ACCOUNTS RECEIVABLE, NET

6 Months Ended

Jun. 30, 2012

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:

	June 30,			December 31,
(in thousands)	2012			2011
Billed
Third parties	$	22,900		$	13,776
Ocwen	3,793			5,245
Correspondent One	223			123
HLSS	66			5
Other receivables	3,432			350
	30,414			19,499
Unbilled
Third parties	38,668			31,831
Ocwen	4,103			2,722
	73,185			54,052
Allowance for doubtful accounts	(2,864		)	(2,047		)
Total	$	70,321		$	52,005

Unbilled fees consist primarily of asset management and default management services for which we recognize revenues over the service delivery period but bill following completion of the service.