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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from: ____________________ to ____________________
Commission File No. 1-13219
OCWEN FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Florida 65-0039856
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1661 Worthington Road, Suite 100 33409
West Palm Beach,
Florida
(Address of principal executive office) (Zip Code)
(561) 682-8000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueOCNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes No x
Number of shares of common stock outstanding as of October 30, 2020: 8,683,994 shares




OCWEN FINANCIAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
  PAGE
 
   
   
   
   
 
   
   
   

1


FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this report, including statements regarding our financial position, business strategy and other plans and objectives for our future operations, are forward-looking statements.
Forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering forward-looking statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again. Important factors that could cause actual results to differ include, but are not limited to, the risks discussed or referenced under Item 1A, Risk Factors and the following:
uncertainty relating to the continuing impacts of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), the Government National Mortgage Association (Ginnie Mae) and regulators;
the potential for ongoing COVID-19 related disruption in the financial markets and in commercial activity generally, increased unemployment, and other financial difficulties facing our borrowers;
the proportion of borrowers who enter into forbearance plans, the financial ability of borrowers to resume repayment and their timing for doing so;
the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them;
increased servicing costs based on rising borrower delinquency levels or other factors;
reduced collection of servicing fees and ancillary income and delayed collection of servicing revenue as a result of forbearance plans and moratoria on evictions and foreclosure proceedings;
our ability to continue to improve our financial performance through cost re-engineering initiatives and other actions;
our ability to continue to grow our lending business and increase our lending volumes in a competitive market and uncertain interest rate environment;
uncertainty related to our long-term relationship and remaining agreements with New Residential Investment Corp. (NRZ), our largest servicing client;
uncertainty related to claims, litigation, cease and desist orders and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD);
adverse effects on our business as a result of regulatory investigations, litigation, cease and desist orders or settlements and the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae;
our ability to comply with the terms of our settlements with regulatory agencies and the costs of doing so;
any adverse developments in existing legal proceedings or the initiation of new legal proceedings;
our ability to effectively manage our regulatory and contractual compliance obligations;
uncertainty related to changes in legislation, regulations, government programs and policies, industry initiatives, best servicing and lending practices, and media scrutiny of our business and industry;
our ability to interpret correctly and comply with liquidity, net worth and other financial and other requirements of regulators, the GSEs and Ginnie Mae, as well as those set forth in our debt and other agreements;
our ability to comply with our servicing agreements, including our ability to comply with our agreements with, and the requirements of, the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them;
our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings;
failure of our information technology or other security systems or breach of our privacy protections, including any failure to protect customers’ data;
2


our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations;
the loss of the services of our senior managers and key employees;
uncertainty related to the actions of loan owners and guarantors, including mortgage-backed securities investors, the GSEs, Ginnie Mae and trustees regarding loan put-backs, penalties and legal actions;
uncertainty related to the GSEs substantially curtailing or ceasing to purchase our conforming loan originations or the Federal Housing Administration (FHA) of the HUD or Department of Veterans Affairs (VA) ceasing to provide insurance;
uncertainty related to our ability to continue to collect certain expedited payment or convenience fees and potential liability for charging such fees;
uncertainty related to our reserves, valuations, provisions and anticipated realization of assets;
uncertainty related to the ability of third-party obligors and financing sources to fund servicing advances on a timely basis on loans serviced by us;
the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates;
our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties;
uncertainty related to the processes for judicial and non-judicial foreclosure proceedings, including potential additional costs or delays or moratoria in the future or claims pertaining to past practices;
our ability to adequately manage and maintain real estate owned (REO) properties and vacant properties collateralizing loans that we service;
our ability to realize anticipated future gains from future draws on existing loans in our reverse mortgage portfolio;
our ability to effectively manage our exposure to interest rate changes and foreign exchange fluctuations;
our ability to effectively transform our operations in response to changing business needs, including our ability to do so without unanticipated adverse tax consequences;
uncertainty related to the political or economic stability of the United States and of the foreign countries in which we have operations; and
our ability to maintain positive relationships with our large shareholders and obtain their support for management proposals requiring shareholder approval.
Further information on the risks specific to our business is detailed within this report and our other reports and filings with the SEC including our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K since such date. Forward-looking statements speak only as of the date they were made and we disclaim any obligation to update or revise forward-looking statements whether because of new information, future events or otherwise.


3

PART I – FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
 September 30, 2020December 31, 2019
Assets  
Cash and cash equivalents$321,455 $428,339 
Restricted cash (amounts related to variable interest entities (VIEs) of $13,108 and $20,434)61,511 64,001 
Mortgage servicing rights (MSRs), at fair value1,069,013 1,486,395 
Advances, net (amounts related to VIEs of $660,816 and $801,990)832,604 1,056,523 
Loans held for sale ($366,966 and $208,752 carried at fair value)390,631 275,269 
Loans held for investment, at fair value (amounts related to VIEs of $11,012 and $23,342)6,860,942 6,292,938 
Receivables, net201,607 201,220 
Premises and equipment, net23,620 38,274 
Other assets ($25,204 and $8,524 carried at fair value) (amounts related to VIEs of $7,584 and $4,078)662,468 563,240 
Total assets$10,423,851 $10,406,199 
Liabilities and Equity  
Liabilities  
Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value$6,606,543 $6,063,435 
Advance match funded liabilities (related to VIEs)580,078 679,109 
Other financing liabilities, at fair value (amounts related to VIEs of $11,012 and $22,002)588,321 972,595 
Other secured borrowings, net (amounts related to VIEs $186,986 and $240,893)915,292 1,025,791 
Senior notes, net311,689 311,085 
Other liabilities ($1,671 and $100 carried at fair value) (amounts related to VIEs of $93 and $144)997,461 942,173 
Total liabilities9,999,384 9,994,188 
Commitments and Contingencies (Notes 21 and 22)
Stockholders’ Equity  
Common stock, $.01 par value; 13,333,333 shares authorized; 8,672,272 and 8,990,816 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively87 90 
Additional paid-in capital556,176 558,057 
Accumulated deficit(124,459)(138,542)
Accumulated other comprehensive loss, net of income taxes(7,337)(7,594)
Total stockholders’ equity424,467 412,011 
Total liabilities and stockholders’ equity$10,423,851 $10,406,199 

The accompanying notes are an integral part of these unaudited consolidated financial statements

4


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020201920202019
Revenue
Servicing and subservicing fees$181,722 $248,517 $568,445 $745,093 
Reverse mortgage revenue, net14,499 20,260 51,055 72,876 
Gain on loans held for sale, net45,886 9,012 92,764 26,312 
Other revenue, net6,928 5,726 17,637 17,460 
Total revenue249,035 283,515 729,901 861,741 
MSR valuation adjustments, net(33,814)134,561 (231,368)(121,705)
Operating expenses  
Compensation and benefits69,648 73,414 195,393 250,393 
Servicing and origination 22,930 36,619 60,547 86,827 
Professional services28,361 36,628 77,816 77,205 
Technology and communications15,850 16,644 47,154 61,080 
Occupancy and equipment9,572 17,262 37,677 52,550 
Other expenses 3,161 (1,282)12,958 6,563 
Total operating expenses149,522 179,285 431,545 534,618 
Other income (expense)
Interest income3,801 4,129 12,762 12,524 
Interest expense(26,815)(29,506)(83,557)(84,636)
Pledged MSR liability expense(57,404)(256,416)(105,684)(303,302)
Gain on repurchase of senior secured notes 5,099  5,099 
Other, net3,345 (414)4,616 1,163 
Total other expense, net(77,073)(277,108)(171,863)(369,152)
Loss before income taxes(11,374)(38,317)(104,875)(163,734)
Income tax (benefit) expense(1,954)4,450 (71,920)13,264 
Net loss$(9,420)$(42,767)$(32,955)$(176,998)
Loss per share
Basic$(1.09)$(4.77)$(3.76)$(19.76)
Diluted$(1.09)$(4.77)$(3.76)$(19.76)
Weighted average common shares outstanding
Basic8,669,550 8,973,053 8,770,102 8,955,288 
Diluted8,669,550 8,973,053 8,770,102 8,955,288 

The accompanying notes are an integral part of these unaudited consolidated financial statements

5


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Net loss$(9,420)$(42,767)$(32,955)$(176,998)
Other comprehensive income, net of income taxes:   
Reclassification adjustment for losses on cash flow hedges included in net income
42 38 118 108 
Change in unfunded pension plan obligation liability
47 611 139 1,285 
Other 8  21 
Comprehensive loss$(9,331)$(42,110)$(32,698)$(175,584)



The accompanying notes are an integral part of these unaudited consolidated financial statements

6


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollars in thousands)


 Common StockAdditional Paid-in Capital(Accumulated Deficit) Retained EarningsAccumulated Other Comprehensive Income (Loss), Net of Income TaxesTotal
 SharesAmount
Three Months Ended September 30, 2020 and 2019
Balance at June 30, 20208,667,260 $87 $555,147 $(115,039)$(7,426)$432,769 
Net loss— — — (9,420)— (9,420)
Additional shares issued on reverse stock split rounding4,692 — — — — — 
Equity-based compensation and other320  1,029 — — 1,029 
Other comprehensive income, net of income taxes— — — — 89 89 
Balance at September 30, 20208,672,272 $87 $556,176 $(124,459)$(7,337)$424,467 
Balance at June 30, 20198,973,053 $90 $556,952 $(130,648)$(3,500)$422,894 
Net loss— — — (42,767)— (42,767)
Equity-based compensation and other  401 — — 401 
Other comprehensive income, net of income taxes— — — — 657 657 
Balance at September 30, 20198,973,053 $90 $557,353 $(173,415)$(2,843)$381,185 













The accompanying notes are an integral part of these unaudited consolidated financial statements

7



OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollars in thousands)


 Common StockAdditional Paid-in Capital(Accumulated Deficit) Retained EarningsAccumulated Other Comprehensive Loss, Net of Income TaxesTotal
 SharesAmount
Nine Months Ended September 30, 2020 and 2019
Balance at December 31, 20198,990,816 $90 $558,057 $(138,542)$(7,594)$412,011 
Net loss— — — (32,955)— (32,955)
Cumulative effect of adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13
— — — 47,038 — 47,038 
Repurchase of common stock(377,484)(4)(4,601)— — (4,605)
Additional shares issued on reverse stock split rounding4,692 — — — — — 
Equity-based compensation and other54,248 1 2,720 — — 2,721 
Other comprehensive income, net of income taxes— — — — 257 257 
Balance at September 30, 20208,672,272 $87 $556,176 $(124,459)$(7,337)$424,467 
Balance at December 31, 20188,927,495 $89 $555,306 $3,567 $(4,257)$554,705 
Net loss— — — (176,998)— (176,998)
Cumulative effect of adoption of FASB ASU No. 2016-02
— — — 16 — 16 
Equity-based compensation and other45,558 1 2,047 — — 2,048 
Other comprehensive income, net of income taxes— — — — 1,414 1,414 
Balance at September 30, 20198,973,053 $90 $557,353 $(173,415)$(2,843)$381,185 

The accompanying notes are an integral part of these unaudited consolidated financial statements

8


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
For the Nine Months Ended September 30,
20202019
Cash flows from operating activities  
Net loss$(32,955)$(176,998)
Adjustments to reconcile net loss to net cash provided by operating activities:
  
MSR valuation adjustments, net231,368 121,705 
Gain on sale of MSRs, net(48)(571)
Provision for bad debts18,801 26,971 
Depreciation15,398 26,020 
Gain on repurchase of senior notes (5,099)
Amortization of debt issuance costs4,631 2,268 
Equity-based compensation expense2,392 1,890 
(Gain) loss on valuation of Pledged MSR financing liability(21,314)123,721 
Net gain on valuation of loans held for investment and HMBS-related borrowings
(14,410)(50,221)
Gain on loans held for sale, net(92,764)(26,312)
Bargain purchase gain 381 
Origination and purchase of loans held for sale (4,378,999)(872,914)
Proceeds from sale and collections of loans held for sale 4,259,127 787,683 
Changes in assets and liabilities:  
Decrease in advances, net210,688 189,876 
Decrease in receivables and other assets, net 105,023 123,283 
Decrease in other liabilities(47,981)(82,942)
Other, net(10,918)(4,671)
Net cash provided by operating activities248,039 184,070 
Cash flows from investing activities  
Origination of loans held for investment (867,702)(675,898)
Principal payments received on loans held for investment
619,486 383,806 
Purchase of MSRs(82,990)(112,417)
Proceeds from sale of MSRs  1,159 
Acquisition of advances in connection with the purchase of MSRs (1,457)
Proceeds from sale of advances561 2,876 
Additions to premises and equipment(3,394)(1,342)
Proceeds from sale of real estate5,123 5,572 
Other, net800 420 
Net cash used in investing activities(328,116)(397,281)
Cash flows from financing activities  
Repayment of advance match funded liabilities, net(99,031)(90,787)
Repayment of other financing liabilities(84,185)(168,898)
Proceeds from mortgage loan warehouse facilities, net109,538 87,484 
Proceeds from MSR financing facilities128,641 144,260 
Repayment of MSR financing facilities(208,996)(6,648)
Repayment and repurchases of Senior notes (131,791)
Proceeds from issuance of additional senior secured term loan (SSTL) 119,100 
Repayment of SSTL borrowings(136,066)(19,074)
Payment of debt issuance costs(7,522)(1,284)
Proceeds from sale of MSRs accounted for as a financing
 1,221 
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings)
885,987 665,820 
Repayment of HMBS-related borrowings(613,026)(377,094)
Repurchase of common stock (4,605) 
Other, net(32)(2,363)
Net cash (used in) provided by financing activities(29,297)219,946 
Net (decrease) increase in cash, cash equivalents and restricted cash(109,374)6,735 
Cash, cash equivalents and restricted cash at beginning of year492,340 397,010 
Cash, cash equivalents and restricted cash at end of period$382,966 $403,745 
Supplemental non-cash investing and financing activities:  
Deconsolidation of mortgage-backed securitization trusts (VIEs)
Loans held for investment$(10,715)$ 
Other financing liabilities(9,519) 
Derecognition of MSRs and financing liabilities:
MSRs $(263,344)$ 
Financing liability - MSRs pledged (Rights to MSRs)
(263,344) 
Recognition of future draw commitments for HECM loans at fair value upon adoption of FASB ASU No. 2016-13
$47,038 $ 
Recognition of gross right-of-use asset and lease liability:
Right-of-use asset$2,608 $66,231 
Lease liability2,597 66,247 
Transfers of loans held for sale to real estate owned (REO)$2,554 $4,240 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets and the unaudited consolidated statements of cash flows:
September 30, 2020September 30, 2019
Cash and cash equivalents$321,455 $345,084 
Restricted cash and equivalents:
Debt service accounts14,873 17,026 
Other restricted cash46,638 41,635 
Total cash, cash equivalents and restricted cash reported in the statements of cash flows$382,966 $403,745 

The accompanying notes are an integral part of these unaudited consolidated financial statements

9


OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
(Dollars in thousands, except per share data and unless otherwise indicated)
 
Note 1 - Organization and Basis of Presentation
Organization
Ocwen Financial Corporation (NYSE: OCN) (Ocwen, we, us and our) is a non-bank mortgage servicer and originator providing solutions to homeowners, investors and others through its primary operating subsidiary, PHH Mortgage Corporation (PMC). We are headquartered in West Palm Beach, Florida with offices and operations in the United States (U.S.), the United States Virgin Islands (USVI), India and the Philippines. Ocwen is a Florida corporation organized in February 1988.
Ocwen directly or indirectly owns all of the outstanding common stock of its operating subsidiaries, including PMC since its acquisition on October 4, 2018, Ocwen Financial Solutions Private Limited (OFSPL) and Ocwen USVI Services, LLC (OVIS). On March 13, 2020, as part of Ocwen's legal entity restructuring, Ocwen’s wholly-owned subsidiary Liberty Home Equity Solutions, Inc. (Liberty) and PMC entered into an amended asset purchase agreement pursuant to which Liberty transferred substantially all of its assets, liabilities, contracts and employees to PMC effective March 15, 2020. We continue to originate and service reverse mortgage loans under the brand name Liberty Reverse Mortgage.
We perform servicing activities related to our own MSR portfolio (primary) and on behalf of other servicers (subservicing), the largest being New Residential Investment Corp. (NRZ), and investors (primary and master servicing), including the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the GSEs), the Government National Mortgage Association (Ginnie Mae) and private-label securitizations (PLS, or non-Agency). As a subservicer or primary servicer, we may be required to make advances for certain property tax and insurance premium payments, default and property maintenance payments and principal and interest payments on behalf of delinquent borrowers to mortgage loan investors before recovering them from borrowers. Most, but not all, of our subservicing agreements provide for us to be reimbursed for any such advances by the owner of the servicing rights. Advances made by us as primary servicer are generally recovered from the borrower or the mortgage loan investor. As master servicer, we collect mortgage payments from primary servicers and distribute the funds to investors in the mortgage-backed securities. To the extent 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.
We source our servicing portfolio through multiple channels, including recapture, retail, wholesale, correspondent, flow MSR purchase agreements, the GSE Cash Window programs and bulk MSR purchases. We originate, sell and securitize conventional (conforming to the underwriting standards of Fannie Mae or Freddie Mac; collectively referred to as Agency or GSE loans) and government-insured (Federal Housing Administration (FHA) or Department of Veterans Affairs (VA)) forward mortgages, generally servicing retained. The GSEs or Ginnie Mae guarantee these mortgage securitizations. We originate Home Equity Conversion Mortgage (HECM) loans, or reverse mortgages, that are mostly insured by the FHA and we are an approved issuer of Home Equity Conversion Mortgage-Backed Securities (HMBS) that are guaranteed by Ginnie Mae. In addition to our originated MSRs, we acquire MSRs through flow purchase agreements, the GSE Cash Window and Co-issue programs and bulk MSR purchases, and we acquire new subservicing through our enterprise sales.
We had a total of approximately 5,200 employees at September 30, 2020 of which approximately 3,300 were located in India and approximately 400 were based in the Philippines. Our operations in India and the Philippines primarily provide internal support services, principally to our loan servicing business and our corporate functions. Of our foreign-based employees, approximately 74% were engaged in supporting our loan servicing operations as of September 30, 2020.
We are facing certain challenges and uncertainties that could have significant adverse effects on our business, financial condition, liquidity and results of operations, and some of these challenges and uncertainties are amplified by the Coronavirus Disease 2019 (COVID-19) pandemic. Historical losses have significantly eroded stockholders’ equity and weakened our financial condition. Our near-term priority is to return to sustainable profitability in the shortest timeframe possible within an appropriate risk and compliance environment. If we are able to execute on our key business initiatives, we believe we will drive stronger financial performance.
First, we must continue to expand our Originations business to replenish and grow our servicing portfolio and mitigate our client concentration risk with NRZ. Second, we must drive continuous cost improvement to maintain an industry competitive cost position. Third, we must manage our balance sheet to ensure adequate liquidity, finance our ongoing business needs and provide a solid platform for executing on our growth initiatives. To this end, we continue to explore all strategic options to efficiently finance growth and leverage our proven operating capability in this environment, including the potential launch of an
10


MSR funding vehicle. As previously disclosed, we have engaged bankers to support evaluation and execution of strategic options to fully realize the value of our platform. Finally, we must fulfill our regulatory commitments and resolve our remaining legal and regulatory matters on satisfactory terms.
Basis of Presentation
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 adjustments, necessary for a fair presentation. The results of operations and other data for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2020. 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, 2019.
In August 2020, Ocwen implemented a reverse stock split of its shares of common stock in a ratio of one-for-15. The number of shares, loss per share amounts, repurchase price per share amounts, and Common stock and Additional paid-in capital balances have been retroactively adjusted for all periods presented in this Quarterly Report on Form 10-Q to give effect to the reverse stock split as if it occurred at the beginning of the first period presented. See Note 14 – Equity for additional information.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with GAAP requires that management 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. Such estimates and assumptions include, but are not limited to, those that relate to fair value measurements, income taxes, the provision for losses that may arise from litigation proceedings, and our going concern evaluation. In developing estimates and assumptions, management uses all available information; however, actual results could materially differ from those estimates and assumptions.
Reclassifications
Certain amounts in the unaudited consolidated balance sheet at December 31, 2019, the unaudited consolidated statement of operations for the three and nine months ended September 30, 2019 and the unaudited consolidated statement of cash flows for the nine months ended September 30, 2019 have been reclassified to conform to the current period presentation. The reclassifications had no impact on total assets or total liabilities in our unaudited consolidated balance sheets, no impact on net income (loss) or total revenue in our unaudited consolidated statements of operations and no impact on operating, investing and financing cash flows in our unaudited consolidated statements of cash flows.
We now present Reverse mortgage revenue, net as a separate revenue line item on the face of the unaudited consolidated statements of operations to provide a further breakdown of Other revenue, net and provide greater transparency on the performance associated with our portfolio of HECM loans, net of the HMBS-related borrowings that are both measured at fair value, as follows:
          Periods Ended September 30, 2019
Reclassification within the Statement of Operations Three MonthsNine Months
Revenue
FromGain on loans held for sale, net$7,001 $22,371 
FromOther revenue, net14,062 52,839 
From