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ACCOUNTS RECEIVABLE, NET
 12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET
 
Accounts receivable, net consists of the following as of December 31:
(in thousands)
 
2014
 
2013 (1)
 
 
 
 
 
Billed
 
 

 
 

Non-related parties
 
$
37,576

 
$
41,011

Ocwen
 
22,831

 
11,658

HLSS
 
86

 
83

AAMC
 
129

 
1,347

Residential
 
11,320

 
547

Other receivables
 
1,590

 
1,643

 
 
73,532

 
56,289

Unbilled
 
 
 
 
Non-related parties
 
46,775

 
44,102

Ocwen
 
14,551

 
10,027

 
 
134,858

 
110,418

Less: allowance for doubtful accounts
 
(22,675
)
 
(5,631
)
 
 
 
 
 
Total
 
$
112,183

 
$
104,787

                                                              
(1) December 31, 2013 accounts receivable has been revised to reflect a purchase accounting measurement period adjustment related to the Equator acquisition. See Note 5.
Unbilled receivables 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. We also include in unbilled receivables amounts that are earned during a month and billed in the following month.
Bad debt expense amounted to $16.3 million, $2.5 million and $3.0 million for years ended December 31, 2014, 2013 and 2012, respectively, and is included in selling, general and administrative expenses in the consolidated statements of operations. Bad debt expense increased during 2014 driven primarily from the default management services business. A change in our customers’ business model and fourth quarter 2014 discussions with those customers led us to believe that a portion of the accounts receivable balance is no longer collectible.