ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2012

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:

	September 30,			December 31,
(in thousands)	2012			2011
Billed
Third parties	$	21,949		$	13,776
Ocwen	6,345			5,245
Correspondent One	165			123
HLSS	65			5
Other receivables	226			350
	28,750			19,499
Unbilled
Third parties	32,717			31,831
Ocwen	4,049			2,722
Correspondent One	135			—
	65,651			54,052
Allowance for doubtful accounts	(3,154		)	(2,047		)
Total	$	62,497		$	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.