ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2012

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

6.  ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following as of December 31:

(in thousands)	2012			2011
Billed
Third parties	$	25,950		$	13,776
Ocwen	19,817			5,245
Correspondent One	27			123
HLSS	163			5
AAMC	14			—
Other receivables	353			350
	46,324			19,499
Unbilled
Third parties	39,496			31,831
Ocwen	6,377			2,722
Correspondent One	32			—
	92,229			54,052
Allowance for doubtful accounts	(3,274		)	(2,047		)
Total	$	88,955		$	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. Based on the Company’s historical performance, the majority of unbilled fees are expected to be collected within one year.

A summary of the allowance for doubtful accounts, net of recoveries, for the years ended December 31, 2012, 2011 and 2010 is as follows:

	(in thousands)
Balance, January 1, 2010	$	696
Bad debt expense	1,735
Recoveries	(106		)
Write-offs	(193		)
Balance, December 31, 2010	$	2,132
Bad debt expense	967
Recoveries	(54		)
Write-offs	(998		)
Balance, December 31, 2011	$	2,047
Bad debt expense	3,049
Recoveries	(21		)
Write-offs	(1,801		)
Balance, December 31, 2012	$	3,274