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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, 2021
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 29, 2021: 9,200,752 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 Part II, Item 1A, Risk Factors of this report and the following:
uncertainty relating to the continuing impacts of the Coronavirus 2019 (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 extent to which our mortgage servicing right (MSR) joint venture with Oaktree Capital Management L.P. and its affiliates (Oaktree), other recent transactions and our enterprise sales initiatives will generate additional subservicing volume and result in increased profitability;
our ability to deploy the proceeds of the senior secured notes in suitable investments at appropriate returns;
our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals, enter into definitive financing arrangements, and satisfy closing conditions, and the timing for doing so;
our ability to efficiently integrate the operations, assets and employees of Reverse Mortgage Solutions, Inc. (RMS) following our acquisition of certain assets of RMS related to reverse mortgage subservicing, including subservicing contracts and related foreclosed properties;
our ability to obtain the necessary counterparty approvals to begin servicing our owned reverse servicing portfolio, and the timing for doing so;
our ability to retain the customers and employees acquired from Texas Capital Bank, and the extent to which this acquisition and our other correspondent lending initiatives will contribute to achieving our growth objectives;
the extent to which we will be able to execute call rights transactions, and whether such transactions will generate the returns anticipated;
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 Home Equity Conversion Mortgage (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 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, including whether our subservicing agreements will renew or terminate in July 2022;
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);
2


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;
the extent to which a recent judicial interpretation of the Fair Debt Collection Practices Act may require us to modify our business practices and expose us to increased expense and litigation risk;
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;
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, 2020 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, 2021December 31, 2020
Assets  
Cash and cash equivalents$236,072 $284,802 
Restricted cash (amounts related to variable interest entities (VIEs) of $9,417 and $16,791)
85,277 72,463 
Mortgage servicing rights (MSRs), at fair value2,176,260 1,294,817 
Advances, net (amounts related to VIEs of $594,645 and $651,576)
739,596 828,239 
Loans held for sale ($921,621 and $366,364 carried at fair value) (amounts related to VIEs of $461,827 and $0)
933,700 387,836 
Loans held for investment, at fair value (amounts related to VIEs of $8,004 and $9,770)
7,108,730 7,006,897 
Receivables, net183,090 187,665 
Premises and equipment, net15,122 16,925 
Investment in equity method investee19,794  
Other assets ($22,158 and $25,476 carried at fair value) (amounts related to VIEs of $1,988 and $4,544)
542,597 571,483 
Total assets$12,040,238 $10,651,127 
Liabilities and Equity  
Liabilities  
Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value$6,782,564 $6,772,711 
Other financing liabilities, at fair value (amounts related to VIEs of $8,004 and $9,770)
710,911 576,722 
Advance match funded liabilities (related to VIEs)516,572 581,288 
Mortgage loan warehouse facilities1,069,170 451,713 
MSR financing facilities, net945,744 437,672 
Senior secured term loan, net  179,776 
Senior notes, net612,658 311,898 
Other liabilities ($20,518 and $4,638 carried at fair value)
932,748 923,975 
Total liabilities11,570,367 10,235,755 
Commitments and Contingencies (Notes 21 and 22)
Stockholders’ Equity  
Common stock, $.01 par value; 13,333,333 shares authorized; 9,189,030 and 8,687,750 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.
92 87 
Additional paid-in capital591,839 556,062 
Accumulated deficit(111,909)(131,682)
Accumulated other comprehensive loss, net of income taxes(10,151)(9,095)
Total stockholders’ equity469,871 415,372 
Total liabilities and stockholders’ equity$12,040,238 $10,651,127 

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,
2021202020212020
Revenue
Servicing and subservicing fees$206,585 $181,722 $562,764 $568,445 
Reverse mortgage revenue, net5,035 14,499 56,162 51,055 
Gain on loans held for sale, net59,702 45,886 108,136 92,764 
Other revenue, net11,779 6,928 29,078 17,637 
Total revenue283,101 249,035 756,140 729,901 
MSR valuation adjustments, net(6,320)(33,814)(57,562)(231,368)
Operating expenses  
Compensation and benefits68,960 69,648 209,413 195,393 
Servicing and origination 27,932 22,930 82,044 60,547 
Professional services18,379 28,361 61,245 77,816 
Technology and communications14,737 15,850 41,050 47,154 
Occupancy and equipment8,962 9,572 25,699 37,677 
Other expenses 6,466 3,161 15,422 12,958 
Total operating expenses145,436 149,522 434,873 431,545 
Other income (expense)
Interest income7,869 3,801 15,993 12,762 
Interest expense(40,623)(26,815)(102,591)(83,557)
Pledged MSR liability expense(91,160)(57,404)(168,820)(105,684)
Loss on extinguishment of debt  (15,458) 
Earnings of equity method investee932  1,282  
Other, net1,900 3,345 5,554 4,616 
Total other expense, net(121,082)(77,073)(264,040)(171,863)
Income (loss) before income taxes10,263 (11,374)(335)(104,875)
Income tax benefit(11,289)(1,954)(20,108)(71,920)
Net income (loss)$21,552 $(9,420)$19,773 $(32,955)
Earnings (loss) per share
Basic$2.35 $(1.09)$2.21 $(3.76)
Diluted$2.29 $(1.09)$2.13 $(3.76)
Weighted average common shares outstanding
Basic9,189,030 8,669,550 8,960,696 8,770,102 
Diluted9,401,858 8,669,550 9,270,751 8,770,102 

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,
 2021202020212020
Net income (loss)$21,552 $(9,420)$19,773 $(32,955)
Other comprehensive income (loss), net of income taxes:   
Change in unfunded pension plan obligation liability
(386)47 (1,119)139 
Other18 42 63 118 
Comprehensive income (loss)$21,184 $(9,331)$18,717 $(32,698)



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, 2021 AND 2020
(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, 2021 and 2020
Balance at June 30, 20219,189,030 $92 $590,252 $(133,461)$(9,783)$447,100 
Net income— — — 21,552 — 21,552 
Equity-based compensation and other  1,587 — — 1,587 
Other comprehensive loss, net of income taxes— — — — (368)(368)
Balance at September 30, 20219,189,030 $92 $591,839 $(111,909)$(10,151)$469,871 
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 













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, 2021 AND 2020
(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, 2021 and 2020
Balance at December 31, 20208,687,750 $87 $556,062 $(131,682)$(9,095)$415,372 
Net income— — — 19,773 — 19,773 
Issuance of common stock
426,705 4 12,165 — — 12,169 
Issuance of common stock warrants, net of issuance costs— — 19,956 — — 19,956 
Equity-based compensation and other74,575 1 3,656 — — 3,657 
Other comprehensive income, net of income taxes— — — — (1,056)(1,056)
Balance at September 30, 20219,189,030 $92 $591,839 $(111,909)$(10,151)$469,871 
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 

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,
20212020
Cash flows from operating activities  
Net income (loss)$19,773 $(32,955)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:  
MSR valuation adjustments, net57,562 231,368 
Loss (gain) on sale of MSRs, net64 (48)
Provision for bad debts16,069 18,801 
Depreciation7,527 15,398 
Amortization of debt issuance costs and discount5,438 5,335 
Equity-based compensation expense3,697 2,392 
Loss on extinguishment of debt15,458  
Loss (gain) on valuation of Pledged MSR financing liability71,273 (21,314)
Net gain on valuation of loans held for investment and HMBS-related borrowings
(9,993)(14,410)
Earnings of equity method investee(1,282) 
Gain on loans held for sale, net(108,136)(92,764)
Origination and purchase of loans held for sale (12,987,522)(4,378,999)
Proceeds from sale and collections of loans held for sale 12,411,398 4,259,127 
Changes in assets and liabilities:  
Decrease in advances, net69,868 210,688 
Decrease in receivables and other assets, net 9,659 105,023 
Decrease (increase) in other liabilities9,582 (47,981)
Other, net(3,271)(11,622)
Net cash (used in) provided by operating activities(412,836)248,039 
Cash flows from investing activities  
Origination of loans held for investment (1,214,772)(867,702)
Principal payments received on loans held for investment
1,172,011 619,486 
Purchase of MSRs(785,194)(82,990)
Investment in equity method investee(18,512) 
Other, net1,086 3,090 
Net cash used in investing activities(845,381)(328,116)
Cash flows from financing activities  
Repayment of advance match funded liabilities, net(64,716)(99,031)
Repayment of other financing liabilities(62,076)(84,185)
Proceeds from mortgage loan warehouse facilities, net617,457 109,538 
Proceeds from MSR financing facilities680,711 128,641 
Repayment of MSR financing facilities(170,500)(208,996)
Repayment of Senior notes(319,156) 
Proceeds from issuance of Senior notes and warrants647,944  
Repayment of senior secured term loan (SSTL) borrowings(188,700)(136,066)
Payment of debt issuance costs(16,173)(7,522)
Proceeds from sale of MSRs accounted for as secured financing130,024  
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings)
1,119,742 885,987 
Repayment of HMBS-related borrowings(1,161,609)(613,026)
Issuance of common stock9,878  
Repurchase of common stock  (4,605)
Other, net(525)(32)
Net cash provided by (used in) financing activities1,222,301 (29,297)
Net decrease in cash, cash equivalents and restricted cash(35,916)(109,374)
Cash, cash equivalents and restricted cash at beginning of year357,265 492,340 
Cash, cash equivalents and restricted cash at end of period$321,349 $382,966 
Supplemental non-cash investing and financing activities:  
Recognition of gross right-of-use asset and lease liability:
Right-of-use asset$3,955 $2,608 
Lease liability3,955 2,597 
Transfers of loans held for sale to real estate owned (REO)$5,312 $2,554 
Transfer from loans held for investment to loans held for sale 2,898 1,900 
Derecognition of MSRs and financing liabilities:
MSRs $ $(263,344)
Financing liability - MSRs pledged (263,344)
Deconsolidation of mortgage-backed securitization trusts (VIEs)
Loans held for investment$ $(10,715)
Other financing liabilities (9,519)
Recognition of future draw commitments for HECM loans at fair value upon adoption of FASB ASU No. 2016-13
$ $47,038 
Supplemental information - Sale and deconsolidation of subsidiary  
Cash proceeds received$4,409 $ 
Equity / cash balance held by subsidiary upon sale(5,250) 

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, 2021September 30, 2020
Cash and cash equivalents$236,072 $321,455 
Restricted cash and equivalents:
Debt service accounts13,271 14,873 
Other restricted cash72,006 46,638 
Total cash, cash equivalents and restricted cash reported in the statements of cash flows$321,349 $382,966 

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, 2021
(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, OFC, 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). Effective May 3, 2021, Ocwen holds a 15% equity interest in MAV Canopy HoldCo I, LLC (MAV Canopy) that invests in mortgage servicing assets through its licensed mortgage subsidiary MSR Asset Vehicle LLC (MAV). See Note 10 - Investment in Equity Method Investee for additional information.
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 referred to as GSEs), the Government National Mortgage Association (Ginnie Mae, and together with the GSEs, the Agencies) 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 retail, wholesale, correspondent, flow MSR purchase agreements, the Agency 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 mortgage loans, generally with servicing retained. The GSEs or Ginnie Mae guarantee these mortgage securitizations. We originate and purchase 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.
We had a total of approximately 5,200 employees at September 30, 2021 of which approximately 3,200 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 67% were engaged in supporting our loan servicing operations as of September 30, 2021.
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, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021. 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, 2020.
10


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 Estimate