SEC Filing:
Project instructions:
Answer such that the reader can follow without having read the assignment; with an appropriate introduction; in paragraph form, with complete sentences and appropriate syntax, grammar, and spelling. Please correctly reference any materials you use to complete the assignment.
1. Access a complete filing history for Ocwen Financial Corporation for calendar 2014. Briefly describe Ocwen’s filing history. How many Forms 8-K has Ocwen filed in 2014, and what is the nature of most of the events on which Ocwen reports in its Forms 8-K?
2. Access an annual SEC report filed by Ocwen during 2014. Write a paragraph summarizing Ocwen’s organization and primary businesses. Include its ticker symbol, stock exchange listing(s), number of shares outstanding and price per share, report date, audit date, and filing date. What risk factors does Ocwen identify in Item IA?
3. Find the quarterly SEC filings for Ocwen Financial Corporation and Nationstar Mortgage Holdings Inc. from the end of the second quarter of 2014. Identify for each report the report date, audit date, and filing date. Are these reports audited or unaudited? Determine what method Ocwen Financial uses to account for its mortgage servicing rights (MSRs), and any critical assumptions used in the application of that method. Compare Ocwen’s accounting for MSRs with Nationstar’s accounting for MSRs.
4. Under U.S. GAAP, what are the allowable alternative methods of accounting for mortgage servicing rights, and what are the criteria upon which the choice should be based? Provide the exact references for your answer, as well as any logic necessary to support the choice.