681

Diluted EPS	$	0.32	$	0.25	$	0.47	$	0.45

Stock options excluded from diluted EPS computation:
Anti-dilutive(2)		166,250		20,000		158,750		20,000
Market-based(3)		558,750		1,615,000		558,750		1,615,000

(1)	Prior to the redemption of the Convertible Notes in March 2012, we computed their effect on diluted EPS using the if-converted method. Interest expense and related amortization costs applicable to the Convertible Notes, net of income tax, were added back to net income. We assumed the conversion of the Convertible Notes into shares of common stock for purposes of computing diluted EPS unless the effect was anti-dilutive. As disclosed in Note 13, we issued 4,635,159 shares of common stock upon conversion of the Convertible Notes.
(2)	These options were anti-dilutive because their exercise price was greater than the average market price of our stock.
(3)	Options that begin vesting upon the achievement of certain performance criteria related to OCN’s stock price and an annualized rate of return to investors.

Note 19 Business Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting Disclosure [Text Block]

Note 19 Business Segment Reporting

Our business segments reflect the internal reporting that we use to evaluate operating performance of products and services and to assess the allocation of our resources. A brief description of our current business segments is as follows:

Servicing. Through this segment, we provide residential and commercial mortgage loan servicing, special servicing and asset management services. We earn fees for providing these services to owners of the mortgage loans and foreclosed real estate. In most cases, we provide these services either because we purchased the MSRs from the owner of the mortgage or because we entered into a subservicing or special servicing agreement with the entity that owns the MSR. Subprime loans represent the largest category, or strata of the residential loans that we service. Subprime loans represent residential loans that were made to borrowers who generally did not qualify under guidelines of Fannie Mae and Freddie Mac (nonconforming loans) or have subsequently become delinquent. This segment is primarily comprised of our core residential servicing business.

Corporate Items and Other. Corporate Items and Other includes items of revenue and expense that are not directly related to a business, business activities that are individually insignificant, interest income on short-term investments of cash and certain corporate expenses. Loans held for resale, Investments in unconsolidated entities and Debt securities are also included in Corporate Items and Other. Other business activities included in Corporate Items and Other that are not considered to be of continuing significance include our affordable housing investment activities.

We allocate interest income and expense to each business segment for funds raised or for funding of investments made, including interest earned on cash balances and short-term investments and interest incurred on corporate debt. We also allocate expenses generated by corporate support services to each business segment.

Financial information for our segments is as follows:

	Servicing			Corporate Items and Other			Corporate Eliminations			Business Segments Consolidated
Results of Operations

For the three months ended June 30, 2012

Revenue	$	210,411		$	1,204		$	(230	)	$	211,385
Operating expenses (1)		80,940			5,099			(131	)		85,908
Income (loss) from operations		129,471			(3,895	)		(99	)		125,477
Other income (expense), net:
Interest income		—			2,038			—			2,038
Interest expense (1)		(58,139	)		(180	)		—			(58,319	)
Other		1,070			(201	)		99			968
Other income (expense), net		(57,069	)		1,657			99			(55,313	)
Income (loss) before income taxes	$	72,402		$	(2,238	)	$	—		$	70,164

For the three months ended June 30, 2011

Revenue	$	105,493		$	635		$	(291	)	$	105,837
Operating expenses (1)		40,799			1,630			(175	)		42,254
Income (loss) from operations		64,694			(995	)		(116	)		63,583
Other income (expense), net:
Interest income		34			2,255			—			2,289
Interest expense (1)		(21,751	)		(62	)		—			(21,813	)
Other		(86	)		(3,053	)		116			(3,023	)
Other income (expense), net		(21,803	)		(860	)		116			(22,547	)
Income (loss) before income taxes	$	42,891		$	(1,855	)	$	—		$	41,036

For the six months ended June 30, 2012
Revenue	$	374,604		$	1,862		$	(535	)	$	375,931
Operating expenses (1)		163,819			8,495			(279	)		172,035
Income (loss) from operations		210,785			(6,633	)		(256	)		203,896
Other income (expense), net:
Interest income		—			4,350			—			4,350
Interest expense (1)		(104,665	)		(578	)		—			(105,243	)
Other		759			(3,735	)		256			(2,720	)
Other income (expense), net		(103,906	)		37			256			(103,613	)
Income (loss) before income taxes	$	106,879		$	(6,596	)	$	—		$	100,283

For the six months ended June 30, 2011
Revenue	$	216,362		$	1,107		$	(626	)	$	216,843
Operating expenses (1)		80,581			3,201			(329	)		83,453
Income (loss) from operations		135,781			(2,094	)		(297	)		133,390
Other income (expense), net:
Interest income		81			4,377			—			4,458
Interest expense (1)		(59,252	)		(104	)		—			(59,356	)
Other		1,061			(4,325	)		297			(2,967	)
Other expense, net		(58,110	)		(52	)		297			(57,865	)
Income (loss) before income taxes	$	77,671		$	(2,146	)	$	—		$	75,525

Total Assets
June 30, 2012	$	4,978,986		$	395,876		$	—		$	5,374,862

December 31, 2011	$	4,310,354		$	426,803		$	—		$	4,737,157

June 30, 2011	$	1,893,917		$	394,832		$	—		$	2,288,749

(1)	Depreciation and amortization expense are as follows:

	Servicing		Corporate Items and Other		Business Segments Consolidated
For the three months ended June 30, 2012:
Depreciation expense	$	419	$	686	$	1,105
Amortization of MSRs		19,097		—		19,097
Amortization of debt discount		735		—		735
Amortization of debt issuance costs – senior secured term loan		923		—		923

For the three months ended June 30, 2011:
Depreciation expense	$	25	$	112	$	137
Amortization of MSRs		9,926		—		9,926
Amortization of debt discount		1,297		—		1,297
Amortization of debt issuance costs – senior secured term loan		833		—		833

For the six months ended June 30, 2012:
Depreciation expense	$	674	$	1,263	$	1,937
Amortization of MSRs		33,411		—		33,411
Amortization of debt discount		1,480		—		1,480
Amortization of debt issuance costs – senior secured term loan		1,843		—		1,843

For the six months ended June 30, 2011:
Depreciation expense	$	50	$	837	$	887
Amortization of MSRs		18,849		—		18,849
Amortization of debt discount		7,343		—		7,343
Amortization of debt issuance costs – senior secured term loan		8,604		—		8,604

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
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+ Details

Note 20 Related Party Transactions

6 Months Ended

Jun. 30, 2012

Note 20 Related Party Transactions

For purposes of governing certain of the ongoing relationships between Ocwen and Altisource after the spin-off in August 2009, the companies entered into certain agreements to provide to each other services in such areas as human resources, vendor management, corporate services, six sigma, quality assurance, quantitative analytics, treasury, accounting, tax matters, risk management, law, strategic planning, compliance and other areas. Altisource also provides certain technology products and support services to Ocwen, and Ocwen has agreed to make available to Altisource certain data from Ocwen’s servicing portfolio in exchange for a per asset fee. Ocwen subleases from Altisource its principal executive office space in Atlanta, Georgia under an agreement entered into in 2010.

Ocwen and Altisource also each hold a 49% equity interest in Correspondent One, a company that facilitates the purchase of conforming and government-guaranteed residential mortgages from approved mortgage originators and resells the mortgages to secondary market investors.

As disclosed in Note 4, Ocwen and HLSS Management entered into an agreement to provide to each other certain professional services including valuation analysis of potential MSR acquisitions, treasury management services and other similar services, legal, licensing and regulatory compliance support services, risk management services and other similar services.

Ocwen’s Chairman of the Board of Directors, William C. Erbey, also serves as Chairman of the Board for both Altisource and HLSS. As a result, he has obligations to Ocwen as well as to Altisource and HLSS. Mr. Erbey currently owns approximately 13% of the common stock of Ocwen, approximately 25% of the common stock of Altisource and approximately 5% of the common stock of HLSS.

The following table summarizes our transactions with related parties for the periods ended June 30, and amounts receivable from or payable to related parties:

	Three months				Six months
	2012		2011		2012		2011
Revenues and Expenses:
Altisource:
Revenues	$	4,461	$	2,473	$	8,073	$	5,379
Expenses		7,182		5,301		13,711		10,392
HLSS:
Revenues	$	30	$	—	$	40	$	—
Expenses		741		—		993		—

	June 30, 2012			December 31, 2011
Net Receivable (Payable)
Altisource	$	(863	)	$	(1,965	)
HLSS		4,058			—
	$	3,195		$	(1,965	)

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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+ Details

Note 21 Regulatory Requirements

6 Months Ended

Jun. 30, 2012

Regulatory Requirements [Text Block]

Note 21 REGULATORY REQUIREMENTS

Our business is subject to extensive regulation by federal, state and local governmental authorities, including the Federal Trade Commission (FTC), the federal Consumer Financial Protection Bureau (CFPB), the SEC and various state agencies that license, audit and conduct examinations of our mortgage servicing and collection activities in a number of states. From time to time, we also receive requests from federal, state and local agencies for records, documents and information relating to our policies, procedures and practices regarding our loan servicing and debt collection business activities. We incur significant ongoing costs to comply with new and existing laws and governmental regulation of our business.

We must comply with a number of federal, state and local consumer protection laws including, among others, the Gramm-Leach-Bliley Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Fair Credit Reporting Act, the Servicemembers Civil Relief Act, Homeowners Protection Act, the Federal Trade Commission Act and, more recently, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and state foreclosure laws. These statutes apply to debt collection, use of credit reports, safeguarding of non−public personally identifiable information about our customers, foreclosure and claims handling, investment of and interest payments on escrow balances and escrow payment features, and mandate certain disclosures and notices to borrowers. These requirements can and do change as statutes and regulations are enacted, promulgated or amended.

In April 2012, the CFPB announced that it is considering new rules under the Dodd-Frank Act that would require mortgage servicers to (i) warn borrowers before any interest rate adjustments on their mortgages and provide alternatives for borrowers to consider, (ii) provide monthly mortgage statements that explicitly breakdown principal, interest, fees, escrow and due dates, (iii) provide options for avoiding lender-placed, or “forced-placed” insurance, (iv) provide early outreach to borrowers in danger of default regarding options to avoid foreclosure, (v) provide that payments be credited to borrower accounts the day they are received, (vi) require borrower account records be kept current, (vii) provide increased accessibility to servicing staff and records for borrowers and (viii) investigate errors within 30 days and improve staff accessibility to consumers, among other things. The CFPB stated that it will seek public comment before formally promulgating the rules which are expected to be finalized by early next year.

There are a number of foreign laws and regulations that are applicable to our operations in India and Uruguay including acts that govern licensing, employment, safety, taxes, insurance, and the laws and regulations that govern the creation, continuation and the winding up of companies as well as the relationships between the shareholders, the company, the public and the government in both countries.

Note 22 Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Text Block]

Note 22 Commitments and Contingencies

Litigation

In September 2006, the Bankruptcy Trustee in Chapter 7 proceedings involving American Business Financial Services, Inc. (ABFS) brought an action against multiple defendants, including Ocwen, in Bankruptcy Court. The action arises out of Debtor-in-Possession financing to ABFS by defendant Greenwich Capital Financial Products, Inc. and the subsequent purchases by Ocwen of MSRs and certain residual interests in mortgage-backed securities previously held by ABFS. The Trustee filed an amended complaint in March 2007 alleging various claims against Ocwen including turnover, fraudulent transfers, accounting, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, breach of contract, fraud, civil conspiracy and conversion. The Trustee seeks compensatory damages in excess of $100,000 and punitive damages jointly and severally against all defendants. In April 2008, Ocwen filed an answer denying all charges and a counterclaim for breach of contract, fraud, negligent misrepresentation and indemnification in connection with the MSR purchase transaction. Fact discovery is complete, and both Ocwen and the Trustee have filed motions for partial summary judgment. We believe that the Trustee’s allegations against Ocwen are without merit and intend to continue to vigorously defend against this matter. We are unable to provide any estimate of possible loss or range of possible loss at this time.

We are subject to various other pending legal proceedings, including those subject to loss sharing provisions of the Litton Acquisition and the Saxon MSR Transaction. In our opinion, the resolution of those proceedings will not have a material effect on our financial condition, results of operations or cash flows.

Tax Matters

India tax authorities issued income tax assessment orders with respect to assessment years 2006 - 2007 and 2007 - 2008. The proposed adjustments would impose upon OFSPL additional tax and interest of INR 156,718 ($2,783), and penalties may be assessed. Ocwen and OFSPL intend to vigorously contest the assessments and do not believe they have violated any statutory provision or rule. OFSPL has submitted appeals in both cases to the India Income Tax Appellate Tribunal and petitioned for Competent Authority assistance under the Mutual Agreement Procedures of the U.S./India income tax treaty. OFSPL has furnished bank guarantees of INR 205,473 ($3,649) related to transfer pricing matters, paid INR 7,647 ($136) towards non-transfer pricing issues and obtained abeyance on the demand of INR 4,376 ($78) relating to non-transfer pricing matters. Due to uncertainties inherent in the appeals processes, Ocwen and OFSPL cannot currently estimate any additional exposure beyond the amount currently assessed and cannot predict when these tax matters will be resolved. Competent Authority relief should preserve Ocwen’s right to offset any potential increase in India tax against Ocwen’s U.S. taxes.

Other Information

In July 2010, OLS received two subpoenas from the Federal Housing Finance Agency (FHFA) as conservator for Freddie Mac and Fannie Mae in connection with ten private label mortgage securitization transactions where Freddie Mac and Fannie Mae have invested. The transactions include mortgage loans serviced but not originated by OLS or its affiliates. There is no allegation of wrongdoing in the subpoenas against OLS, and we are cooperating with the FHFA’s requests.

On November 24, 2010, OLS received a Civil Investigative Demand (CID) from the Federal Trade Commission (FTC) requesting documents and information regarding various servicing activities. On June 6, 2012, the FTC notified OLS that it had referred this CID to the CFPB. There is no allegation of wrongdoing against OLS in this CID or in the notice of referral to the CFPB, and we are cooperating with the FTC’s and the CFPB’s requests.

On November 7, 2011, OLS received a CID from the Attorney General’s Office of the Commonwealth of Massachusetts requesting documents and information regarding certain foreclosures executed in Massachusetts. There is no allegation of wrongdoing against OLS in the Massachusetts Attorney General CID, and we are cooperating with the Massachusetts Attorney General’s request.

On January 18, 2012, OLS received a subpoena from the New York Department of Financial Services requesting documents regarding OLS’ policies, procedures and practices regarding lender placed or “force placed” insurance which is required to be provided for borrowers who allow their hazard insurance policies to lapse. There is no allegation of wrongdoing against OLS in the subpoena, and we are cooperating with the New York Department of Financial Service’s request.

Ongoing inquiries into servicer foreclosure processes could result in additional actions by state or federal governmental bodies, regulators or the courts that could result in temporary moratoria on mortgage foreclosures or an extension of foreclosure timelines, which may be applicable generally to the servicing industry or to us in particular. In addition, a number of our match funded advance facilities contain provisions that limit the eligibility of advances to be financed based on the length of time that advances are outstanding, and two of our match funded advance facilities have provisions that limit new borrowings if average foreclosure timelines extend beyond a certain time period, either of which, if such provisions applied, could adversely affect liquidity by reducing our average effective advance rate. In addition, governmental bodies may impose regulatory fines or penalties as a result of our foreclosure processes or impose additional requirements or restrictions on such activities which could increase our operating expenses. Increases in the amount of advances and the length of time to recover advances, fines or increases in operating expenses, and decreases in the advance rate and availability of financing for advances would lead to increased borrowings, reduced cash and higher interest expense which could negatively impact our liquidity and profitability. With respect to the Servicing segment, Ocwen is not the title owner of record for any foreclosed real estate, and neither Ocwen nor any of its subsidiaries make any type of direct title warranty to a subsequent purchaser of foreclosed real estate.

Ocwen has been a party to loan sales and securitizations dating back to the 1990s. The majority of securities issued in these transactions has been retired and are not subject to put-back risk. There is one remaining securitization with an original UPB of approximately $200,000 where Ocwen provided representations and warranties and the loans were originated in the last decade. Ocwen performed due diligence on each of the loans included in this securitization. The outstanding UPB of this securitization was $43,450 at June 30, 2012, and the outstanding balance of the notes was $43,355. Ocwen is not aware of any inquiries or claims regarding loan put-backs for any transaction where we made representations and warranties. We do not expect loan put-backs to result in any material change to our financial position, operating results or liquidity.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Note 23 Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Text Block]

Note 23 Subsequent eventS

On July 31, 2012, we provided notice to all holders of our 10.875% Capital Securities of our redemption of the $26,119 outstanding principal balance. The redemption will occur on August 31, 2012 at a price of 102.719% of the outstanding principal, plus accrued and unpaid interest.

On August 1, 2012, we completed a second flow sale to HLSS Holdings of Rights to MSRs for approximately $2.1 billion of UPB and related servicing advances under terms similar to the initial flow sale on May 1, 2012. Ocwen received proceeds of $74.4 million at closing. Of that amount, $7.2 million was used to prepay a portion of Ocwen’s senior secured term loan borrowing and $45.4 million was used to repay a portion of the match funded liabilities related to the advances.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2012

Consolidation, Policy [Policy Text Block]

Principles of Consolidation Our financial statements include the accounts of Ocwen and its majority-owned subsidiaries. We apply the equity method of accounting to investments when the entity is not a variable interest entity (VIE), and we are able to exercise significant influence, but not control, over the policies and procedures of the entity but own 50% or less of the voting securities. We account for our investments in OSI, ONL, OREO and Correspondent One using the equity method. We have eliminated intercompany accounts and transactions in consolidation. Variable Interest Entities We evaluate each special purpose entity (SPE) for classification as a VIE. When an SPE meets the definition of a VIE and we determine that Ocwen is the primary beneficiary, we include the SPE in our consolidated financial statements. We have determined that the SPEs created in connection with the match funded financing facilities discussed below are VIEs of which we are the primary beneficiary. We have also determined that we are the primary beneficiary for four residential mortgage loan securitization trusts. The accounts of these SPEs are included in our consolidated financial statements. Securitizations or Asset Backed Financing Arrangements Ocwen or its subsidiaries have been a transferor in connection with a number of securitizations or asset-backed financing arrangements. We have continuing involvement with the financial assets of eight of the securitizations and six of the asset-backed financing arrangements. We have aggregated these securitizations and asset-backed financing arrangements into two groups: (1) securitizations of residential mortgage loans and (2) financings of advances on loans serviced for others. Securitizations of Residential Mortgage Loans. The assets and liabilities of the four consolidated trusts are reported on our Consolidated Balance Sheet as Restricted cash - for securitization investors, Loans, net - restricted for securitization investors and Secured borrowings - owed to securitization investors. Our involvement with each of the remaining trusts does not represent a variable interest, and therefore, we exclude them from our consolidated financial statements. With regard to both the consolidated and the unconsolidated securitization trusts, we have no obligation to provide financial support to the trusts and have provided no such support. The creditors of the trusts can look only to the assets of the trusts themselves for satisfaction of the debt and have no recourse against the assets of Ocwen. Similarly, the general creditors of Ocwen have no claim on the assets of the trusts. Financings of Advances on Loans Serviced for Others. Match funded advances on loans serviced for others result from our transfers of residential loan servicing advances to SPEs in exchange for cash. These SPEs issue debt supported by collections on the transferred advances. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have no recourse against Ocwen. However, OLS has guaranteed the payment of the obligations under the securitization documents of one of the entities. The maximum amount payable under the guarantee is limited to 10% of the notes outstanding at the end of the facility's revolving period on July 1, 2013. As of June 30, 2012, this entity had $65,595 of notes outstanding. The assets and liabilities of the advance SPEs are comprised solely of Match funded advances, Debt service accounts, Match funded liabilities and amounts due to affiliates which are eliminated in consolidation. See 7, 10 and 11 for additional information

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Research Bulletin (ARB)
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+ Details

Note 3 Business Acquisition (Tables)

6 Months Ended

Jun. 30, 2012

Business Acquisition, Pro Forma Information [Table Text Block]

For the periods ended June 30, 2011:	Three months		Six months
Revenues	$	177,111	$	329,988
Net income	$	8,307	$	2,109

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	Employee termination benefits			Lease termination costs (1)			Total
Liability balance at December 31, 2011 (2)	$	5,163		$	5,287		$	10,450
Additions charged to operations (2)		2,392			5,030			7,422
Amortization of discount		—			104			104
Payments		(7,555	)		(4,427	)		(11,982	)
Liability balance at June 30, 2012 (2)	$	—		$	5,994		$	5,994

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Note 4 Asset Sales and Financing (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Purchase Price Allocation To Sale Of Assets And Liabilities Assumed [TableTextBlock]

	Initial sale			Flow sale		Total
Sale of MSRs accounted for as a financing (1)	$	62,458		$	11,233	$	73,691

Sale of match funded advances (2)		—			92,225		92,225

Sale of Advance SPEs:
Match funded advances		413,374			—		413,374
Debt service account		14,786			—		14,786
Prepaid lender fees and debt issuance costs		5,422			—		5,422
Other prepaid expenses		1,928			—		1,928
Match funded liabilities		(358,335	)		—		(358,335	)
Accrued interest payable and other accrued expenses		(841	)		—		(841	)
Net assets of Advance SPEs (3)		76,334			—		76,334
Sales price, as adjusted		138,792			103,458		242,250
Amount due HLSS for post-closing adjustments at June 30, 2012		—			368		368
Cash received	$	138,792		$	103,826	$	242,618

Use of proceeds:
Repayment of senior secured term loan	$	37,449		$	7,106	$	44,555
Repayment of match funded liabilities		—			64,395		64,395
Other		101,343			32,325		133,668
Cash received	$	138,792		$	103,826	$	242,618

Note 5 Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

			June 30, 2012						December 31, 2011
	Level		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial assets:
Loans held for resale (1)	3	$	19,772		$	19,772		$	20,633		$	20,633
Loans, net – restricted for securitization investors (2)	3		54,782			50,831			58,560			55,165
Advances (2)	3		4,254,091			4,254,091			3,733,502			3,733,502
Receivables, net (2)	3		83,123			83,123			83,202			83,202

Financial liabilities:
Match funded liabilities (2)	3	$	3,104,964		$	3,114,818		$	2,558,951		$	2,569,131
Lines of credit and other secured borrowings(2)	3		567,538			571,744			540,369			550,860
Secured borrowings – owed to securitization investors (2)	3		49,902			48,826			53,323			52,652
Debt securities (2)	2		26,119			26,919			82,554			92,125

Derivative financial instruments, net (3)	3	$	(14,905	)	$	(14,905	)	$	(16,676	)	$	(16,676	)

Impaired stratum of MSRs (1)(4)	3	$	—		$	—		$	214		$	214

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Three months						Six months
For the periods ended June 30,	2012			2011			2012			2011
Beginning balance	$	(12,806	)	$	(12,397	)	$	(16,676	)	$	(15,351	)
Purchases, issuances, sales and settlements:
Settlements		65			25			2,422			71
		65			25			2,422			71
Total realized and unrealized gains and (losses) (1):
Included in Other, net		1,843			(6	)		5,248			(117	)
Included in Other comprehensive income (loss)		(4,007	)		(3,409	)		(5,899	)		(390	)
		(2,164	)		(3,415	)		(651	)		(507	)
Ending balance	$	(14,905	)	$	(15,787	)	$	(14,905	)	$	(15,787	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Note 6 Advances (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Advance Payments By Financial Institution On Foreclosed Properties Summary [TableTextBlock]

	June 30, 2012		December 31, 2011
Servicing:
Principal and interest	$	88,392	$	30,462
Taxes and insurance		54,660		33,387
Foreclosure and bankruptcy costs		48,069		8,390
Other		31,944		27,442
		223,065		99,681
Corporate Items and Other		3,899		3,910
	$	226,964	$	103,591

Note 7 Match Funded Advances (Tables)

6 Months Ended

Jun. 30, 2012

Transfers Accounted for as Secured Borrowings, Classification, Assets

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 11pt; text-indent: -11pt; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> June 30, 2012 </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31, 2011 </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="width: 60%; text-align: left; text-indent: -11pt; padding-left: 11pt"> Principal and interest </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 15%; text-align: right"> 2,098,469 </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 15%; text-align: right"> 1,679,536 </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Taxes and insurance </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 1,437,337 </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 1,452,707 </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Foreclosure and bankruptcy costs </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 300,827 </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 259,231 </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Real estate servicing costs </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 90,864 </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> 121,705 </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-indent: -11pt; padding-left: 11pt; padding-bottom: 1pt"> Other </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 99,630 </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> 116,732 </td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -11pt; padding-left: 11pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 4,027,127 </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.5pt double; text-align: right"> 3,629,911 </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </table>

Note 8 Mortgage Servicing (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Servicing Assets at Amortized Value [Table Text Block]

Balance at December 31, 2011	$	293,152
Purchases (1)		175,852
Increase in impairment valuation allowance		(88	)
Amortization (2)		(34,348	)
Balance at June 30, 2012	$	434,568

Schedule of Participating Mortgage Loans [Table Text Block]

Purchase price of MSRs, as adjusted	$	175,852
Cash holdback of purchase price due to seller (a)		(5,000	)
Servicing liabilities assumed		(1,441	)
Cash paid for MSRs acquired, net of servicing liabilities assumed	$	169,411

Schedule Of Loans Serviced By Property Type [TableTextBlock]

UPB of Assets Serviced:	Residential		Commercial		Total
June 30, 2012:
Servicing	$	112,505,980	$	—	$	112,505,980
Subservicing		15,367,244		387,352		15,754,596
	$	127,873,224	$	387,352	$	128,260,576
December 31, 2011:
Servicing	$	78,675,160	$	—	$	78,675,160
Subservicing		23,524,062		290,863		23,814,925
	$	102,199,222	$	290,863	$	102,490,085

- Definition

Tabular disclosure of the activity in the balance of servicing assets subsequently measured at amortized value (including a description of where changes in carrying 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 (through purchases of servicing assets and servicing assets that result from transfers of financial assets), disposals, amortization, application of valuation allowances, other-than-temporary impairments, and other changes that affect the balance along with a description of those changes.

+ References + Details

Note 9 Receivables (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	June 30, 2012							December 31, 2011
	Receivables		Allowance for Losses			Net		Receivables		Allowance for Losses			Net
Servicing (1)	$	73,230	$	(3,112	)	$	70,118	$	53,852	$	(1,648	)	$	52,204
Income taxes receivable		—		—			—		21,518		—			21,518
Affordable housing (2)		1,317		(768	)		549		5,568		(5,019	)		549
Due from related parties(3)		8,914		—			8,914		2,309		—			2,309
Derivatives, at fair value(4)		2,421		—			2,421		3,600		—			3,600
Other		2,389		(1,268	)		1,121		4,284		(1,262	)		3,022
	$	88,271	$	(5,148	)	$	83,123	$	91,131	$	(7,929	)	$	83,202

Allowance for Credit Losses on Financing Receivables [Table Text Block]

	Affordable Housing			Other			Total
Allowance for credit losses balance at December 31, 2011	$	5,019		$	1,262		$	6,281
Charge offs		(4,251	)		(387	)		(4,638	)
Provision, net		—			455			455
Other		—			(62	)		(62	)
Allowance for credit losses balance at June 30, 2012	$	768		$	1,268		$	2,036

Receivables balance at June 30, 2012	$	1,317		$	2,389		$	3,706

Note 10 Other Assets (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Other Assets [Table Text Block]

	June 30, 2012		December 31, 2011
Debt service accounts	$	106,862	$	115,867
Interest earning collateral deposits (1)		30,752		27,191
Prepaid lender fees and debt issuance costs, net		19,771		27,113
Real estate, net		2,531		3,368
Prepaid expenses and other		11,399		12,403
	$	171,315	$	185,942

Note 11 Match Funded Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Transfers Accounted for as Secured Borrowings, Classification, Associated Liabilities

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 11pt; text-indent: -11pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"> Unused </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; text-indent: 0pt; border-bottom: Black 1pt solid"> Balance Outstanding </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Borrowing Type </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; text-indent: 0pt"> Interest Rate </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; text-indent: 0pt"> Maturity </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; text-indent: 0pt"> Amortization Date </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; text-indent: 0pt"> Borrowing Capacity (1) </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> June 30, 2012 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> December 31, 2011 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 11pt; text-indent: -11pt"> </td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap" style="text-align: left"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap" style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="width: 16%; text-align: left; text-indent: -11pt; padding-left: 11pt"> Promissory Note (2) </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> </td> <td style="width: 10%; text-align: left; text-indent: 0pt"> 3.3875% </td> <td nowrap="nowrap" style="width: 1%; text-align: left; text-indent: 0pt"> </td> <td style="width: 10%; text-align: left; text-indent: 0pt"> Sept. 2013 </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> </td> <td style="width: 10%; text-align: left; text-indent: 0pt"> Sept. 2013 </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> $ </td> <td style="width: 10%; text-align: right; text-indent: 0pt"> 375,535 </td> <td nowrap="nowrap" style="width: 1%; text-align: left; text-indent: 0pt"> </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> $ </td> <td style="width: 12%; text-align: right; text-indent: 0pt"> 1,517,265 </td> <td nowrap="nowrap" style="width: 1%; text-align: left; text-indent: 0pt"> </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> </td> <td style="width: 2%; text-align: left; text-indent: 0pt"> $ </td> <td style="width: 12%; text-align: right; text-indent: 0pt"> 1,784,043 </td> <td nowrap="nowrap" style="width: 1%; text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Advance Receivable Backed Note Series 2009-3 (3) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 4.14% </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> July 2023 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> July 2012 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 210,000 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 210,000 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"> Advance Receivable Backed Note Series 2010-1 (7) </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 3.59% </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> Sep. 2023 </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> Feb. 2011 </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 40,000 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt"> Total fixed rate </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 375,535 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 1,727,265 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 2,034,043 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Variable Funding Note Series 2009-2 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1-Month LIBOR (1ML)+ 350 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Nov. 2023 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Nov. 2012 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 100,000 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Variable Funding Note Series 2009-1 (4) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1ML + 325 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Dec. 2023 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Dec. 2012 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 255,466 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 544,534 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 11,687 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Advance Receivable Backed Notes (5) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1ML + 285 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Apr. 2015 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Apr. 2014 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 212,892 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 437,108 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Advance Receivable Backed Notes Series 2012-ADV1 (5) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Commercial paper (CP) rate plus 225 or 335 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> May 2014 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> April 2014 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 142,979 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 307,021 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Advance Receivable Backed Notes Series 2012-ADV1 (6) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1ML + 250 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> June 2016 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> June 2014 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 76,559 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 23,441 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Class A-1 Term Note (8) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> CP rate + 350 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2043 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2013 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 340,185 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Class B Term Note (8) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> CP rate + 525 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2043 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2013 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 15,850 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Class C Term Note (8) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> CP rate + 625 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2043 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2013 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 15,056 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; text-indent: -11pt; padding-left: 11pt"> Class D Term Note (8) </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1ML + 750 bps </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2043 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> Aug. 2013 </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> — </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> 11,638 </td> <td nowrap="nowrap" style="text-align: left; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt; padding-bottom: 1pt"> Advance Receivable Backed Notes </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; text-indent: 0pt"> 1ML + 200 bps </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> Jan. 2014 </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> July 2013 </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 199,405 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 65,595 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 130,492 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(234,249,232)"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt; padding-bottom: 1pt"> Total variable rate </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 987,301 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 1,377,699 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; text-indent: 0pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 0pt"> 524,908 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; text-indent: 0pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; text-indent: -11pt; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: right; text-indent: 0pt"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; text-indent: 0pt"> $ </td> <td style="border-bottom: Black 2.5pt double; text-align: right; text-indent: 0pt"> 1,362,836 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; text-indent: 0pt"> $ </td> <td style="border-bottom: Black 2.5pt double; text-align: right; text-indent: 0pt"> 3,104,964 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; text-indent: 0pt"> $ </td> <td style="border-bottom: Black 2.5pt double; text-align: right; text-indent: 0pt"> 2,558,951 </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 2.5pt; text-indent: 0pt"> </td> </tr> </table>

Note 12 Lines Of Credit And Other Secured Borrowings (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Line of Credit Facilities [Table Text Block]

				Unused		Balance Outstanding
Borrowings	Collateral	Interest Rate	Maturity	Borrowing Capacity		June 30, 2012			December 31, 2011

Servicing:
Senior secured term loan (1)	(1)	1ML + 550 bps with a LIBOR floor of 1.50%	Sept. 2016	$	—	$	472,945		$	546,250
Financing liability – MSRs pledged (2)	MSRs (2)	(2)	(2)		—		70,175			—
Promissory Note (3)	MSRs	1ML + 350 bps	May 2017		—		29,784			—
					—		572,904			546,250
Corporate Items and Other
Securities sold under an agreement to repurchase (4)	Ocwen Real Estate Asset Liquidating Trust 2007-1 Notes	Class A-2 notes: 1ML + 200 bps; Class A-3 notes: 1ML + 300 bps	Monthly		—		3,646			4,610
					—		576,550			550,860
Discount on senior secured term loan					—		(9,012	)		(10,491	)
				$	—	$	567,538		$	540,369

Note 13 Debt Securities (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Debt [Table Text Block]

	June 30, 2012		December 31, 2011
3.25% Contingent Convertible Senior Unsecured Notes due August 1, 2024	$	—	$	56,435
10.875% Capital Securities due August 1, 2027		26,119		26,119
	$	26,119	$	82,554

Note 14 Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Other Assets and Other Liabilities [Table Text Block]

	June 30, 2012		December 31, 2011
Accrued expenses	$	38,327	$	53,516
Payable to servicing and subservicing investors		25,905		28,824
Checks held for escheat		22,340		24,687
Derivatives, at fair value (1)		17,326		20,276
Income taxes payable		11,068		—
Servicing liabilities (2)		10,167		9,662
Due to related parties (3)		5,719		4,274
Accrued interest payable		4,759		4,140
Liability for selected tax items		4,690		4,524
Other (4)		16,465		8,746
	$	156,766	$	158,649

Note 15 Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Purpose	Date Opened	Effective Date	Maturity	We Pay	We Receive	Notional Amount		Fair Value
Not designated as hedges:
Hedge the effects of a change in 1ML on borrowing under a $265,000 advance funding facility (1)	April 2010	July 2010	July 2013	2.0590%	1ML	$	250,000	$	(4,794	)
Hedge the effects of a change in the lender’s CP rate and 1ML on borrowing under an advance facility (2)	May 2010 and June 2010	September 2010	August 2013	1.5750% and 1.5275%	1ML		374,125		(4,982	)
Total not designated as hedges							624,125		(9,776	)

Designated as hedges:
Hedge the effects of changes in 1ML or the lenders’ CP rate on advance funding facilities	October 2011	June 2013	January 2015	0.9275% and 0.9780%	1ML		201,892		(5,576	)
Hedge the effects of changes in 1ML or the lenders’ CP rate on advance funding facilities (3)	December 2011	February 2012	January 2015	0.7000% and 0.6825%	1ML		343,582		(1,974	)
Total designated as hedges							545,474		(7,550	)
Total						$	1,169,599	$	(17,326	)

Schedule of Derivative Instruments [Table Text Block]

	Interest Rate Cap		Foreign Exchange Forwards			Interest Rate Swaps
Notional balance at December 31, 2011	$	1,600,000	$	46,200		$	1,393,685
Maturities		—		—			(224,086	)
Terminations		—		(46,200	)		—
Notional balance at June 30, 2012	$	1,600,000	$	—		$	1,169,599

Fair value of derivative assets (liabilities) at (1):
June 30, 2012	$	2,421	$	—		$	(17,326	)
December 31, 2011	$	3,600	$	(5,785	)	$	(14,491	)

Maturity		May 2014					July 2013 to January 2015

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	Three months						Six months
	2012			2011			2012			2011
Gains (losses) on non-hedging derivatives (1)	$	1,843		$	(6	)	$	5,248		$	(117	)
Losses from ineffectiveness of cash flow hedges		(64	)		(889	)		(1)			(1,131	)
Amortization of losses in Accumulated other comprehensive loss for a discontinued hedge		(772	)		—			(1,544	)		—
Write off losses in Accumulated other comprehensive loss for the hedge of a financing facility assumed by HLSS (See Note 4)		—			—			(5,958	)		—
	$	1,007		$	(895	)	$	(2,255	)	$	(1,248	)

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
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-Name Accounting Standards Codification
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+ Details

Note 16 Servicing And Subservicing Fees (Tables)

6 Months Ended

Jun. 30, 2012

Schedule Of Servicing And Subservicing Fees [TableTextBlock]

	Three months				Six months
	2012		2011		2012		2011
Loan servicing and subservicing fees	$	149,384	$	72,304	$	261,973	$	149,741
Late charges		17,676		6,691		36,521		15,236
Home Affordable Modification Program (HAMP) fees		21,390		8,654		34,074		17,292
Loan collection fees		3,830		2,363		7,169		4,917
Custodial accounts (float earnings)		663		533		1,450		1,072
Other		7,396		5,292		14,255		10,084
	$	200,339	$	95,837	$	355,442	$	198,342

Note 17 Interest Expense (Tables)

6 Months Ended

Jun. 30, 2012

ScheduleOfInterestExpenseByLiability [TableTextBlock]

	Three months				Six months
	2012		2011		2012		2011
Match funded liabilities	$	35,920	$	18,170	$	67,035	$	38,954
Secured borrowings – owed to securitization investors		122		198		377		393
Lines of credit and other secured borrowings(1)		21,060		2,026		35,283		17,264
Debt securities:
3.25% Convertible Notes		—		459		153		917
10.875% Capital Trust Securities		710		710		1,420		1,420
Escrow deposits		507		250		975		408
	$	58,319	$	21,813	$	105,243	$	59,356

Note 18 Basic and Diluted Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three months				Six months
	2012		2011		2012		2011
Basic EPS:
Net income attributable to Ocwen Financial Corporation	$	44,833	$	26,378	$	64,182	$	48,452

Weighted average shares of common stock		134,856,101		100,943,402		132,752,848		100,853,424

Basic EPS	$	0.33	$	0.26	$	0.48	$	0.48

Diluted EPS:
Net income attributable to Ocwen Financial Corporation	$	44,833	$	26,378	$	64,182	$	48,452
Interest expense on Convertible Notes, net of tax (1)		—		294		98		588
Adjusted net income attributable to Ocwen Financial Corporation	$	44,833	$	26,672	$	64,280	$	49,040

Weighted average shares of common stock		134,856,101		100,943,402		132,752,848		100,853,424
Effect of dilutive elements:
Convertible Notes (1)		—		4,637,224		2,028,868		4,637,224
Stock options		3,297,798		2,529,962		3,317685		2,454,033
Common stock awards		1,474		—		1,421		—
Dilutive weighted average shares of common stock		138,155,373		108,110,588		138,100,822		107,944,681

Diluted EPS	$	0.32	$	0.25	$	0.47	$	0.45

Stock options excluded from diluted EPS computation:
Anti-dilutive(2)		166,250		20,000		158,750		20,000
Market-based(3)		558,750		1,615,000		558,750		1,615,000

Note 19 Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Servicing			Corporate Items and Other			Corporate Eliminations			Business Segments Consolidated
Results of Operations

For the three months ended June 30, 2012

Revenue	$	210,411		$	1,204		$	(230	)	$	211,385
Operating expenses (1)		80,940			5,099			(131	)		85,908
Income (loss) from operations		129,471			(3,895	)		(99	)		125,477
Other income (expense), net:
Interest income		—			2,038			—			2,038
Interest expense (1)		(58,139	)		(180	)		—			(58,319	)
Other		1,070			(201	)		99			968
Other income (expense), net		(57,069	)		1,657			99			(55,313	)
Income (loss) before income taxes	$	72,402		$	(2,238	)	$	—		$	70,164

For the three months ended June 30, 2011

Revenue	$	105,493		$	635		$	(291	)	$	105,837
Operating expenses (1)		40,799			1,630			(175	)		42,254
Income (loss) from operations		64,694			(995	)		(116	)		63,583
Other income (expense), net:
Interest income		34			2,255			—			2,289
Interest expense (1)		(21,751	)		(62	)		—			(21,813	)
Other		(86	)		(3,053	)		116			(3,023	)
Other income (expense), net		(21,803	)		(860	)		116			(22,547	)
Income (loss) before income taxes	$	42,891		$	(1,855	)	$	—		$	41,036

For the six months ended June 30, 2012
Revenue	$	374,604		$	1,862		$	(535	)	$	375,931
Operating expenses (1)		163,819			8,495			(279	)		172,035
Income (loss) from operations		210,785			(6,633	)		(256	)		203,896
Other income (expense), net:
Interest income		—			4,350			—			4,350
Interest expense (1)		(104,665	)		(578	)		—			(105,243	)
Other		759			(3,735	)		256			(2,720	)
Other income (expense), net		(103,906	)		37			256			(103,613	)
Income (loss) before income taxes	$	106,879		$	(6,596	)	$	—		$	100,283

For the six months ended June 30, 2011
Revenue	$	216,362		$	1,107		$	(626	)	$	216,843
Operating expenses (1)		80,581			3,201			(329	)		83,453
Income (loss) from operations		135,781			(2,094	)		(297	)		133,390
Other income (expense), net:
Interest income		81			4,377			—			4,458
Interest expense (1)		(59,252	)		(104	)		—			(59,356	)
Other		1,061			(4,325	)		297			(2,967	)
Other expense, net		(58,110	)		(52	)		297			(57,865	)
Income (loss) before income taxes	$	77,671		$	(2,146	)	$	—		$	75,525

Total Assets
June 30, 2012	$	4,978,986		$	395,876		$	—		$	5,374,862

December 31, 2011	$	4,310,354		$	426,803		$	—		$	4,737,157

June 30, 2011	$	1,893,917		$	394,832		$	—		$	2,288,749

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Servicing		Corporate Items and Other		Business Segments Consolidated
For the three months ended June 30, 2012:
Depreciation expense	$	419	$	686	$	1,105
Amortization of MSRs		19,097		—		19,097
Amortization of debt discount		735		—		735
Amortization of debt issuance costs – senior secured term loan		923		—		923

For the three months ended June 30, 2011:
Depreciation expense	$	25	$	112	$	137
Amortization of MSRs		9,926		—		9,926
Amortization of debt discount		1,297		—		1,297
Amortization of debt issuance costs – senior secured term loan		833		—		833

For the six months ended June 30, 2012:
Depreciation expense	$	674	$	1,263	$	1,937
Amortization of MSRs		33,411		—		33,411
Amortization of debt discount		1,480		—		1,480
Amortization of debt issuance costs – senior secured term loan		1,843		—		1,843

For the six months ended June 30, 2011:
Depreciation expense	$	50	$	837	$	887
Amortization of MSRs		18,849		—		18,849
Amortization of debt discount		7,343		—		7,343
Amortization of debt issuance costs – senior secured term loan		8,604		—		8,604

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Note 20 Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2012

	Three months				Six months
	2012		2011		2012		2011
Revenues and Expenses:
Altisource:
Revenues	$	4,461	$	2,473	$	8,073	$	5,379
Expenses		7,182		5,301		13,711		10,392
HLSS:
Revenues	$	30	$	—	$	40	$	—
Expenses		741		—		993		—

Investments in and Advances to Affiliates [Table Text Block]

	June 30, 2012			December 31, 2011
Net Receivable (Payable)
Altisource	$	(863	)	$	(1,965	)
HLSS		4,058			—
	$	3,195		$	(1,965	)

Note 1 Summary of Significant Accounting Policies (Detail)	6 Months Ended
	Jun. 30, 2012
Subsidiary Percentage A [Member]
Noncontrolling Interest, Ownership Percentage by Parent	49.00%
Subsidiary Percentage B [Member]
Noncontrolling Interest, Ownership Percentage by Parent	27.00%
Subsidiary Percentage C [Member]
Noncontrolling Interest, Ownership Percentage by Parent	25.00%
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Organization Ocwen Financial Corporation (NYSE: OCN) (Ocwen or OCN), through its subsidiaries, is a leading provider of residential and commercial mortgage loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia with offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, United States Virgin Islands (USVI) and Washington, DC and support operations in India and Uruguay. Ocwen is a Florida corporation organized in February 1988. Ocwen Loan Servicing, LLC (OLS), a wholly-owned subsidiary, is licensed to service mortgage loans in all 50 states, the District of Columbia and two U.S. territories. At June 30, 2012, Ocwen directly or indirectly owned all of the outstanding stock of its primary operating subsidiaries: OLS, Ocwen Financial Solutions Private Limited and Ocwen Mortgage Servicing, Inc. (OMS).OMS is a corporation formed on February 27, 2012 under the laws of the USVI and is a wholly owned subsidiary of OCN. OMS has its principal place of business in St. Croix, USVI. Ocwen also holds a 49% equity interest in Correspondent One S.A. (Correspondent One), an entity formed with Altisource Portfolio Solutions S.A. (Altisource) in March 2011, a 27% interest in Ocwen Structured Investments, LLC (OSI) and an approximate 25% interest in Ocwen Nonperforming Loans, LLC (ONL) and Ocwen REO, LLC (OREO). The assets of ONL and OREO have been liquidated to cash, and these entities are expected to be dissolved by year-end. On September 1, 2011, Ocwen completed its acquisition (the Litton Acquisition) of (i) all the outstanding partnership interests of Litton Loan Servicing LP (Litton), a subsidiary of The Goldman Sachs Group, Inc. (Goldman Sachs) and a provider of servicing and subservicing of primarily non-prime residential mortgage loans and (ii) certain interest-only servicing securities previously owned by Goldman Sachs & Co., also a subsidiary of Goldman Sachs (collectively referred to as Litton Loan Servicing Business). See Note 3 for additional information regarding the Litton Acquisition
Business Description and Basis of Presentation [Text Block]	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with the instructions of the Securities and Exchange Commission (SEC) to Form 10-Q and SEC Regulation S-X, Article 10, Rule 10-01 for interim financial statements. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. In our opinion, the accompanying unaudited financial statements contain all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation. The results of operations and other data for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for any other interim period or for the entire year ending December 31, 2012. The unaudited interim consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011. The preparation of financial statements in conformity with GAAP requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly significant in the near or medium term relate to fair value measurements, the provision for potential losses that may arise from litigation proceedings, the amortization of mortgage servicing rights (MSRs) and the valuation of goodwill and deferred tax assets
Business Acquisition, Percentage of Voting Interests Acquired	50.00%
Variable Interest Entity Number Of Entities Primary Beneficiary	four
Continuing Involvement WIth Securitizations And Asset-Backed Financing Arrangements	We have continuing involvement with the financial assets of eight of the securitizations and six of the asset-backed financing arrangements. We have aggregated these securitizations and asset-backed financing arrangements into two groups: (1) securitizations of residential mortgage loans and (2) financings of advances on loans serviced for others
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Determination Methodology	10%
Variable Interest Entity, Classification of Carrying Amount, Liabilities	$65,595
Reclassifications [Text Block]	Reclassification Within the operating activities section of the Consolidated Statement of Cash Flows for the six months ended June 30, 2011, we reclassified Unrealized losses on derivative financial instruments from Other, net to conform to the current year presentation.

Note 3 Business Acquisition (Detail)
$ in Thousands

6 Months Ended

Jun. 30, 2012

USD ($)

Facility Closing [Member]

Restructuring Charges

$ 4,779

Payments for Restructuring

(4,427)

Additions charged to operations (3)

5,030

^[1]

Facility Closing C [Member]

Payments for Restructuring

2,900

Additions charged to operations (3)

251

Business Acquisition, Purchase Price Allocation, Goodwill Amount

65,622

Purchase Price Allocation Adjustments

$ 10,000

[1]

All charges were recorded in the Servicing segment. Charges related to employee terminations and lease terminations are reported in Compensation and benefits expense and Occupancy and equipment expense, respectively, in the Consolidated Statements of Operations. The liabilities are included in Other liabilities in the Consolidated Balance Sheets.

Note 3 Business Acquisition (Detail) - (Table 1) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Revenues	$ 177,111	$ 329,988
Net income	$ 8,307	$ 2,109

Note 3 Business Acquisition (Detail) - (Table 2)
$ in Thousands

6 Months Ended

Jun. 30, 2012

USD ($)

Employee Severance [Member]

Payments

$ (7,555)

Liability balance at June 30, 2012 (2)

^[1]

Additions charged to operations (2)

2,392

^[1]

Facility Closing [Member]

Payments

(4,427)

Liability balance at June 30, 2012 (2)

5,994

^[1]

Additions charged to operations (2)

5,030

^[1]

Amortization of discount

104

Total [Member]

Payments

(11,982)

Liability balance at June 30, 2012 (2)

5,994

^[1]

Additions charged to operations (2)

7,422

^[1]

Amortization of discount

$ 104

[1]

Note 4 Asset Sales and Financing (Detail) - USD ($) $ in Thousands	1 Months Ended			2 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2012	May 31, 2012	Mar. 31, 2012	Jun. 30, 2012	Feb. 28, 2012	Jun. 30, 2012	Jun. 30, 2012
Asset Sale Transaction H [Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Sold						$ 15,200,000
Proceeds from Divestiture of Businesses			$ 138,792		$ 149,798
Accrual For Liability Post Closing Adjustments Associated With Divestitures			$ 11,006
Flow Sale Of Affiliate H[Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Sold				$ 2,900,000
Proceeds from Divestiture of Businesses	$ 103,458	$ 103,826
Accrual For Liability Post Closing Adjustments Associated With Divestitures	$ 368			$ 368		$ 368	$ 368
Proceeds From Sale Of Advances And Match Funded Advances In Connection With The Sale Of MSRs							92,593
Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net							5,958
Flow Sale [Member]
Excess Of Sales Price Over Carrying Value For Sale Of Mortgage Servicing Rights MSR							11,020
Proceeds From Sale Of Advances And Match Funded Advances In Connection With The Sale Of MSRs							$ 92,593

Note 4 Asset Sales and Financing (Detail) - (Table 1) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Initial Sale [Member]

Sale of MSRs accounted for as a financing (1)

^[1]

$ 62,458

Sale of match funded advances (2)

^[2]

Sales price, as adjusted

138,792

Cash received

138,792

Use of proceeds:

Repayment of senior secured term loan

37,449

Other

101,343

Match funded advances

413,374

Debt service account

14,786

Prepaid lender fees and debt issuance costs

5,422

Other prepaid expenses

1,928

Match funded liabilities

(358,335)

Accrued interest payable and other accrued expenses

(841)

Net assets of Advance SPEs (3)

^[3]

76,334

Flow Sale [Member]

Sale of MSRs accounted for as a financing (1)

^[1]

11,233

Sale of match funded advances (2)

^[2]

92,225

Sales price, as adjusted

103,458

Amount due HLSS for post-closing adjustments at June 30, 2012

368

Cash received

103,826

Use of proceeds:

Repayment of senior secured term loan

7,106

Repayment of match funded liabilities

64,395

Other

32,325

Net assets of Advance SPEs (3)

^[3]

Total [Member]

Sale of MSRs accounted for as a financing (1)

^[1]

73,691

Sale of match funded advances (2)

^[2]

92,225

Sales price, as adjusted

242,250

Amount due HLSS for post-closing adjustments at June 30, 2012

368

Cash received

242,618

Use of proceeds:

Repayment of senior secured term loan

44,555

Repayment of match funded liabilities

64,395

Other

133,668

Match funded advances

413,374

Debt service account

14,786

Prepaid lender fees and debt issuance costs

5,422

Other prepaid expenses

1,928

Match funded liabilities

(358,335)

Accrued interest payable and other accrued expenses

(841)

Net assets of Advance SPEs (3)

^[3]

76,334

Repayment of senior secured term loan

(74,270)

$ (210,712)

Repayment of match funded liabilities

904,348

$ (440,531)

Net assets of Advance SPEs (3)

$ 76,334

[1]	Reported in the Consolidated Statements of Cash Flows cash flows with financing activities as Proceeds from sale of mortgage servicing rights accounted for as a financing.
[2]	Reported in the Consolidated Statements of Cash Flows with investing activities as Proceeds from sale of match funded advances. The $92,593 amount reported as proceeds does not reflect the post-closing price adjustment of $368 not yet paid as of June 30, 2012.
[3]	Reported in the Consolidated Statements of Cash Flows with investing activities as Proceeds from sale of advance financing subsidiary and special purpose entity

Note 5 Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Default Rate [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions			5% to 10%
Reperformance Rate [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions			35%
Loss Severity [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions			20% to 50%
Coupon Rate [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions			7.8%
Discount Rate [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions					10%
Non Perfoming Loans Discount Rate [Member]
Loans Receivable, Fair Value Disclosure, Significant Assumptions			15%
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance (in Dollars)	$ 2,163		$ 2,163		$ 2,864
Variable Interest Entity Consolidated Carrying Amount Assets Fair Value Disclosure Prepayment Speeds			3% to 6%
VariableInterestEntityConsolidated Carrying Amount Assets Fair Value Disclosure Default Rates			23% to 29%
Variable Interest Entity Consolidated Carrying Amount Assets Fair Value Disclosure Discount Rate			20.5% to 22%
Transfers Of Financial Assets Accounted For As Secured Borrowings Assumptions Used To Estimate Fair Value Discount Rate			2.5% to 3.5%
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Other Key Assumption Rate Or Value			4.00%
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate			20.00%
Gain (Loss) on Sale of Derivatives (in Dollars)	$ 2,164	$ 3,415	$ 6,437	$ 289

Note 5 Fair Value of Financial Instruments (Detail) - (Table 1) - USD ($)
$ in Thousands

1 Months Ended

6 Months Ended

12 Months Ended

Jan. 30, 2012

Jun. 30, 2012

Dec. 31, 2011

Carrying (Reported) Amount, Fair Value Disclosure [Member]

Financial assets:

Loans held for resale (1)

^[1]

$ 19,772

$ 20,633

Loans, net – restricted for securitization investors (2)

^[2]

54,782

58,560

Advances (2)

^[2]

4,254,091

3,733,502

Receivables, net (2)

^[2]

83,123

83,202

Financial liabilities:

Match funded liabilities (2)

^[2]

3,104,964

2,558,951

Lines of credit and other secured borrowings(2)

^[2]

567,538

540,369

Secured borrowings – owed to securitization investors (2)

^[2]

49,902

53,323

Debt securities (2)

^[2]

26,119

82,554

Derivative financial instruments, net (3)

^[3]

(14,905)

(16,676)

Impaired stratum of MSRs (1)(4)

^[1],[4]

214

Portion at Fair Value, Fair Value Disclosure [Member]

Financial assets:

Loans held for resale (1)

^[1]

$ 19,772

20,633

Loans, net – restricted for securitization investors (2)

^[2]

50,831

55,165

Advances (2)

^[2]

4,254,091

3,733,502

Receivables, net (2)

^[2]

83,123

83,202

Financial liabilities:

Match funded liabilities (2)

^[2]

3,114,818

2,569,131

Lines of credit and other secured borrowings(2)

^[2]

571,744

550,860

Secured borrowings – owed to securitization investors (2)

^[2]

48,826

52,652

Debt securities (2)

^[2]

26,919

92,125

Derivative financial instruments, net (3)

^[3]

(14,905)

(16,676)

Impaired stratum of MSRs (1)(4)

^[1],[4]

$ 214

Loans held for resale (1)

^[1]

Loans, net – restricted for securitization investors (2)

^[2]

Advances (2)

^[2]

Receivables, net (2)

^[2]

Match funded liabilities (2)

^[2]

Lines of credit and other secured borrowings(2)

^[2]

Secured borrowings – owed to securitization investors (2)

^[2]

Debt securities (2)

^[2]

Derivative financial instruments, net (3)

^[3]

Impaired stratum of MSRs (1)(4)

^[1],[4]

$ 3

[1]	Measured at fair value on a non-recurring basis.
[2]	Financial instruments disclosed, but not carried, at fair value.
[3]	Measured at fair value on a recurring basis.
[4]	The high-loan-to-value stratum is measured at fair value on a non-recurring basis and is classified as Level 3 because of the nature of the valuation inputs. The values are net of a valuation allowance of $2,163 and $2,864 at June 30, 2012 and December 31, 2011, respectively.

Note 5 Fair Value of Financial Instruments (Detail) - (Table 2) - Derivative Financial Instruments, Assets [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Beginning balance	$ (12,806)	$ (12,397)	$ (16,676)	$ (15,351)
Purchases, issuances, sales and settlements:
Settlements	65	25	2,422	71
	65	25	2,422	71
Total realized and unrealized gains and (losses) (1):
Included in Other, net	1,843	(6)	5,248	(117)
Included in Other comprehensive income (loss)	(4,007)	(3,409)	(5,899)	(390)
	(2,164)	(3,415)	(651)	(507)
Ending balance	$ (14,905)	$ (15,787)	$ (14,905)	$ (15,787)

Note 6 Advances (Detail) - (Table 1) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Servicing [Member]
Servicing:
Principal and interest	$ 88,392	$ 30,462
Taxes and insurance	54,660	33,387
Foreclosure and bankruptcy costs	48,069	8,390
Other	31,944	27,442
	223,065	99,681
Corporate Itemsand Other [Member]
Servicing:
Corporate Items and Other	3,899	3,910
Total [Member]
Servicing:
	226,964	103,591
Principal and interest	2,098,469	1,679,536
Taxes and insurance	1,437,337	1,452,707
Foreclosure and bankruptcy costs	300,827	259,231
Other	99,630	116,732
	$ 226,964	$ 103,591

Note 7 Match Funded Advances (Detail) - (Table 1) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Principal and interest	$ 2,098,469	$ 1,679,536
Taxes and insurance	1,437,337	1,452,707
Foreclosure and bankruptcy costs	300,827	259,231
Real estate servicing costs	90,864	121,705
Other	99,630	116,732
	$ 4,027,127	$ 3,629,911

Note 8 Mortgage Servicing (Detail) - USD ($)	6 Months Ended	12 Months Ended	24 Months Ended
Note 8 Mortgage Servicing (Detail) - USD ($)	Jun. 30, 2012	Dec. 31, 2011	Dec. 31, 2012
JP Morgan Chase Bank [Member]
Amount Heldback From Seller Of MSRs	$ 5,000,000
Advances Acquired	557,184,000
Acquisition Of MSR Transaction [Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Acquired	22,200,000,000
Loans Subserviced Prior To Acquisition	9,900,000,000
Advances Acquired	1,200,000,000
Aurora Bank [Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Acquired	1,800,000,000
Advances Acquired	52,911,000
Bank Of America [Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Acquired	10,100,000,000
Advances Acquired	34,486,000
Pledged Assets, Not Separately Reported, Other	64,400,000
Amount Heldback From Seller Of MSRs	5,000,000
Unpaid Principal Balance Of Loans Related To Servicing Assets Acquired	8.1
Carrying Value of Servicing Assets Sold	58,298,000
Unpaid Principal Balance Of Small Balance Commerical Loans Serviced	2,142,069,000		$ 586,080,000
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset	716,900,000		555,500,000
Servicing Asset at Amortized Value, Valuation Allowance	2,378,000		$ 2,290,000
Carrying Value Of High Loan To Value Stratum MSRs	0	$ 214,000
Servicing Asset at Fair Value, Amount	$ 470,974,000	$ 340,015,000

Note 8 Mortgage Servicing (Detail) - (Table 1)
$ in Thousands

6 Months Ended

Jun. 30, 2012

USD ($)

Balance at December 31, 2011

$ 293,152

Balance at June 30, 2012

434,568

Purchases (1)

175,852

^[1]

Increase in impairment valuation allowance

(88)

Amortization (2)

$ (34,348)

^[2]

[1]	The following table reconciles the adjusted purchase price of MSRs to the cash paid as of June 30, 2012.
[2]	In the Consolidated Statement of Operations, Amortization of mortgage servicing rights is reported net of the amortization of servicing liabilities and includes the amount of charges we recognized to increase servicing liability obligations.

- Definition

Amortized carrying amount (balance) as of the balance sheet date of an asset representing net future revenues from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 17
-Subparagraph g(1)(a)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 13A, 13B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6777056&loc=d3e120260-111741

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6469459&loc=d3e122501-111745

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6863725&loc=d3e122739-111746

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6469459&loc=d3e122492-111745

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph B10
-Subparagraph a(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Note 8 Mortgage Servicing (Detail) - (Table 2)
$ in Thousands

6 Months Ended

Jun. 30, 2012

USD ($)

Purchase price of MSRs, as adjusted

$ 175,852

^[1]

Cash holdback of purchase price due to seller (a)

(5,000)

Servicing liabilities assumed

(1,441)

Cash paid for MSRs acquired, net of servicing liabilities assumed

$ 169,411

[1]	The following table reconciles the adjusted purchase price of MSRs to the cash paid as of June 30, 2012.

- Definition

The cash outflow to obtain servicing rights, which contractually entitle the servicer to receive fees and ancillary revenues for performing billing, collection, disbursement and recordkeeping services in connection with a mortgage portfolio. Rights may be obtained via (1) acquisition or assumption of a servicing obligation that does not relate to financial assets of the servicer or its consolidated affiliates; or (2) by originating mortgage loans and then (a) transferring the loans to a Variable Interest Entity (VIE) in a transaction that meets the necessary transfer and classification requirements, or (b) transferring the loans in a transaction that meets the requirements for sale accounting.

+ References + Details

Note 8 Mortgage Servicing (Detail) - (Table 3) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Residential Mortgage [Member]
Servicing	$ 112,505,980	$ 78,675,160
Subservicing	15,367,244	23,524,062
Total	127,873,224	102,199,222
Commercial Real Estate [Member]
Subservicing	387,352	290,863
Total	387,352	290,863
Total [Member]
Servicing	112,505,980	78,675,160
Subservicing	15,754,596	23,814,925
Total	$ 128,260,576	$ 102,490,085

Note 9 Receivables (Detail) - (Table 1) - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

Receivables [Member]

Servicing (1)

^[1]

$ 73,230

$ 53,852

Income taxes receivable

21,518

Affordable housing (2)

^[2]

1,317

5,568

Due from related parties(3)

^[3]

8,914

2,309

Derivatives, at fair value(4)

^[4]

2,421

3,600

Other

2,389

4,284

88,271

91,131

Allowancefor Credit Losses [Member]

Servicing (1)

^[1]

(3,112)

(1,648)

Affordable housing (2)

^[2]

(768)

(5,019)

Due from related parties(3)

^[3]

Derivatives, at fair value(4)

^[4]

Other

(1,268)

(1,262)

(5,148)

(7,929)

Receivables Net [Member]

Servicing (1)

^[1]

70,118

52,204

Income taxes receivable

21,518

Affordable housing (2)

^[2]

549

Due from related parties(3)

^[3]

8,914

2,309

Derivatives, at fair value(4)

^[4]

2,421

3,600

Other

1,121

3,022

83,123

83,202

Other

$ 83,123

$ 83,202

[1]	Balances arise from our Servicing business and primarily include reimbursable expenditures due from investors and amounts to be recovered from the custodial accounts of the trustees. The balance at June 30, 2012 also includes amounts due from the seller as a result of post-closing adjustments to the purchase price of advances in connection with MSRs that we acquired during the second quarter.
[2]	Balances primarily represent payments to be received for proceeds from sales of investments in affordable housing properties. None of these receivables is delinquent.
[3]	See Note 20 for additional information regarding transactions with HLSS and Altisource.
[4]	Balances represent the fair value of an interest rate cap. See Note 15 for additional information.

Note 9 Receivables (Detail) - (Table 2) $ in Thousands	6 Months Ended
Note 9 Receivables (Detail) - (Table 2) $ in Thousands	Jun. 30, 2012 USD ($)
Affordable Housing [Member]
Allowance for credit losses balance at December 31, 2011	$ 5,019
Allowance for credit losses balance at June 30, 2012	768
Receivables balance at June 30, 2012	1,317
Charge offs	(4,251)
Other Allowance For Credit ;osses [Member]
Allowance for credit losses balance at December 31, 2011	1,262
Allowance for credit losses balance at June 30, 2012	1,268
Receivables balance at June 30, 2012	2,389
Charge offs	(387)
Provision, net	455
Other	(62)
Total [Member]
Allowance for credit losses balance at December 31, 2011	6,281
Allowance for credit losses balance at June 30, 2012	2,036
Receivables balance at June 30, 2012	3,706
Charge offs	(4,638)
Provision, net	455
Other	$ (62)

Note 10 Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Derivative, Collateral, Right to Reclaim Cash	$ 20,980	$ 19,623

Note 10 Other Assets (Detail) - (Table 1) - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

Debt service accounts

$ 106,862

$ 115,867

Interest earning collateral deposits (1)

^[1]

30,752

27,191

Prepaid lender fees and debt issuance costs, net

19,771

27,113

Real estate, net

2,531

3,368

Prepaid expenses and other

11,399

12,403

$ 171,315

$ 185,942

[1]	The balances include $20,980 and $19,623 of cash collateral held by the counterparties to certain of our derivative agreements at June 30, 2012 and December 31, 2011, respectively

Note 11 Match Funded Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2012	Sep. 01, 2013	Mar. 01, 2013	Sep. 01, 2012	Jun. 15, 2012	Mar. 01, 2012
Promissory Note [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,169,708	$ 1,403,650	$ 1,637,591		$ 1,892,800
Variable Funding Note Series Class B [Member]
Lenders Other Commitments To Lend					$ 200,000
Variable Funding Note Series Class A [Member]
Debt Instrument, Periodic Payment, Principal	$ 40,000

Note 11 Match Funded Liabilities (Detail) - (Table 1) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Promissory Note [Member]

Interest Rate

^[1]

3.3875%

Maturity

^[1]

Dec. 31, 2013

Amortization Date

^[1]

Sept. 2013

Unused Borrowing Capacity

^[1]

$ 375,535

Balance Outstanding June 30, 2012

^[1]

1,517,265

$ 1,784,043

Balance Outstanding December 31, 2011

^[1]

$ 1,517,265

1,784,043

Advance Receivable Backed Notes Series A [Member]

Interest Rate

^[2]

4.14%

Maturity

^[2]

Jul. 31, 2023

Amortization Date

^[2]

July 2012

Unused Borrowing Capacity

^[2]

Balance Outstanding June 30, 2012

^[2]

210,000

Balance Outstanding December 31, 2011

^[2]

$ 210,000

210,000

Advance Receivable Backed Notes Series B [Member]

Interest Rate

^[3]

3.59%

Maturity

^[3]

Dec. 31, 2023

Amortization Date

^[3]

Feb. 2011

Unused Borrowing Capacity

^[3]

Balance Outstanding June 30, 2012

^[3]

40,000

Balance Outstanding December 31, 2011

^[3]

40,000

Total Fiixed Rate [Member]

Unused Borrowing Capacity

375,535

Balance Outstanding June 30, 2012

1,727,265

2,034,043

Balance Outstanding December 31, 2011

$ 1,727,265

2,034,043

Variable Funding Note Series Class A [Member]

Interest Rate

1-Month LIBOR (1ML)+ 350 bps

Maturity

Dec. 31, 2023

Amortization Date

Nov. 2012

Unused Borrowing Capacity

$ 100,000

Variable Funding Note Series Class B [Member]

Interest Rate

^[4]

1ML + 325 bps

Maturity

^[4]

Dec. 31, 2023

Amortization Date

^[4]

Dec. 2012

Unused Borrowing Capacity

^[4]

$ 255,466

Balance Outstanding June 30, 2012

^[4]

544,534

11,687

Balance Outstanding December 31, 2011

^[4]

$ 544,534

11,687

Advance Receivable Backed Notes Series C [Member]

Interest Rate

^[5]

1ML + 285 bps

Maturity

^[5]

Dec. 31, 2015

Amortization Date

^[5]

Apr. 2014

Unused Borrowing Capacity

^[5]

$ 212,892

Balance Outstanding June 30, 2012

^[5]

437,108

Balance Outstanding December 31, 2011

^[5]

$ 437,108

Asset-backed Securities, Securitized Loans and Receivables [Member]

Interest Rate

^[5]

Commercial paper (CP) rate plus 225 or 335 bps

Maturity

^[5]

May 31, 2014

Amortization Date

^[5]

April 2014

Unused Borrowing Capacity

^[5]

$ 142,979

Balance Outstanding June 30, 2012

^[5]

307,021

Balance Outstanding December 31, 2011

^[5]

$ 307,021

Asset-backed Securities, Securitized Loans and Receivables Series A [Member]

Interest Rate

^[6]

1ML + 250 bps

Maturity

^[6]

Jun. 30, 2016

Amortization Date

^[6]

June 2014

Unused Borrowing Capacity

^[6]

$ 76,559

Balance Outstanding June 30, 2012

^[6]

23,441

Balance Outstanding December 31, 2011

^[6]

$ 23,441

Class A1 Term Note [Member]

Interest Rate

^[7]

CP rate + 350 bps

Maturity

^[7]

Dec. 31, 2043

Amortization Date

^[7]

Aug. 2013

Unused Borrowing Capacity

^[7]

Balance Outstanding June 30, 2012

^[7]

340,185

Balance Outstanding December 31, 2011

^[7]

340,185

Class B Term Note [Member]

Interest Rate

^[7]

CP rate + 525 bps

Maturity

^[7]

Dec. 31, 2043

Amortization Date

^[7]

Aug. 2013

Unused Borrowing Capacity

^[7]

Balance Outstanding June 30, 2012

^[7]

15,850

Balance Outstanding December 31, 2011

^[7]

15,850

Class C Term Note [Member]

Interest Rate

^[7]

CP rate + 625 bps

Maturity

^[7]

Dec. 31, 2043

Amortization Date

^[7]

Aug. 2013

Unused Borrowing Capacity

^[7]

Balance Outstanding June 30, 2012

^[7]

15,056

Balance Outstanding December 31, 2011

^[7]

15,056

Class D Term Note [Member]

Interest Rate

^[7]

1ML + 750 bps

Maturity

^[7]

Dec. 31, 2043

Amortization Date

^[7]

Aug. 2013

Unused Borrowing Capacity

^[7]

Balance Outstanding June 30, 2012

^[7]

11,638

Balance Outstanding December 31, 2011

^[7]

11,638

Advance Receivable Backed Notes Series D [Member]

Interest Rate

1ML + 200 bps

Maturity

Dec. 31, 2014

Amortization Date

July 2013

Unused Borrowing Capacity

$ 199,405

Balance Outstanding June 30, 2012

65,595

130,492

Balance Outstanding December 31, 2011

65,595

130,492

Total Variable Rate [Member]

Unused Borrowing Capacity

987,301

Balance Outstanding June 30, 2012

1,377,699

524,908

Balance Outstanding December 31, 2011

1,377,699

524,908

Total [Member]

Unused Borrowing Capacity

1,362,836

Balance Outstanding June 30, 2012

3,104,964

2,558,951

Balance Outstanding December 31, 2011

3,104,964

2,558,951

Balance Outstanding June 30, 2012

3,104,964

2,558,951

Balance Outstanding December 31, 2011

$ 3,104,964

$ 2,558,951

[1]	This note was issued to finance advances acquired in connection with the acquisition of Litton on September 1, 2011. Borrowing capacity under this facility declined to $1,892,800 on March 1, 2012 and will further decline to $1,637,591 on September 1, 2012, $1,403,650 on March 1, 2013 and $1,169,708 on September 1, 2013.
[2]	This note matured on July 19, 2012, and the borrowing under this note was transferred to the Series 2009-1 variable funding note.
[3]	The amortization period for this note ended in January 2012, at which time the remaining balance of $40,000 was repaid. The advances pledged to this note were transferred to the Series 2009-1 variable funding note and were re-pledged under that note.
[4]	Effective March 12, 2012, the lender transferred this note from its commercial paper conduit and began charging interest based on 1-Month LIBOR. Beginning June 15, 2012, maximum borrowing capacity under this note will be reduced to the extent that the lender's commitment under any other advance facilities of Ocwen or its affiliates exceeds $200,000.
[5]	These notes were issued to finance the advances acquired in connection with the Saxon MSR Transaction.
[6]	These notes were issued to finance the advances acquired from BANA in connection with the acquisition of MSRs.
[7]	These notes were issued in connection with the financing of advances acquired as part of the HomEq Acquisition. The Class D Term Note was repaid in full on March 2, 2012. On March 5, 2012, HLSS assumed the remaining balances.

Note 12 Lines Of Credit And Other Secured Borrowings (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2012 USD ($)
Senior Secured Term Loan [Member]
Secured Debt	$ 575,000
Debt Instrument, Periodic Payment, Principal	14,375
Class A- 2 And A- 3 Notes [Member]
Debt Instrument, Face Amount	$ 27,710

Note 12 Lines Of Credit And Other Secured Borrowings (Detail) - (Table 1) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Senior Secured Term Loan [Member]

Servicing:

Collateral

^[1]

(1)

Interest Rate

^[1]

Maturity

^[1]

Sept. 2016

Unused Borrowing Capacity

^[1]

Balance Outstanding June 30, 2012

^[1]

472,945

$ 546,250

Balance Outstanding December 31, 2011

^[1]

$ 472,945

546,250

Financing Liability [Member]

Servicing:

Collateral

^[2]

MSRs (2)

Interest Rate

^[2]

(2.00%)

Maturity

^[2]

(2)

Unused Borrowing Capacity

^[2]

Balance Outstanding June 30, 2012

^[2]

70,175

Balance Outstanding December 31, 2011

^[2]

$ 70,175

Promissory Note [Member]

Servicing:

Collateral

^[3]

MSRs

Interest Rate

^[3]

Maturity

^[3]

May 2017

Unused Borrowing Capacity

^[3]

Balance Outstanding June 30, 2012

^[3]

29,784

Balance Outstanding December 31, 2011

^[3]

29,784

Total Servicing Lines Of Credit [Member]

Servicing:

Balance Outstanding June 30, 2012

572,904

546,250

Balance Outstanding December 31, 2011

$ 572,904

546,250

Securities Sold Under Agreement To Repurchase [Member]

Servicing:

Collateral

^[4]

Ocwen Real Estate Asset Liquidating Trust 2007-1 Notes

Interest Rate

^[4]

Maturity

^[4]

Monthly

Unused Borrowing Capacity

^[4]

Balance Outstanding June 30, 2012

^[4]

3,646

4,610

Balance Outstanding December 31, 2011

^[4]

3,646

4,610

Total Gross Secured Lines Of Credit [Member]

Servicing:

Balance Outstanding June 30, 2012

576,550

550,860

Balance Outstanding December 31, 2011

576,550

550,860

Discount [Member]

Servicing:

Balance Outstanding June 30, 2012

(9,012)

(10,491)

Balance Outstanding December 31, 2011

(9,012)

(10,491)

Total [Member]

Servicing:

Balance Outstanding June 30, 2012

567,538

540,369

Balance Outstanding December 31, 2011

567,538

540,369

Balance Outstanding June 30, 2012

567,538

540,369

Balance Outstanding December 31, 2011

$ 567,538

$ 540,369

[1]	The principal amount of the loan (originally $575,000) is due in consecutive installments of $14,375 per quarter through June 30, 2016, with the remaining balance becoming due on September 1, 2016. The loan is secured by a first priority security interest in substantially all of the tangible and intangible assets of Ocwen.
[2]	On March 5, 2012 and May 1, 2012, Ocwen completed the HLSS Transactions, in which it transferred to HLSS certain Rights to MSRs. However, because Ocwen has not yet transferred legal title to the MSRs, the sales were accounted for as a financing with the proceeds from the sale of the MSRs recorded as a financing liability. The financing liability is being amortized using the interest method with the servicing income that is remitted to HLSS representing payments of principal and interest. The liability has no contractual maturity but will be amortized over the estimated life of the pledged MSRs. The balance of the liability is reduced each month based on the change in the estimated fair value of the pledged MSRs. See Note 4 for additional information regarding the HLSS Transactions.
[3]	This note was issued to finance the acquisition of MSRs from BANA. Prepayments of the balance on this note may be required if the borrowing base, as defined, falls below the amount of the note outstanding.
[4]	The Class A-2 and A-3 notes issued by Ocwen Real Estate Asset Liquidating Trust 2007-1 have a face value of $27,710 at June 30, 2012.

Note 13 Debt Securities (Detail) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 28, 2012 USD ($) $ / shares shares	Jun. 30, 2012 USD ($) shares	Dec. 31, 2011 USD ($)
Contingent Convertible Senior Unsecured Notes [Member]
Unsecured Debt	$ 56,435		$ 56,435
Debt Conversion, Original Debt, Amount	$ 56,410
Debt Conversion, Converted Instrument, Shares Issued (in Shares) \| shares	4,635,159
Debt Instrument, Convertible, Conversion Ratio	82.1693
Debt Conversion Converted Instrument Principal Per Share Amount	$ 1,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share) \| $ / shares	$ 12,170
Shares Attributable To Conversion Of Debt Securities (in Shares) (in Shares) \| shares	11
Debt Conversion Converted Instrument Remaining Amount	$ 25
Unsecured Debt		$ 26,119	$ 82,554
Debt Conversion, Converted Instrument, Shares Issued (in Shares) \| shares		4,635,159

- Definition

The ratio applied to the debt for purposes of determining the number of shares of the equity security into which the debt will be converted.

+ References + Details

Note 13 Debt Securities (Detail) - (Table 1) - USD ($) $ in Thousands	Jun. 30, 2012	Mar. 28, 2012	Dec. 31, 2011
Contingent Convertible Senior Unsecured Notes [Member]
Unsecured Debt		$ 56,435	$ 56,435
Capital Securities [Member]
Unsecured Debt	$ 26,119		26,119
Total [Member]
Unsecured Debt	26,119		82,554
Unsecured Debt	$ 26,119		$ 82,554

Note 14 Other Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
Note 14 Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011
Servicing Liability at Amortized Value, Additions	$ 1,441
Servicing Liability at Amortized Value, Period Increase (Decrease)	937	$ 246
Amount Heldback From Seller Of MSRs	$ 5,000

Note 14 Other Liabilities (Detail) - (Table 1) - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

Accrued expenses

$ 38,327

$ 53,516

Payable to servicing and subservicing investors

25,905

28,824

Checks held for escheat

22,340

24,687

Derivatives, at fair value (1)

^[1]

17,326

20,276

Income taxes payable

11,068

Servicing liabilities (2)

^[2]

10,167

9,662

Due to related parties (3)

^[3]

5,719

4,274

Accrued interest payable

4,759

4,140

Liability for selected tax items

4,690

4,524

Other (4)

^[4]

16,465

8,746

$ 156,766

$ 158,649

[1]	See Note 15 for additional information regarding derivatives.
[2]	Our acquisition of MSRs as part of the JPMCB MSR Transaction included a servicing liability with a fair value of $1,442. During the six months ended June 30, 2012 and 2011, amortization of servicing liabilities exceeded the amount of charges we recognized to increase servicing liability obligations by $937 and $246, respectively. Amortization of mortgage servicing rights is reported net of this amount in the Consolidated Statement of Operations
[3]	See Note 20 for additional information regarding transactions with HLSS and Altisource.
[4]	As disclosed in Note 8, the balance at June 30, 2012 includes a $5,000 holdback of the purchase price of MSRs we acquired during the second quarter.

Note 15 Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2012	Jun. 30, 2012	Jun. 30, 2013	Dec. 31, 2011
Loss on Cash Flow Hedge Ineffectiveness		$ 6,179
Deferred Gain Loss On Discontinuation Of Cash Flow Hedge		3,089
Line of Credit Facility, Amount Outstanding		65,595
Projected Net Settlements On Swaps			$ 1,200
Derivative Forward Exchange Gain	$ 3,359
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)		10,510		$ 12,114
Unrealized Gain Loss On Interest Rate Cash Flow Hedges Tax Accumulated Other Comprehensive Income Loss		$ 3,819		$ 4,354

Note 15 Derivative Financial Instruments (Detail) - (Table 1)
$ in Thousands

6 Months Ended

Jun. 30, 2012

USD ($)

Derivative Not Designated As Hedge Type A [Member]

Not designated as hedges:

Date Opened

Apr. 30, 2010

^[1]

Effective Date

Jul. 31, 2010

^[1]

Maturity

Jul. 31, 2013

^[1]

We Pay

2.059%

^[1]

We Receive

^[1]

Notional Amount

$ 250,000

^[1]

Fair Value

$ (4,794)

^[1]

Derivative Not Designated As Hedge Type B [Member]

Not designated as hedges:

Date Opened

Jun. 30, 2010

^[2]

Effective Date

Sep. 30, 2010

^[2]

Maturity

Aug. 31, 2013

^[2]

We Pay

^[2]

We Receive

^[2]

Notional Amount

$ 374,125

^[2]

Fair Value

(4,982)

^[2]

Total Derivative Not Designated As Hedge [Member]

Not designated as hedges:

Notional Amount

624,125

Fair Value

$ (9,776)

Derivative Designated As Hedge Type A [Member]

Not designated as hedges:

Oct. 31, 2011

Jun. 30, 2013

Jan. 31, 2015

$ 201,892

$ (5,576)

Derivative Designated As Hedge Type B [Member]

Not designated as hedges:

Date Opened

Dec. 31, 2011

^[3]

Effective Date

Feb. 29, 2012

^[3]

Maturity

Jan. 31, 2015

^[3]

We Pay

^[3]

We Receive

^[3]

Notional Amount

$ 343,582

^[3]

Fair Value

(1,974)

^[3]

Total Derivative Designated As Hedge [Member]

Not designated as hedges:

Notional Amount

545,474

Fair Value

(7,550)

Total [Member]

Not designated as hedges:

Notional Amount

1,169,599

Fair Value

$ (17,326)

[1]	We discontinued hedge accounting for this hedging relationship effective July 1, 2011 and began amortizing to earnings the $6,179 of deferred losses in Accumulated other comprehensive loss. Unamortized deferred losses were $3,089 at June 30, 2012. Amortization will continue until the related advance facility matures in July 2013. The balance outstanding under the advance facility at June 30, 2012 was $65,595.
[2]	The hedging relationship was terminated when the advance facility was assumed on March 5, 2012 by HLSS. See Note 4 and Note 11 for additional information regarding the match funded liabilities assumed by HLSS Holdings.
[3]	Projected net settlements on the swaps for the next twelve months total approximately $1,200 of payments to the counterparties.

Note 15 Derivative Financial Instruments (Detail) - (Table 2) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Interest Rate Cap [Member]

Notional balance at June 30, 2012

$ 1,600,000

Fair value of derivative assets (liabilities) at (1):

Fair Value Derivative Assets (Liabilities) At

^[1]

$ 2,421

$ 3,600

Maturity

May 31, 2014

Forward Contracts [Member]

Fair value of derivative assets (liabilities) at (1):

Fair Value Derivative Assets (Liabilities) At

^[1]

(5,785)

Terminations

(46,200)

Interest Rate Swap [Member]

Notional balance at June 30, 2012

1,169,599

Fair value of derivative assets (liabilities) at (1):

Fair Value Derivative Assets (Liabilities) At

^[1]

$ (17,326)

$ (14,491)

Maturity

Jan. 31, 2015

Maturities

$ (224,086)

[1]	Derivatives are reported at fair value in Receivables or Other liabilities.

Note 15 Derivative Financial Instruments (Detail) - (Table 3) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Gains (losses) on non-hedging derivatives (1)

^[1]

$ 1,843

$ (6)

$ 5,248

$ (117)

Losses from ineffectiveness of cash flow hedges

(64)

(889)

(1)

(1,131)

Amortization of losses in Accumulated other comprehensive loss for a discontinued hedge

(772)

(1,544)

Write off losses in Accumulated other comprehensive loss for the hedge of a financing facility assumed by HLSS (See Note 4)

(5,958)

$ 1,007

$ (895)

$ (2,255)

$ (1,248)

[1]	Includes the gain of $3,359 in the first quarter of 2012 from the termination of foreign exchange forward contracts.

Note 16 Servicing And Subservicing Fees (Detail) - (Table 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Loan servicing and subservicing fees	$ 149,384	$ 72,304	$ 261,973	$ 149,741
Late charges	17,676	6,691	36,521	15,236
Home Affordable Modification Program (HAMP) fees	21,390	8,654	34,074	17,292
Loan collection fees	3,830	2,363	7,169	4,917
Custodial accounts (float earnings)	663	533	1,450	1,072
Other	7,396	5,292	14,255	10,084
	$ 200,339	$ 95,837	$ 355,442	$ 198,342

Note 17 Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Note 17 Interest Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2012
Financing Interest Expense	$ 10,591	$ 13,535

Note 17 Interest Expense (Detail) - (Table 1) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Match Funded Liabilties [Member]

Interest Expense

$ 35,920

$ 18,170

$ 67,035

$ 38,954

Secured Borrowings Owed To Securitization Investors [Member]

Interest Expense

122

198

377

393

Lines Of Credit And Other Secured Borrowings [Member]

Interest Expense

^[1]

21,060

2,026

35,283

17,264

Debt Securities Convertible Notes [Member]

Interest Expense

459

153

917

Debt Securities Capital Trust Securities [Member]

Interest Expense

710

1,420

Escrowdeposits [Member]

Interest Expense

507

250

975

408

Total [Member]

Interest Expense

58,319

21,813

105,243

59,356

Interest Expense

$ 58,319

$ 21,813

$ 105,243

$ 59,356

[1]

Note 18 Basic and Diluted Earnings per Share (Detail)	6 Months Ended
Note 18 Basic and Diluted Earnings per Share (Detail)	Jun. 30, 2012 shares
Debt Conversion, Converted Instrument, Shares Issued	4,635,159

Note 18 Basic and Diluted Earnings per Share (Detail) - (Table 1) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Convertible Debt Securities [Member]

Effect of dilutive elements:

Effect of dilutive elements

^[1]

4,637,224

2,028,868

4,637,224

Stock Options [Member]

Effect of dilutive elements:

Effect of dilutive elements

3,297,798

2,529,962

3,317,685

2,454,033

Restricted Stock [Member]

Effect of dilutive elements:

Effect of dilutive elements

1,474

1,421

Net income attributable to Ocwen Financial Corporation (in Dollars)

$ 44,833

$ 26,378

$ 64,182

$ 48,452

Interest expense on Convertible Notes, net of tax (1) (in Dollars)

^[1]

294

588

Adjusted net income attributable to Ocwen Financial Corporation (in Dollars)

$ 44,833

$ 26,672

$ 64,280

$ 49,040

Weighted average shares of common stock

134,856,101

100,943,402

132,752,848

100,853,424

Dilutive weighted average shares of common stock

138,155,373

108,110,588

138,100,822

107,944,681

Diluted EPS (in Dollars per share)

$ 0.32

$ 0.25

$ 0.47

$ 0.45

Stock options excluded from diluted EPS computation:

Anti-dilutive(2)

^[2]

166,250

20,000

158,750

20,000

Market-based(3) (in Dollars)

^[3]

$ 558,750

$ 1,615,000

$ 558,750

$ 1,615,000

Basic EPS (in Dollars per share)

$ 0.33

$ 0.26

$ 0.48

[1]	Prior to the redemption of the Convertible Notes in March 2012, we computed their effect on diluted EPS using the if-converted method. Interest expense and related amortization costs applicable to the Convertible Notes, net of income tax, were added back to net income. We assumed the conversion of the Convertible Notes into shares of common stock for purposes of computing diluted EPS unless the effect was anti-dilutive. As disclosed in Note 13, we issued 4,635,159 shares of common stock upon conversion of the Convertible Notes.
[2]	These options were anti-dilutive because their exercise price was greater than the average market price of our stock.
[3]	Options that begin vesting upon the achievement of certain performance criteria related to OCN's stock price and an annualized rate of return to investors.

Note 19 Business Segment Reporting (Detail) - (Table 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Servicing [Member]
Results of Operations
Revenue	$ 210,411	$ 105,493	$ 374,604	$ 216,362
Operating expenses	80,940	40,799	163,819	80,581
Income (loss) from operations	129,471	64,694	210,785	135,781
Other income (expense), net:
Interest income		34		81
Interest expense	(58,139)	(21,751)	(104,665)	(59,252)
Other	1,070	(86)	759	1,061
Other income (expense), net	(57,069)	(21,803)	(103,906)	(58,110)
Income (loss) before income taxes	72,402	42,891	106,879	77,671
Total Assets
Balance as of	4,978,986	1,893,917	4,978,986	1,893,917	$ 4,310,354
Corporate Itemsand Other [Member]
Results of Operations
Revenue	1,204	635	1,862	1,107
Operating expenses	5,099	1,630	8,495	3,201
Income (loss) from operations	(3,895)	(995)	(6,633)	(2,094)
Other income (expense), net:
Interest income	2,038	2,255	4,350	4,377
Interest expense	(180)	(62)	(578)	(104)
Other	(201)	(3,053)	(3,735)	(4,325)
Other income (expense), net	1,657	(860)	37	(52)
Income (loss) before income taxes	(2,238)	(1,855)	(6,596)	(2,146)
Total Assets
Balance as of	395,876	394,832	395,876	394,832	426,803
Corporate Elimination [Member]
Results of Operations
Revenue	(230)	(291)	(535)	(626)
Operating expenses	(131)	(175)	(279)	(329)
Income (loss) from operations	(99)	(116)	(256)	(297)
Other income (expense), net:
Other	99	116	256	297
Other income (expense), net	99	116	256	297
Business Segments Consolidated [Member]
Results of Operations
Revenue	211,385	105,837	375,931	216,843
Operating expenses	85,908	42,254	172,035	83,453
Income (loss) from operations	125,477	63,583	203,896	133,390
Other income (expense), net:
Interest income	2,038	2,289	4,350	4,458
Interest expense	(58,319)	(21,813)	(105,243)	(59,356)
Other	968	(3,023)	(2,720)	(2,967)
Other income (expense), net	(55,313)	(22,547)	(103,613)	(57,865)
Income (loss) before income taxes	70,164	41,036	100,283	75,525
Total Assets
Balance as of	5,374,862	2,288,749	5,374,862	2,288,749	4,737,157
Revenue	211,385	105,837	375,931	216,843
Operating expenses	85,908	42,254	172,035	83,453
Interest expense	(58,319)	(21,813)	(105,243)	(59,356)
Other income (expense), net	1,979	$ (727)	(1,541)	$ 103
Balance as of	$ 5,374,862		$ 5,374,862		$ 4,737,157

Note 19 Business Segment Reporting (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Servicing [Member]
Depreciation expense	$ 419	$ 25	$ 674	$ 50
Amortization of MSRs	19,097	9,926	33,411	18,849
Amortization of debt discount	735	1,297	1,480	7,343
Amortization of debt issuance costs – senior secured term loan	923	833	1,843	8,604
Corporate Itemsand Other [Member]
Depreciation expense	686	112	1,263	837
Business Segments Consolidated [Member]
Depreciation expense	1,105	137	1,937	887
Amortization of MSRs	19,097	9,926	33,411	18,849
Amortization of debt discount	735	1,297	1,480	7,343
Amortization of debt issuance costs – senior secured term loan	923	833	1,843	8,604
Amortization of MSRs	$ 19,097	$ 9,926	33,411	18,849
Amortization of debt discount			1,480	7,343
Amortization of debt issuance costs – senior secured term loan			$ 1,843	$ 8,604

Note 20 Related Party Transactions (Detail)	Jun. 30, 2012
Affiliated Entity C [Member]
Equity Method Investment, Ownership Percentage	49.00%
Affiliated Entity [Member]
Ownership Percentage By Related Party	13.00%
Affiliated Entity A [Member]
Ownership Percentage By Related Party	25.00%
Affiliated Entity H [Member]
Ownership Percentage By Related Party	5.00%

Note 20 Related Party Transactions (Detail) - (Table 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Affiliated Entity A [Member]
Altisource:
Revenues	$ 4,461	$ 2,473	$ 8,073	$ 5,379
Expenses	7,182	$ 5,301	13,711	$ 10,392
Affiliated Entity H [Member]
Altisource:
Revenues	30		40
Expenses	$ 741		$ 993

Note 20 Related Party Transactions (Detail) - (Table 2) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Affiliated Entity A [Member]
Net Receivable (Payable)
Net Receivable (Payable)	$ (863)	$ (1,965)
Affiliated Entity H [Member]
Net Receivable (Payable)
Net Receivable (Payable)	4,058
Total [Member]
Net Receivable (Payable)
Net Receivable (Payable)	$ 3,195	$ (1,965)

Note 22 Commitments and Contingencies (Detail) - 6 months ended Jun. 30, 2012 ₨ in Thousands, $ in Thousands	USD ($)	INR (₨)
India Tax Authorities [Member]
ProposedSettlementWithForeignTaxingAuthorities	$ 2,783	₨ 156,718
Payment Nontransfer Pricing Issues	136	7,647
Loss Contingency, Damages Sought, Value	100,000
Bank Guarantee	3,649	205,473
Abeyance On Demand Of Non-Transfer Pricing Issues	78	₨ 4,376
Servicing Assets Unpaid Loan Balance	200,000
Outstanding Balance Of Servicing Asset Unpaid Balance	43,450
Outstanding Balance Of Transfers Accounted For As Secured Borrowings Associated Liabilities Carrying Amount	$ 43,355

- Definition

The value (monetary amount) of the award the plaintiff seeks in the legal matter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14326-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14557-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Note 23 Subsequent Events (Detail) - USD ($)	6 Months Ended
Note 23 Subsequent Events (Detail) - USD ($)	Jun. 30, 2012	Jun. 30, 2011
Flow Sale Of Affiliate H2 [Member]
Unpaid Principal Balance Of Loans Related To Servicing Assets Sold	$ 2,100,000,000
Proceeds from Sales of Assets, Investing Activities	74,400
Repayments of Secured Debt	7,200
Repayments Of Transfers Accounted As Secured Borrowings Associated Liabilities Carrying Amount	45,400
Debt Conversion Oustanding Amount	26,119,000
Redemption Premium	1.02719
Repayments of Secured Debt	$ 74,270,000	$ 210,712,000