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font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: left; vertical-align: top;"> <td style="width: 157px; text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">NOTE 1</font></td> <td style="width: 1410px; text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</font></td> </tr> </table> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Organization</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Ocwen Financial Corporation (NYSE: OCN) (Ocwen, OCN, &#8220;we&#8221;, or &#8220;us&#8221;) is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia with offices throughout the United States and in the United States Virgin Islands (USVI) with support operations in India and Uruguay. Ocwen is a Florida corporation organized in February 1988. Ocwen owned all of the common stock of one of its primary operating subsidiaries, Ocwen Mortgage Servicing, Inc. (OMS), and directly or indirectly owned all of the outstanding stock of its other primary operating subsidiaries: Ocwen Loan Servicing, LLC (OLS), Ocwen Financial Solutions Private Limited, Homeward Residential, Inc. (Homeward) and Liberty Home Equity Solutions, Inc. (Liberty) (formerly known as Genworth Financial Home Equity Access, Inc.).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We are licensed to service mortgage loans and to originate mortgage loans in all jurisdictions in which we operate.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We purchase existing mortgage servicing rights (MSRs) from market participants and generate new servicing rights through our origination activities. We perform primary and master servicer activities on behalf of investors and other servicers, including the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and Government National Mortgage Association (Ginnie Mae) (collectively, the GSEs). We service prime and non-prime mortgages including mortgages included in private label mortgage-backed securities. As primary servicer, we may make certain payments of property taxes and insurance premiums, default and property maintenance payments, as well as advances of principal and interest payments before collecting them from borrowers. As master servicer, we collect mortgage payments from primary servicers and distribute the funds to investors in the mortgage-backed securities. To the extent that the primary servicer does not advance the scheduled principal and interest, as master servicer we are responsible for advancing the shortfall subject to certain limitations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We originate, purchase, sell and securitize prime forward and reverse mortgages. These loans are insured or guaranteed by the Federal Housing Authority (FHA) or the Department of Veterans Affairs (VA) or conform to the underwriting standards of Fannie Mae or Freddie Mac. The GSEs guarantee these securitizations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We are actively engaged in identifying and completing asset and other acquisitions in connection with our growth strategy. This could involve the acquisition of domestic and international servicing and/or origination platforms or related assets. See&#160;Note 4&#160;&#8211; Business Acquisitions for additional information.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On June 13, 2013, OLS entered into a mortgage servicing rights purchase and sale agreement (Purchase Agreement) with OneWest Bank, FSB, a federal savings bank (the Seller), pursuant to which OLS agreed to purchase MSRs and related servicing advance receivables (the OneWest MSR Transaction).&#160; No operations, entities or other assets were acquired in the transaction. Contemporaneously with the execution of the Purchase Agreement, Ocwen executed a guarantee pursuant to which it agreed to guarantee the obligations and performance of OLS under the Purchase Agreement. As part of the OneWest MSR Transaction, each of the Seller and OLS have agreed to indemnification provisions for the benefit of the other party.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The OneWest MSR Transaction is closing in stages, and we expect that the majority of loans will be boarded onto our primary servicing platform by December 31, 2013. The GSE loans were boarded during August and September, and we expect to board the majority of the private label securities in November. Each closing is subject to, among other things, receipt of certain investor and third party consents and customary closing conditions. In the event that all of the closings have not been completed by January 31, 2014, the unsettled component of the transaction would be subject to termination in accordance with the terms of the Purchase Agreement.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0pt; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On various dates beginning on April 1, 2013 and continuing through August 31, 2013, the date on which our purchase obligation terminated, we completed the acquisition of Fannie Mae and Freddie Mac MSRs and related advances from Ally Bank (Ally MSR Transaction), a wholly-owned subsidiary of Ally Financial Inc. (Ally), the indirect parent of Residential Capital, LLC (ResCap). Prior to the closing, we subserviced the related MSRs on behalf of Ally Bank. We assumed certain origination representation and warranty obligations in connection with the Ally MSR Transaction. No operations, entities or other assets were acquired in the transaction.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On April 1, 2013, we completed the acquisition of Liberty (the Liberty Acquisition) through a stock purchase agreement. Liberty is engaged in the origination, purchase, sale and securitization of reverse mortgage loans, both retail and wholesale.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On February 15, 2013, we completed the acquisition of certain assets and operations of ResCap in connection with the asset sale by ResCap and certain of its subsidiaries pursuant to a plan under Chapter 11 of the Bankruptcy Code (the ResCap Acquisition). We purchased MSRs related to private label, Freddie Mac and Ginnie Mae residential forward mortgage loans and certain master and subservicing agreements. The ResCap Acquisition included advances and elements of the servicing platform related to the acquired MSRs. Under the terms of the ResCap Acquisition, we are obligated to acquire certain servicing rights and subservicing agreements that were not settled as part of the initial closing on February 15, 2013 as a result of objections raised in connection with the sale. We completed subsequent settlements as objections were resolved on July 1 and September 1, 2013. We expect to have additional settlements through December 31, 2013 in connection with the ResCap Acquisition.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On December 27, 2012, we completed the merger by and among Ocwen, O&amp;H Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Ocwen, Homeward Residential Holdings, Inc. (Homeward Holding) and WL Ross &amp; Co. LLC, a Delaware limited liability company as shareholder representative. Pursuant to the merger, O&amp;H Acquisition Corp. merged with and into Homeward Holding with Homeward Holding continuing as the surviving corporation and becoming a wholly-owned subsidiary of Ocwen (the Homeward Acquisition). Homeward primarily engages in the origination, purchase, sale and securitization of prime loans and the servicing of residential forward mortgage loans.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><b>Basis of Presentation</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The accompanying unaudited 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 consolidated 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 nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2013. The unaudited 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, 2012.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">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 differ materially 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, representation and warranty and other indemnification obligations, the amortization of MSRs and the valuation of goodwill and deferred tax assets.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Principles of Consolidation</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Our financial statements include the accounts of Ocwen, its majority-owned subsidiaries and any variable interest entity (VIE) where we have determined that we are the primary beneficiary. We apply the equity method of accounting to investments when the entity is not a 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 have eliminated intercompany accounts and transactions in consolidation.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Reclassification</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Within the revenue section of the Consolidated Statement of Operations for the three and nine months ended September 30, 2012, we reclassified Process management fees of $8.9 million and $27.6 million to Other revenues. In addition, certain other insignificant amounts in the Consolidated Statements of Operations and Cash Flows for prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on our consolidated financial position, cash flows or results of operations.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Significant Accounting Policies</font></p> <p style="font: italic 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><b>Transfers of Financial Assets</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We securitize, sell and service forward and reverse residential mortgage loans. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or as secured financings. We typically retain economic interests in the securitized assets in the form of servicing rights and obligations. In order to efficiently finance our assets and operations and create liquidity, we may sell servicing advances, MSRs and the right to receive servicing fees, excluding ancillary income, relating to certain of our MSRs (Rights to MSRs).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In order to determine whether or not a VIE is required to be consolidated, we consider our ongoing involvement with the VIE. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive benefits that could be significant, we would conclude that we would consolidate the entity, which precludes us from recording an accounting sale in connection with the transfer of the financial assets. In the case of a consolidated VIE, we continue to record the underlying residential mortgage loans or servicing advances, and we record the securitized debt on our consolidated balance sheet.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In the case of transfers where either one or both of the power or economic criteria above are not met, we evaluate whether we achieve a sale for accounting purposes. In order to achieve a sale, the transferred assets must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we fail any of these three criteria, the accounting is consistent with a secured financing as described in the preceding paragraph. Subsequent to the determination that a transaction does not meet the accounting sale criteria, we may determine that we meet the criteria. In the event we subsequently meet the accounting sale criteria, we derecognize the transferred assets and related liabilities.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In the case of transfers of MSRs and Rights to MSRs where we retain the right to subservice, we defer the related gain or loss and amortize the balance over the life of the subservicing agreement.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Gains or losses on off-balance sheet securitizations take into consideration any retained interests, including servicing rights and representation and warranty obligations, both of which are initially recorded at fair value at the date of sale in Gain on loans held for sale, net, in our Consolidated Statements of Operations.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Recent Accounting Pronouncements</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>Accounting Standards Update (ASU) 2011-11,</i>&#160;<i>(Accounting Standards Codification (ASC) 210, Balance Sheet): Disclosures about Offsetting Assets and Liabilities and ASU 2013-01: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.</i>&#160;This ASU contains new disclosure requirements regarding the nature of an entity&#8217;s rights of offset and related arrangements associated with financial and derivative instruments. ASU 2013-01 clarified the scope of transactions that are subject to ASU 2011-11<i>.&#160;</i>The new disclosures also provide information about gross and net exposures.<i>&#160;</i>Retrospective application is required for all comparative periods presented. Our adoption of these standards on January 1, 2013 did not have a material impact on our unaudited consolidated financial statements, as the requirements relate to disclosures only.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>ASU 2013-02 (ASC 220, Comprehensive Income): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (which amends ASC 220, Comprehensive Income).</i>&#160;ASC 2013-02 contains new requirements related to the presentation and disclosure of items that are reclassified out of accumulated other comprehensive income. The ASU is required to be applied prospectively. Adoption of this standard on January 1, 2013 did not have a material impact on our unaudited consolidated financial statements, as the requirements relate to disclosures only.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>ASU 2013-04 (ASC 405, Liabilities): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, a consensus of the FASB Emerging Issues Task Force (EITF).</i>&#160;On February 28, 2013, the FASB issued ASU 2013-04. The ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font-size: 10pt;">a.</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors, and</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font-size: 10pt;">b.</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Any additional amount the reporting entity expects to pay on behalf of its co-obligors.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0pt; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Required disclosures include a description of the joint-and-several arrangement and the total outstanding amount of the obligation for all joint parties. The ASU permits entities to aggregate disclosures (as opposed to providing separate disclosures for each joint-and-several obligation). The ASU is effective for all prior periods in fiscal years beginning on or after December 15, 2013 (and interim reporting periods within those years). The ASU should be applied retrospectively to obligations with joint-and-several liabilities existing at the beginning of an entity&#8217;s fiscal year of adoption. Entities that elect to use hindsight in measuring their obligations during the comparative periods must disclose that fact. Early adoption is permitted. We are currently evaluating the effect of adopting this standard effective January 1, 2014, but we do not anticipate that our adoption will have a material impact on our consolidated financial condition or results of operations.</font></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0pt; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>ASU 2013-05 (ASC 830, Foreign Currency Matters): Parent&#8217;s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, a consensus of the FASB Emerging Issues Task Force</i>. On March 4, 2013, the FASB issued ASU 2013-05, which requires that the entire amount of a cumulative translation adjustment (CTA) related to an entity&#8217;s investment in a foreign entity should be released when there has been a:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 10pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font-size: 10pt;">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">sale of a subsidiary or group of net assets within a foreign entity and the sale represents the substantially complete liquidation of the investment in the foreign entity,</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font-size: 10pt;">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">loss of a controlling financial interest in an investment in a foreign entity (i.e., the foreign entity is deconsolidated), or</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font-size: 10pt;">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">step acquisition for a foreign entity (i.e., when an entity has changed from applying the equity method for an investment in a foreign entity to consolidating the foreign entity).</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The ASU does not change the requirement to release a pro rata portion of the CTA of the foreign entity into earnings for a partial sale of an equity method investment in a foreign entity. The ASU is effective for fiscal years (and interim periods within those fiscal years) beginning on or after December 15, 2013. The ASU should be applied prospectively from the beginning of the fiscal year of adoption. We are currently evaluating the effect of adopting this standard effective January 1, 2014, but we do not anticipate that our adoption will have a material impact on our consolidated financial condition or results of operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>ASU 2013-10 (ASC 815,&#160;<font style="color: #3c3c3d;">Derivatives and Hedging): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force).&#160;</font></i>On July 17, 2013, the FASB issued ASU 2013-10, which permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815, in addition to interest rates on direct Treasury obligations of the U.S. government (UST) and the London Interbank Offered Rate (LIBOR). The ASU also removes the restriction on using different benchmark rates for similar hedges. The ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. Because we terminated our remaining interest rate swap agreements on May 31, 2013, our adoption of this standard did not have a material impact on our consolidated financial condition or results of operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;"><i>ASU 2013-11 (ASC 740,&#160;<font style="color: #3c3c3d;">Income Taxes)</font></i><font style="color: #3c3c3d;">:&#160;<i>Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force).</i></font><i>&#160;</i>On July 18, 2013, the FASB issued ASU 2013-11, which clarifies that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. We are currently evaluating the effect of adopting this standard effective January 1, 2014, but we do not anticipate that our adoption will have a material impact on our consolidated financial condition or results of operations.</font></p> <table style="font: bold 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: left; vertical-align: top;"> <td style="width: 10%; text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">NOTE 2</font></td> <td style="width: 90%; text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">SECURITIZATIONS AND VARIABLE INTEREST ENTITIES</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We securitize, sell and service forward and reverse residential mortgage loans and regularly transfer financial assets in connection with asset-backed financing arrangements. 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We retain the right to service these loans and receive servicing fees based upon the securitized loan balances and certain ancillary fees, all of which are reported in servicing and subservicing fees on the Consolidated Statements of Operations. In prior years, we securitized residential mortgage loans through &#8220;private label&#8221; securitization trusts. We continued to be involved with the securitization trusts, typically by acting as the servicer or sub-servicer for the loans held by the trust and by retaining a beneficial ownership interest in the securitization trust. The beneficial interests that we held consisted of both subordinate and residual securities that were either retained at the time of the securitization or subsequently acquired. 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The beneficial owners of the trusts can look only to the assets of the securitization trusts for satisfaction of the debt issued by the securitization trusts and have no recourse against the assets of Ocwen. 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Holders of the debt issued by these entities can look only to the assets of the SPE for satisfaction of the debt and have no recourse against Ocwen. However, Ocwen and OLS have 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&#8217;s revolving period in December 2014. The entity to which this guarantee applies had $37.6 million of notes outstanding at September 30, 2013. Ocwen and OLS had previously guaranteed the payment of obligations under the securitization documents of one additional entity; however, in July 2013, the notes outstanding under this facility were repaid, and the facility was terminated. The assets and liabilities of the advance financing SPEs are comprised solely of Match funded advances, Debt service accounts, Match funded liabilities and amounts due to affiliates. 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The Non-Agency stratum includes all private label primary and master MSRs.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We estimate fair value using internal models and with the assistance of third-party valuation experts. Our internal models calculate the present value of expected future cash flows utilizing assumptions that we believe are used by market participants. We derived prepayment speeds and delinquency assumptions from historical experience adjusted for prevailing market conditions. We utilize a discount rate provided by third-party valuation experts, 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.</font></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Third-party valuation experts generally utilize: (a) transactions involving instruments with similar collateral and risk profiles, adjusted as necessary based on specific characteristics of the asset or liability being valued; and/or (b) industry-standard modeling, such as a discounted cash flow model, in arriving at their estimate of fair value. The prices provided by the valuation experts reflect their observations and assumptions related to market activity, including risk premiums and liquidity adjustments. The models and related assumptions used by the valuation experts are owned and managed by them and, in many cases, the significant inputs used in the valuation techniques are not reasonably available to us. However, we have an understanding of the processes and assumptions used to develop the prices based on our ongoing due diligence, which includes regular discussions with the valuation experts. We believe that the procedures executed by the valuation experts, combined with our internal verification and analytical procedures, provide assurance that the prices used in our consolidated financial statements comply with the accounting guidance for fair value measurements and disclosures and reflect the assumptions that a market participant would use.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The more significant assumptions used in the September 30, 2013 valuation of our MSRs carried at amortized cost include:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 10pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Prepayment speeds ranging from 7.39% to 19.23% (weighted average of 14.87%) depending on loan type;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Delinquency rates ranging from 6.55% to 29.42% (weighted average of 17.04%) depending on loan type;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Interest rate of 1-month LIBOR plus 3.75% for computing the cost of financing advances;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Interest rate of 1-month LIBOR for computing float earnings; and</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Discount rates ranging from 11.33% to 17.13% (weighted average of 12.80%).</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We perform an impairment analysis based on the difference between the carrying amount and fair value after grouping our loans into the applicable strata based on one or more of the predominant risk characteristics of the underlying loans. As a result of the Homeward and ResCap Acquisitions, management has re-evaluated the portfolio and determined the appropriate strata are Agency and Non-Agency. The Agency stratum includes all GSE MSRs. The Non-Agency stratum includes all private label primary and master MSRs.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: normal;"><i>Fair Value MSRs</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">MSRs carried at fair value are classified within Level 3 of the valuation hierarchy due to the use of third party valuation expert pricing without adjustment. The fair value of these MSRs is within the range of prices provided by the valuation experts, however, a change in the valuation inputs utilized by the valuation expert or a change in the best point price in the range might result in a significantly higher or lower fair value measurement.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The key assumptions (generally unobservable inputs) used in the valuation of these MSRs include:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 10pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 17.25pt;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 18.75pt;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Mortgage prepayment speeds;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 17.25pt;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 18.75pt;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Delinquency rates, and</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 17.25pt;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 18.75pt;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Discount rates.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The primary assumptions used in the September 30, 2013 valuation include an 8.95% weighted average constant prepayment rate and a discount rate equal to 1-Month LIBOR plus 10.50%.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Advances</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We value advances that we make on loans that we service for others at their net realizable value which generally approximates fair value because advances have no stated maturity, generally are realized within a relatively short period of time and do not bear interest.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Receivables</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The carrying value of receivables generally approximates fair value because of the relatively short period of time between their origination and realization.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Secured Borrowings &#8211; Owed to Securitization Investors</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We recognize the proceeds from the transfer of reverse mortgages as a secured borrowing that we account for at fair value. These borrowings are not actively traded and therefore quoted market prices are not available. We determine fair value by discounting the future principal and interest repayments over the estimated life of the borrowing at a market rate commensurate with the risk of the estimated cash flows. Significant assumptions include prepayments, discount rate and borrower mortality rates for reverse mortgages. The discount rate assumption for these liabilities is based on an assessment of current market yields for newly issued HMBS, expected duration and current market interest rates.</font></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 10pt; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The more significant assumptions used in the September 30, 2013 valuation of our Secured Borrowings &#8211; Owed to Securitization Investors include:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Life in years ranging from 2.94 to 22.85 (weighted average of 6.15),</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 10pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Conditional repayment rate ranging from 4.80% to 37.97% (weighted average of 8.44%) and</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in;"><font style="font: 10pt/normal 'tymes new roman';">&#9679;</font></td> <td style="font: 10pt/normal 'times new roman', times, serif;"><font style="font-size: 10pt;">Discount rate of 1.17%.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">Significant increases or decreases in any of these assumptions in isolation would result in a significantly higher or lower fair value.</p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0.5in; color: #000000; text-transform: none; text-indent: -0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Match Funded Liabilities and Other Borrowings</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">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. At September 30, 2013, the interest on all borrowings under match funded facilities was based on a variable rate adjusted regularly using a market index and therefore the carrying value approximates fair value. For the SSTL, we used a discount rate of 5.50% and the repayment schedule specified in the loan agreement to determine fair value.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Derivative Financial Instruments</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We may execute interest rate swaps to hedge against the effects of changes in interest rates on our borrowings under advance funding facilities. These 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 have not adjusted 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. We terminated our outstanding interest rates swaps on May 31, 2013.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In addition, we may use interest rate caps to minimize future interest rate exposures on variable rate debt issued on servicing advance facilities from increases in one-month LIBOR interest rates. The fair value for interest rate caps is based on counterparty market prices and adjusted for counterparty credit risk.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We enter into forward trades to provide an economic hedge against changes in the value of residential forward and reverse mortgage loans held for sale that we carry at fair value. Forward trades are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Forward contracts are actively traded in the market and we obtained unadjusted market quotes for these derivatives, thus they are classified within Level 1 of the valuation hierarchy.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">IRLCs represent an agreement to purchase loans from a third-party originator, or an agreement to extend credit to a mortgage applicant (locked pipeline), or an agreement to sell a loan to investors, whereby the interest rate is set prior to funding. IRLCs are classified within Level 2 of the valuation hierarchy as the primary component of the price is obtained from observable values of mortgage forwards for loans of similar terms and characteristics. 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text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">NOTE 23</font></td> <td style="width: 90%;"><font style="text-transform: uppercase; font-size: 10pt;">RELATED PARTY TRANSACTIONS</font></td> </tr> </table> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Relationship with Executive Chairman of the Board of Directors</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Ocwen&#8217;s Executive Chairman of the Board of Directors, William C. 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The CFPB asserts supervisory authority (including the authority to conduct examinations) over Ocwen and its affiliates, including Homeward. 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 origination, loan servicing and debt collection business activities. 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These laws apply to loan origination, loan servicing, 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. 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On January 18, 2012, OLS received a subpoena from the New York Department of Financial Services (NY DFS) requesting documents regarding OLS&#8217; policies, procedures and practices regarding lender-placed or &#8220;force-placed&#8221; insurance which is required to be provided for borrowers who allow their hazard insurance policies to lapse. Separately, on December 5, 2012, we entered into a Consent Order with the NY DFS in which we agreed to the appointment of an independent Monitor to oversee our compliance with the Agreement on Servicing Practices. NY DFS selected the firms that will act as the Monitor, and their formal engagement commenced effective July 1, 2013. 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The MMC, along with the CFPB, certain state Attorneys General and other agencies who were involved in the National Mortgage Settlement executed on February 9, 2012 by the five large banks (collectively, the Regulators), also requested that we indicate our position on behalf of OLS and Litton on the servicing standards and consumer relief provisions contained in that Settlement. In response, we indicated our willingness to adopt the servicing standards set out in the National Mortgage Settlement with certain caveats and to undertake various consumer assistance commitments in the form of loan modifications and other foreclosure avoidance alternatives. On February 26, 2013, the Regulators requested that, in addition to committing to the servicing standards and loan modifications, we also consider a proposal to contribute to a consumer relief fund that would provide cash payments to certain borrowers foreclosed upon by OLS and various entities we have acquired. In subsequent discussions, it was clarified that the Regulators sought our agreement on servicing standards, loan modifications and the proposed consumer relief fund to settle and release various potential legal claims against Ocwen, Litton and Homeward arising out of MMC examinations and potential follow on federal and/or state enforcement actions (the Proposed Regulators&#8217; Settlement). In light of the substantial progress the parties have made toward an agreement in principle regarding the Proposed Regulators&#8217; Settlement, we believe such a settlement is probable. Consummation of a final settlement would be subject to completion of definitive settlement documents acceptable to all parties, the participation of all relevant regulatory agencies, and execution of certain contractual undertakings by the sellers of Litton and Homeward. In the event a final settlement is not concluded, we will defend any ensuing legal proceedings vigorously. As disclosed in Note 16 &#8211; Other Liabilities, we have established a liability of $66.4 million for the Proposed Regulators&#8217; Settlement.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">As part of the ResCap Acquisition, OLS is required to service the ResCap loans in accordance with the requirements of the National Mortgage Settlement, although OLS is not responsible for&#160;<font style="color: black;">any payment, penalty or financial obligation, including but not limited to&#160;</font>providing Ally&#8217;s share of financial relief to borrowers under that settlement. The Office of Mortgage Settlement Oversight (OMSO) which is responsible for monitoring compliance with obligations under the National Mortgage Settlement, issued a report on February 14, 2013 confirming that Ally/ResCap have completed its minimum consumer relief obligations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">One or more of the foregoing regulatory actions or similar actions in the future against Ocwen, OLS, Litton or Homeward could cause us to incur fines, penalties, settlement costs, damages, legal fees or other charges in material amounts, or undertake remedial actions pursuant to administrative orders or court-issued injunctions, any of which could adversely affect our financial results or incur additional significant costs related to our loan servicing operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In addition to these matters, Ocwen receives periodic inquires, both formal and informal in nature, from various state and federal agencies as part of those agencies&#8217; oversight of the mortgage servicing sector. Such ongoing inquiries, including those into servicer foreclosure processes, could result in additional actions by state or federal governmental bodies, regulators or the courts that could result in 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. 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 could result in increased borrowings, reduced cash and higher interest expense which could negatively impact our liquidity and profitability.</font></p> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px 0in; color: #000000; text-transform: none; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">Loan Put-Back and Related Contingencies</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">In several recent court actions, mortgage loan sellers against whom repurchase claims have been asserted based on alleged breaches of representations and warranties are defending themselves on various grounds including the expiration of statutes of limitation, lack of notice and opportunity to cure and vitiation of the obligation to repurchase as a result of foreclosure or charge off of the loan. Ocwen is not a party to any of the actions, but we are the servicer for certain securitizations involved in such actions. In connection with these actions, Ocwen has entered into tolling agreements with respect to its role as servicer for a very small number of securitizations and may enter into additional tolling agreements in the future. Should Ocwen be made a party to these or similar actions, we may need to defend allegations that we failed to service loans in accordance with applicable agreements and that such failures prejudiced the rights of repurchase claimants against loan sellers. We believe that any such allegations would be without merit and, if necessary, would vigorously defend against them. If, however, we were required to compensate claimants for losses related to seller breaches of representations and warranties in respect of loans we service, then our business, financial condition and results of operations could be adversely affected.</font></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We have exposure to representation, warranty and indemnification obligations because of our lending, sales and securitization activities, our acquisitions to the extent we assume one or more of these obligations and in connection with our servicing practices. We recognize the fair value of representation and warranty obligations in connection with originations upon sale or securitization of the loan or upon completion of an acquisition, to the extent we assume these obligations.&#160; Obligations recognized in connection with our loan sales and securitization activities are recognized in Gain on loans held for sale, net on our Consolidated Statements of Operations.&#160; The fair value of liabilities assumed as part of an MSR or servicing business acquisition are recognized on the closing date.&#160; Thereafter, the estimation of the liability considers probable future obligations based on industry data of loans of similar type segregated by year of origination and estimated loss severity based on current loss rates for similar loans, our historical rescission rates and the current pipeline of unresolved demands. Our historical loss severity considers the historical loss experience that we incur upon sale or liquidation of a repurchased loan as well as current market conditions. At September 30, 2013, we had provided or assumed representation and warranty obligations in connection with $89.4 billion of UPB covering both forward and reverse mortgage loans. At September 30, 2013, we had outstanding representation and warranty repurchase demands of $113.0 million UPB (534 &#160;loans).&#160; We review each demand and monitor through resolution, primarily through rescission, loan repurchase or make-whole payment.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">The following table presents the changes in our liability for indemnification obligations for the nine months ended September 30, 2013, including representation and warranty obligations and compensatory fees for foreclosures that may ultimately exceed investor timelines:</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; 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font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0px; font-size-adjust: none; font-stretch: normal;"></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt;">(1)</font></td> <td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt;">Includes principal and interest losses realized in connection with repurchased loans, make-whole, indemnification and fee payments and settlements net of recoveries, if any.</font></td> </tr> </table> <p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; 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However, based on currently available information, we are unable to estimate a range of reasonably possible losses above amounts that have been recorded at September 30, 2013</font><font style="font: 9pt/normal timesnewroman; font-size-adjust: none; font-stretch: normal;">.</font></p> <table style="font: bold 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0px; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 156px; text-align: left;"><font style="text-transform: uppercase; font-size: 10pt;">NOTE 26</font></td> <td><font style="text-transform: uppercase; font-size: 10pt;">SUBSEQUENT EVENTS</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">On October 25, 2013, OLS completed a sale to HLSS Holdings, LLC and Home Loan Servicing Solutions, Ltd. of Rights to MSRs and related servicing advances for a servicing portfolio of subprime and Alt-A residential mortgage loans.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">This transaction resulted in our sale of Rights to MSRs with approximately $10.0 billion in UPB of mortgage loans as of October 24, 2013. The purchase price for the transaction was approximately $388 million, including $360 million for servicing advances and $28 million for the associated Rights to MSRs. Within 90 days of the closing, the purchase price or other terms may be adjusted to reflect any adjustments in the calculation of the UPB of the underlying mortgage loans or servicing advance balances sold in the transaction.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;">We sold these mortgage servicing assets to HLSS pursuant to an amended Sale Supplement to the Master Servicing Rights Purchase Agreement between OLS, HLSS Holdings, LLC and Home Loan Servicing Solutions, Ltd. In addition to our sale of the right, title and interest to the Rights to MSRs and the associated servicing advances, HLSS Holdings, LLC also committed to purchase servicing advances that arise under the related pooling and servicing agreements after the closing date. In return, OLS continues to subservice the related mortgage loans, receives a monthly base fee equal to 12% of the servicing fees collected in any given month and retains any ancillary income payable to the servicer (excluding investment income earned on any custodial accounts) pursuant to the related pooling and servicing agreements. OLS also earns a monthly performance based incentive fee based on the servicing fees collected. If the targeted advance ratio in any month exceeds the predetermined level for that month set forth in the Sale Supplement and the Subservicing Supplement for the transaction, any performance based incentive fee payable for such month will be reduced by an amount equal to 3% per annum of the amount of any such excess servicing advances.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 10pt 0px 0px; color: #000000; text-transform: none; text-indent: 0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">As disclosed in Note 1, we entered into a Purchase Agreement with OneWest Bank, FSB that is closing in stages. As part of the OneWest MSR Transaction, in October 2013, we closed the purchase of approximately $1.1 billion in UPB of MSRs and related servicing advances, including approximately $6.6 million of MSRs and approximately $37.1 million of servicing advances. On November 1, 2013, we closed the purchase of approximately $32.9 billion in UPB of MSRs and related servicing advances. The purchase included approximately $235.6 million of MSRs and approximately $1.3 billion of servicing advances. The November purchase was funded from the proceeds of a newly executed $1.6 billion match funded advance financing facility and available cash. The new facility consists of three notes, the largest of which bears interest at 1-Month LIBOR plus an initial margin of 1.75% with the two smaller notes bearing interest at the lender's commercial paper rate plus initial margins of 1.67% and 4.25%. The notes mature in October 2044 with an amortization date beginning in October 2014.</p> 38140000 32498000 32498000 49500000 49500000 206074000 18116000 1055000 189742000 40979000 <p style="font: italic 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2"><b>Transfers of Financial Assets</b></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">We securitize, sell and service forward and reverse residential mortgage loans. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or as secured financings. We typically retain economic interests in the securitized assets in the form of servicing rights and obligations. In order to efficiently finance our assets and operations and create liquidity, we may sell servicing advances, MSRs and the right to receive servicing fees, excluding ancillary income, relating to certain of our MSRs (Rights to MSRs).</font></p> <div style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">In order to determine whether or not a VIE is required to be consolidated, we consider our ongoing involvement with the VIE. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive benefits that could be significant, we would conclude that we would consolidate the entity, which precludes us from recording an accounting sale in connection with the transfer of the financial assets. In the case of a consolidated VIE, we continue to record the underlying residential mortgage loans or servicing advances, and we record the securitized debt on our consolidated balance sheet.</font></div> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">In the case of transfers where either one or both of the power or economic criteria above are not met, we evaluate whether we achieve a sale for accounting purposes. In order to achieve a sale, the transferred assets must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond our control. If we fail any of these three criteria, the accounting is consistent with a secured financing as described in the preceding paragraph. Subsequent to the determination that a transaction does not meet the accounting sale criteria, we may determine that we meet the criteria. In the event we subsequently meet the accounting sale criteria, we derecognize the transferred assets and related liabilities.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">In the case of transfers of MSRs and Rights to MSRs where we retain the right to subservice, we defer the related gain or loss and amortize the balance over the life of the subservicing agreement.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; ; font-family: times new roman,times;" size="2">Gains or losses on off-balance sheet securitizations take into consideration any retained interests, including servicing rights and representation and warranty obligations, both of which are initially recorded at fair value at the date of sale in Gain on loans held for sale, net, in our Consolidated Statements of Operations.</font></p> <p style="font: bold 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px 0.5in; text-indent: -0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt;">Recent Accounting Pronouncements</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt;"><i>Accounting Standards Update (ASU) 2011-11,</i> <i>(Accounting Standards Codification (ASC) 210, Balance Sheet): Disclosures about Offsetting Assets and Liabilities and ASU 2013-01: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.</i> This ASU contains new disclosure requirements regarding the nature of an entity&#8217;s rights of offset and related arrangements associated with financial and derivative instruments. ASU 2013-01 clarified the scope of transactions that are subject to ASU 2011-11<i>. </i>The new disclosures also provide information about gross and net exposures.<i> </i>Retrospective application is required for all comparative periods presented. Our adoption of these standards on January 1, 2013 did not have a material impact on our unaudited consolidated financial statements, as the requirements relate to disclosures only.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 10pt 0px 0px; text-indent: 0.25in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt;"><i>ASU 2013-02 (ASC 220, Comprehensive Income): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (which amends ASC 220, Comprehensive Income).</i> ASC 2013-02 contains new requirements related to the presentation and disclosure of items that are reclassified out of accumulated other comprehensive income. 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The ASU permits entities to aggregate disclosures (as opposed to providing separate disclosures for each joint-and-several obligation). The ASU is effective for all prior periods in fiscal years beginning on or after December 15, 2013 (and interim reporting periods within those years). The ASU should be applied retrospectively to obligations with joint-and-several liabilities existing at the beginning of an entity&#8217;s fiscal year of adoption. Entities that elect to use hindsight in measuring their obligations during the comparative periods must disclose that fact. Early adoption is permitted. 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18848000 22337000 -3489000 113000000 534 1.00 1.00 0.49 0.50 8900000 27600000 4 0.010 16300000 63200000 290900000 37600000 37600000 48200000000 109800000000 10000000000 388000000 360000000 28000000 P15Y 77000000000 103800000000 40700000000 26300000000 9000000000 55200000 26300000 31100000 4000000 9000000000 840000000 75000000 1300000000 1200000000 2 1 421000 420 87000000 128800000 9100000 10300000 1100000 11200000 400000 60000000 46300000 10200000 60000000 1300000 7700000 0.0655 0.2942 0.1704 0.0184 0.0117 0.1133 0.1713 0.1280 0.0550 0.0739 0.1923 0.1487 0.0895 0.3840 0.0480 0.0844 0.3797 0.0480 0.0844 P23Y6M7D P2Y11M19D P6Y9M15D P22Y10M6D P2Y11M9D P6Y1M24D 0.0375 0.105 1-month LIBOR 1-month LIBOR 1-Month LIBOR one-month LIBOR 16300000 63200000 4100000 20300000 465800000 2100000000 2500000000 1300000000 3500000000 79400000000 177100000000 136700000 72400000000 14700000 27000000 67800000 65400000 0.49 1.00 25800000 1500000 1400000000 120000000 300000000 450000000 100000000 1300000000 100000000 100000 Quarterly 3300000 one-month Eurodollar Rate (1-Month LIBOR) the prime rate in effect on such day the federal funds rate in effect on such day the one-month Eurodollar rate (1-Month LIBOR)] the one-month Eurodollar rate (1-Month LIBOR)] 0.0675 0.0050 0.0275 0.0375 0.0150 0.0225 0.0125 1.00 4500000 3145640 3145640 1100000 500000 52800000 13600000 162000 0.01 0.0375 0.0375 1000 100000 100000 3500000 3400000 9900000 12100000 3600000 4500000 4100000 157900000 157900000 500000000 0.13 0.23 0.01 0.09 0.04 0.49 128800000 P15Y 64400000 52589 29216 162000000 162000 31.79 0.12 0.03 175762161000 362792312000 362792312000 28304586000 72522426000 72027114000 204066747000 435314738000 434819426000 21511000 3200000 67400000 14500000 20600000 16200000 89400000000 3200000 Acquired intangible asset related to licenses. The useful life is considered indefinite and therefore the intangible asset is not amortized. Initial fair value estimate. Disclosed, but not carried, at fair value. Facility was repaid in February 2013 from the proceeds of a new $1.4 billion bridge facility (Homeward Residential Bridge Loan Trust - 2013) with an amortization date of August 14, 2013. On July 1, 2013, we repaid the new bridge facility in full from proceeds received on the sale of servicing advances to HLSS. We repaid this facility in full in July 2013. On August 30, 2013, we amended this facility to reduce the maximum borrowing capacity to $100 million from $450 million. On October 21, 2013, we extended the maturity date of this facility to November 29, 2013 with two optional six-month extensions subject to lender approval. Includes interest expense of $74.2 million and $14.0 million for the three months ended September 30, 2013 and 2012, respectively, and $168.6 million and $27.6 million for the nine months ended September 30, 2013 and 2012, respectively, related to financing liabilities recorded in connection with the HLSS Transactions. See Note 3 - Transfers of Financial Assets and Note 15 - Other Borrowings for additional information. Net of income tax benefit of $0.9 million for the three months ended September 30, 2012 and $4.8 million and $3.1 million for the nine months ended September 30, 2013 and 2012, respectively. Net of income tax expense of $3.1 million and $1.1 million for the three months ended September 30, 2013 and 2012, respectively, and $3.9 million and $3.8 million for the nine months ended September 30, 2013 and 2012, respectively. We recognized $52.8 million of expense in Professional services in the second quarter of 2013 to establish the liability. We recognized the remaining $13.6 million of the liability as an adjustment to the initial purchase price allocation related to the Homeward Acquisition. We applied this measurement period adjustment retrospectively to our Consolidated Balance Sheet at December 31, 2012 with an offsetting increase in goodwill. See Note 25 - Commitments and Contingencies for additional information. Includes principal and interest losses realized in connection with repurchased loans, make-whole, indemnification and fee payments and settlements net of recoveries, if any. The UPB of the loans transferred is the maximum exposure to loss under our standard representations and warranties obligations. As of the acquisition date, the purchase of MSRs with a UPB of $9.0 billion from ResCap was not complete pending the receipt of certain consents and court approvals. During the third quarter we obtained the required consents and approvals for a portion of these MSRs and paid an additional purchase price of $93.3 million to acquire the MSRs and related advances. The purchase price allocation has been revised to include the resulting adjustments to MSRs, advances and goodwill. We anticipate there will be additional settlements in connection with the ResCap Acquisition in the fourth quarter of 2013. The purchase price allocation has been revised to include a $29.7 million income tax liability, with an offsetting increase to goodwill. See Note 16 - Other Liabilities. Measured at fair value on a non-recurring basis. Loans sold into Ginnie Mae guaranteed securitizations that we include in our Consolidated Financial Statements because the transfers of reverse mortgage loans to the trusts did not qualify for sale accounting treatment. See Note 2 - Securitizations and Variable Interest Entities for additional information. For derivative financial instruments held at September 30, 2012, total net losses were $1.3 million and $7.7 million for the three and nine months ended September 30, 2012, respectively. Purchases include $60.0 million of reverse mortgages acquired in the Liberty Acquisition. Includes gains of $14.5 million and $20.6 million recorded during the three and nine months ended September 30, 2013, respectively, to adjust Loans - Restricted for Securitization Investors to fair value. Includes gains of $16.3 million and $63.2 million for the three and nine months ended September 30, 2013, respectively, representing the value assigned to MSRs retained on sales of loans. Also includes gains of $4.1 million and $20.3 million recorded during the three and nine months ended September 30, 2013, respectively, on sales of repurchased loans into Ginnie Mae guaranteed securitizations. These loans are classified as held for sale at the lower of cost or fair value. See Note 13 - Other Assets. MSR recognized in connection with business and asset acquisitions during the first nine months of 2013 include: MSRs of $391.9 million acquired in the ResCap Acquisition. See Note 4 - Business Acquisitions for additional information. MSRs of $683.8 million acquired in the Ally MSR Transaction. The acquired MSRs relate to mortgage loans with a UPB of $87.5 billion owned by Freddie Mac and Fannie Mae. We also acquired servicing advances and other receivables of $73.6 million. We assumed the origination representation and warranty obligations of approximately $136.7 million in connection with a majority of the acquired MSRs. We had been subservicing these MSRs on behalf of Ally under a subservicing contract assumed by us in connection with the ResCap Acquisition. MSRs of $127.0 million with a UPB of approximately $30.5 billion and related servicing advance receivables of $371.6 million acquired in the OneWest MSR Transaction. We expect the remainder of the transaction to close during the fourth quarter. The total estimated purchase price is approximately $2.4 billion with $432.2 million attributed to MSRs and $2.0 billion attributed to servicing advances. The total UPB to be acquired is estimated at $72.4 billion. No operations or other assets were purchased in the transaction. In October 2013, we closed the purchase of approximately $6.6 million of MSRs with a UPB of approximately $1.1 billion and approximately $37.1 million of servicing advances. On November 1, 2013, we closed the purchase of approximately $235.6 million of MSRs with a UPB of approximately $32.9 billion and approximately $1.3 billion of servicing advances. See Note 26 - Subsequent Events for additional information. Cash proceeds from the sale were $21.5 million. These MSRs were sold with subservicing retained. The gain on the sale of $3.2 million has been deferred and will be recognized in earnings over the life of the subservicing contract. 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. The receivable balances arise from our Servicing business and include reimbursable expenditures due from investors and amounts to be recovered from the custodial accounts of the trustees. The balances at September 30, 2013 also include $67.4 million of receivables and $16.2 million of allowance for losses related to defaulted FHA or VA insured loans repurchased from Ginnie Mae guaranteed securitizations. See Note 23 - Related Party Transactions for additional information regarding transactions with Altisource and HLSS. On March 29, 2013, we sold the diversified fee-based business acquired in the Homeward Acquisition to Altisource and derecognized the assigned goodwill. On April 12, 2013, we sold the diversified fee-based business acquired in the ResCap Acquisition to Altisource and derecognized the assigned goodwill. See Note 4 - Business Acquisitions for additional information regarding this transaction. The carrying values at September 30, 2013 and December 31, 2012 are net of valuation allowances of $27.0 million and $14.7 million, respectively. The balances include non-performing subprime single-family residential loans that we do not intend to hold to maturity. The balance at September 30, 2013 includes $67.8 million of loans that we are required to repurchase from Ginnie Mae guaranteed securitizations in connection with loan modifications and loan resolutions. The balance at December 31, 2012 includes non-performing mortgage loans with a carrying value of $65.4 million that we acquired in December 2012 and sold to Altisource Residential, LP in February 2013 for an insignificant gain. These balances relate to match funded liabilities and other secured borrowings. See Note 19 - Derivative Financial Instruments and Hedging Activities for additional information. The balance at December 31, 2012 includes an investment of $13.4 million that represented our 49% equity interest in Correspondent One. As disclosed in Note 4 - Business Acquisitions, we increased our ownership to 100% on March 31, 2013. Effective on that date, we began including the accounts of Correspondent One in our consolidated financial statements and eliminated our current investment in consolidation. These balances include $1.5 million and $25.8 million of cash collateral held by the counterparties to certain of our derivative agreements at September 30, 2013 and December 31, 2012, respectively. The balance at December 31, 2012 represents an earnest money cash deposit we made in connection with the ResCap Acquisition. This deposit was subsequently applied towards the purchase price upon closing of the transaction on February 15, 2013. See Note 4 - Business Acquisitions for additional information. The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In two advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied to reduce the balance of the note outstanding, and any new advances are ineligible to be financed. Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At September 30, 2013, $0.1 million of the available borrowing capacity could be used based on the amount of eligible collateral. We sold MSRs for certain loans to an unrelated third party in December 2012 and June 2013; however, we are required to repurchase the MSRs for any loans that cannot be refinanced by the purchaser under the federal government's Home Affordable Refinance Program (HARP). As a result, the sale is being accounted for as a financing. The financing liability is being amortized using the interest method with the servicing income that is remitted to the purchaser representing payments of principal and interest. In June 2013 and September 2013, we derecognized the liability from the December 2012 sale related to loans that had been refinanced under HARP and recognized a total gain of $4.5 million gain on the retirement of the financing liability. As part of the HLSS Transactions, we transfer certain Rights to MSRs to HLSS. Because we have not yet transferred legal title to the MSRs, we account for these transfers as financings with the proceeds from the sale of the Rights to MSRs recorded as a financing liability. The financing liability is 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 is amortized over the estimated life of the transferred Rights to MSRs. See Note 3 - Transfers of Financial Assets for additional information. Prepayments of the balance on this note may be required if the borrowing base, as defined, falls below the amount of the note outstanding. This agreement has no stated credit limit and lending is determined for each transaction based on the acceptability of the securities presented as collateral. In February 2013, we repaid this loan in full and wrote off the remaining discount as part of the loss on extinguishment. We repaid this loan in full in February 2013. On February 15, 2013, we entered into a new SSTL facility agreement and borrowed $1.3 billion that was used principally to fund the ResCap Acquisition and repay the balance of the previous SSTL. The loan was issued with an original issue discount of $6.5 million that we are amortizing over the term of the loan. We are required to repay the principal amount of the borrowings in consecutive quarterly installments of $3.3 million. In addition, we are generally required to use the net cash proceeds (as defined) from any asset sale (as defined) to repay loan principal. Generally, this provision applies to non-operating sales of assets, and net cash proceeds represent the proceeds from the sale of the assets, net of the repayment of any debt secured by a lien on the assets sold. However, for assets sales that are part of an HLSS Transaction, we have the option, within 180 days, either to invest the net cash proceeds in MSRs or related assets, such as advances, or to repay loan principal. The borrowings are secured by a first priority security interest in substantially all of the assets of Ocwen. Borrowings bear interest, at the election of Ocwen, at a rate per annum equal to either (a) the base rate [the greatest of (i) the prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) the one-month Eurodollar rate (1-Month LIBOR)], plus a margin of 2.75% and a base rate floor of 2.25% or (b) the one month Eurodollar rate, plus a margin of 3.75% with a 1-Month LIBOR floor of 1.25%. To date we have elected option (b) to determine the interest rate. On September 23, 2013, we entered into Amendment No. 1 to the Senior Secured Term Loan Facility Agreement and Amendment No. 1 to the related Pledge and Security Agreement. These amendments: permit repurchases of all of the Preferred Stock, which may be converted to common stock prior to repurchase, and up to $1.5 billion of common stock, subject, in each case, to pro forma financial covenant compliance;eliminate the dollar cap on Junior Indebtedness (as defined in the SSTL) but retain the requirement for any such issuance to be subject to pro forma covenant compliance; include a value for whole loans (i.e., loans held for sale) in collateral value for purposes of calculating the loan-to-value ratio and include specified deferred servicing fees and the fair value of specified mortgage servicing rights in net worth for purposes of calculating the ratio of consolidated total debt to consolidated tangible net worth; and modify the applicable quarterly covenant levels for the corporate leverage ratio, ratio of consolidated total debt to consolidated tangible net worth and loan-to-value ratio. On March 19, 2013, the maturity date of the Master Repurchase Agreement was extended to March 18, 2014 and the maximum borrowing capacity was increased to $120.0 million to $300.0 million. Under this participation agreement, the lender provides financing on an uncommitted basis for up to $100.0 million at the discretion of the lender. The participation agreement allows the lender to acquire a 100% beneficial interest in the underlying mortgage loans. However, the transaction does not qualify for sales accounting treatment and is, therefore, accounted for as a financing. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement. In April 2013, we extended the participation agreement maturity date to May 31, 2014. On September 27, 2013, we extended the maturity date of this facility to September 26, 2014, On October 28, 2013, we extended the maturity date of this facility to November 12, 2013. This represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed securitization that we include in our consolidated financial statements because the transfers of reverse mortgage loans to the trusts did not qualify for sales accounting treatment. There are no maturity dates; the borrowings mature as the related loans are repaid. On August 3, 2013, we extended the maturity date of this facility to August 2, 2014. The balance represents amounts due to investors in connection with loans we service under servicing and subservicing agreements. See Note 23 - Related Party Transactions for additional information. During the nine months ended September 30, 2013 and 2012, amortization of servicing liabilities exceeded the amount of charges we recognized to increase our servicing liability obligations by $0.5 million and $1.1 million, respectively. Amortization of mortgage servicing rights is reported net of this amount in the unaudited Consolidated Statement of Operations. On September 23, 2013, holders elected to convert 100,000 of the Preferred Shares into 3,145,640 shares of common stock. See Note 23 - Related Party Transactions for additional information. Accretion includes a $3.5 million accelerated write-off of the unamortized discount related to the 100,000 Preferred Shares converted on September 23, 2013. Derivatives are reported at fair value in Receivables, Other assets or in Other liabilities on our unaudited Consolidated Balance Sheets. Where the hedging relationship has been terminated but the hedged transaction is still forecast to occur, losses on the hedging relationship that are included in AOCL are amortized to earnings in the periods in which earnings are affected by the hedged transaction. Amortization in the third quarter included $4.1 million of accelerated amortization as a result of the early repayment and termination of four advance financing facilities as a result of the July 1, 2013 HLSS Transaction. Includes a gain of $3.4 million recognized during the three months ended March 31, 2012 from the termination of foreign exchange forward contracts. The effect of our Preferred Shares on diluted EPS is computed using the if-converted method. For the three and nine months ended September 30, 2013, we assumed no conversion to common shares because the effect was anti-dilutive. Prior to the redemption of the 3.25% Convertible Notes in March 2012, we also 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. We issued 4,635,159 shares of common stock upon conversion of $56.4 million of the Convertible Notes. These stock options were anti-dilutive because their exercise price was greater than the average market price of our stock. Shares that are issuable upon the achievement of certain performance criteria related to OCN's stock price and an annualized rate of return to investors. Includes UPB of $177.1 billion and $79.4 billion at September 30, 2013 and December 31, 2012, respectively, for which the Rights to MSRs have been sold to HLSS. The balance includes origination representation and warranty obligations and compensatory fees for foreclosures that may ultimately exceed investor timelines. These obligations were primarily assumed in connection with the Ally MSR Transaction, the ResCap Acquisition and the Homeward Acquisition. See Note 4 - Business Acquisitions, Note 9 - Mortgage Servicing and Note 25 - Commitments and Contingencies for additional information. Acquired intangible asset related to licenses. 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