million , $ 64.7 million more than the purchase price . there can be no assurances that the desired strategic and financial benefits of the acquisition will be realized . 47 the approval of ny dfs for the acquisition imposed certain post-closing requirements on ocwen , including certain reporting obligations and certain record retention and other requirements relating to the planned transfer of new york loans onto black knight msp as well as certain requirements with respect to the management of pmc , a licensed subsidiary of phh . importantly , the ny dfs also eased its restrictions on ocwen 's ability to acquire msrs to allow certain acquisitions of msrs that are boarded onto the black knight msp servicing system subject to annual portfolio growth limitations until such time as the ny dfs determines that all loans have been successfully migrated to black knight msp and that ocwen has developed a satisfactory infrastructure to board sizeable portfolios of msrs . we have established a set of initiatives to achieve our objective of returning to growth and profitability . first , we must successfully execute on the integration of phh 's business with ours , including a smooth transition onto the black knight msp servicing system which includes loan boarding , payment processing , escrow administration , and default management , among other functions . second , we must re-engineer our cost structure to go beyond eliminating redundant costs . third , we must fulfill our regulatory commitments and resolve our remaining legal and regulatory matters on satisfactory terms . fourth , we must replenish our servicing portfolio through expanding our lending business and making permissible msr acquisitions that are prudent and well-executed within appropriate financial return targets . finally , we must ensure that we continue to manage our balance sheet to provide a solid platform for executing on our growth and other initiatives . while we strengthened our cash position through amendments to our agreements with nrz and the phh acquisition , until we return to sustainable profitability , continuing losses will erode our available liquidity which could negatively impact our ability to invest in growth and investment opportunities , including our ability to acquire msrs . our business , operating results and financial condition have been significantly impacted by regulatory actions against us and by significant litigation matters . should the number or scope of regulatory or legal actions against us increase or expand or should we be unable to reach reasonable resolutions in existing regulatory and legal matters , our business , reputation , financial condition , liquidity and results of operations could be materially and adversely affected , even if we are successful in our ongoing efforts to optimize our cost structure and improve our financial performance . 48 operations summary replace_table_token_5_th 49 our 2018 results include the post-acquisition results of phh . the following table provides details of the phh results by segment : replace_table_token_6_th year ended december 31 , 2018 versus 2017 servicing and subservicing fees for 2018 were $ 55.0 million , or 6 % , lower than 2017 , primarily due to portfolio runoff and a decline in completed modifications , offset in part by the increase in the portfolio resulting from the acquisition of phh . servicing and subservicing fee revenue earned on the acquired phh portfolio during the post-acquisition period was $ 67.9 million . the number of completed modifications declined in 2018 compared to 2017 primarily because of the expiration of the hamp program on december 31 , 2016. revenue recognized in connection with loan modifications was $ 59.4 million for 2018 as compared to $ 97.2 million in 2017. the $ 25.7 million , or 25 % decline in gains on loans held for sale , net in 2018 is largely due to a decrease in total loan production offset in part by higher margins , primarily due to operating in the higher margin forward lending retail channel exclusively in 2018. forward lending originations declined as a result of our exit from the forward lending correspondent and wholesale channels in 2017 and rising interest rates which reduced refinance volume , offset in part by retail channel volume generated by phh during the post-acquisition period . changes to the fha hecm program for originations after october 1 , 2017 have negatively impacted reverse lending origination volume across all channels . other revenue for 2018 declined $ 50.8 million , or 50 % , largely due to a $ 31.1 million decline in reo referral commissions in connection with the transfer of the rights to such commissions to nrz effective with the new rmsr agreements , and a $ 6.5 million decline in crl premium revenue consistent with the decline in the number of foreclosed real estate properties in the servicing portfolio . a $ 5.7 million reduction in loan origination fees on lower lending segment production volumes and a $ 5.0 million unfavorable net change in the fair values of our hecm reverse mortgage loans and the related hmbs financing liability due to rising interest rates also contributed to the decline in other revenue . 50 msr valuation adjustments , net , increased $ 100.5 million , or 190 % , as compared to 2017 , primarily because 2017 included an $ 86.7 million favorable impact of a benchmarking update related to our non-agency msrs carried at fair value . in addition , msr valuation adjustments increased $ 25.7 million in 2018 due to the impact of higher runoff resulting from the acquisition of msrs from phh . fair value adjustments are largely offset by corresponding fair value adjustments related to the nrz financing liabilities , which are recorded in interest expense . excluding msr valuation adjustments , net , total expenses were $ 166.6 million , or 18 % , lower as compared to 2017 . total expenses for 2018 , excluding msr valuation adjustments , includes $ 59.2 million attributable to phh . story_separator_special_tag in the current market rate environment , we believe we have limited incremental fair value that can be realized even as interest rates increase absent comparable market transaction data supporting higher valuation multiples , which are already at historic highs . valuation is also impacted by loan delinquency rates whereby as delinquency rates decline , the value of the servicing portfolio rises . while we do not hedge changes in the fair value of our msrs , changes in fair value of any fair value elected msr financing liabilities , which are recorded in interest expense in our consolidated statements of operations , will partially offset the changes in fair value of the related msrs . loan resolutions we have a strong track record of success as a leader in the servicing industry in foreclosure prevention and loss mitigation that helps homeowners stay in their homes and improves financial outcomes for mortgage loan investors . reducing delinquencies also enables us to recover advances and recognize additional ancillary income , such as late fees , which we do not recognize on delinquent loans until they are brought current . loan resolution activities address the pipeline of delinquent loans and generally lead to ( i ) modification of the loan terms , ( ii ) repayment plan alternatives , ( iii ) a discounted payoff of the loan ( e.g . , a “ short sale ” ) , or ( iv ) foreclosure or deed-in-lieu-of-foreclosure and sale of the resulting reo . loan modifications must be made in accordance with the applicable servicing agreement as such agreements may require approvals or impose restrictions upon , or even forbid , loan modifications . to select an appropriate loan modification option for a borrower , we perform a structured analysis , using a proprietary model , of all options using information provided by the borrower as well as external data , including recent broker price opinions to value the mortgaged property . our proprietary model includes , among other things , an assessment of re-default risk . our future financial performance will be less impacted by loan resolutions because , under our nrz agreements , nrz receives all deferred servicing fees . deferred servicing fees related to delinquent borrower payments were $ 241.8 million at december 31 , 2018 , of which $ 198.4 million were attributable to nrz agreements . advance obligation as a servicer , we are generally obligated to advance funds in the event borrowers are delinquent on their monthly mortgage related payments . we advance principal and interest ( p & i advances ) , taxes and insurance ( t & i advances ) and legal fees , property valuation fees , property inspection fees , maintenance costs and preservation costs on properties that have been foreclosed ( corporate advances ) . for loans in non-agency securitization trusts , if we determine that our p & i advances can not be recovered from the projected future cash flows , we generally have the right to cease making p & i advances , declare advances , where permitted including t & i and corporate advances , in excess of net proceeds to be non-recoverable and , in most cases , immediately recover any such excess advances from the general collection accounts of the respective trust . with t & i and corporate advances , we continue to advance if net future cash flows exceed projected future advances without regard to advances already made . most of our advances have the highest reimbursement priority ( i.e . , they are “ top of the waterfall ” ) so that we are entitled to repayment from respective loan or reo liquidation proceeds before any interest or principal is paid on the bonds that were 55 issued by the trust . in the majority of cases , advances in excess of respective loan or reo liquidation proceeds may be recovered from pool-level proceeds . the costs incurred in meeting these obligations consist principally of the interest expense incurred in financing the servicing advances . most , but not all , subservicing agreements , including our agreements with nrz , provide for more rapid reimbursement of any advances from the owner of the servicing rights . significant variables aggregate upb and loan count . servicing fees are generally expressed as a percentage of upb and subservicing fees are generally expressed as a percentage of upb or earned on a per-loan basis . aggregate upb and loan count decline as a result of portfolio run-off and increase to the extent we retain msrs from new originations or engage in msr acquisitions , to the extent permitted . operating efficiency . our operating results are heavily dependent on our ability to scale our operations to cost-effectively and efficiently perform servicing activities in accordance with our servicing agreements . to the extent we are unable to process a high volume of transactions consistently and systematically , the cost of our servicing activities increases and has a negative impact on our operating results . to the extent we are unable to complete servicing activities in accordance with the requirements of our servicing agreements , we may incur additional costs or fail to recover otherwise reimbursable costs and advances . delinquencies . delinquencies impact our results of operations and operating cash flows . non-performing loans are more expensive to service because the loss mitigation activities that we must undertake to keep borrowers in their homes or to foreclose , if necessary , are costlier than the activities required to service a performing loan . these loss mitigation activities include increased contact with the borrower for collection and the development of forbearance plans or loan modifications by highly skilled associates who command higher compensation as well as the higher compliance costs associated with these , and similar , activities . while the higher cost is somewhat offset by ancillary fees , for severely delinquent loans or loans that enter the

. cash inflows include net cash of $ 64.7 million and restricted cash of $ 38.8 million acquired in connection with acquisition of phh , net proceeds of $ 33.0 million on dealer financing notes issued by our automotive capital services business , which we decided to exit in january 2018 , and the receipt of $ 41.1 million of net proceeds from the sale of msrs and related advances . our financing activities provided $ 166.7 million of cash . cash inflows include $ 948.9 million received in connection with our reverse mortgage securitizations , which are accounted for as secured financings , less repayments on the related financing liability of $ 392.0 million . in january 2018 , ocwen received a lump-sum payment of $ 279.6 million in accordance with the terms of the new rmsr agreements . cash outflows include $ 220.3 million of net repayments on match funded liabilities as a result of advance recoveries , $ 211.8 million of net payments on the financing liability related to msrs pledged , $ 66.8 million of repayments on the sstl and $ 18.5 million to repurchase senior notes . in addition , we reduced borrowings under our mortgage loan warehouse facilities by $ 100.1 million . cash flows for the year ended december 31 , 2017 our operating activities provided $ 409.0


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```. cash inflows include net cash of $ 64.7 million and restricted cash of $ 38.8 million acquired in connection with acquisition of phh , net proceeds of $ 33.0 million on dealer financing notes issued by our automotive capital services business , which we decided to exit in january 2018 , and the receipt of $ 41.1 million of net proceeds from the sale of msrs and related advances . our financing activities provided $ 166.7 million of cash . cash inflows include $ 948.9 million received in connection with our reverse mortgage securitizations , which are accounted for as secured financings , less repayments on the related financing liability of $ 392.0 million . in january 2018 , ocwen received a lump-sum payment of $ 279.6 million in accordance with the terms of the new rmsr agreements . cash outflows include $ 220.3 million of net repayments on match funded liabilities as a result of advance recoveries , $ 211.8 million of net payments on the financing liability related to msrs pledged , $ 66.8 million of repayments on the sstl and $ 18.5 million to repurchase senior notes . in addition , we reduced borrowings under our mortgage loan warehouse facilities by $ 100.1 million . cash flows for the year ended december 31 , 2017 our operating activities provided $ 409.0
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 Suspicious Activity Report : million , $ 64.7 million more than the purchase price . there can be no assurances that the desired strategic and financial benefits of the acquisition will be realized . 47 the approval of ny dfs for the acquisition imposed certain post-closing requirements on ocwen , including certain reporting obligations and certain record retention and other requirements relating to the planned transfer of new york loans onto black knight msp as well as certain requirements with respect to the management of pmc , a licensed subsidiary of phh . importantly , the ny dfs also eased its restrictions on ocwen 's ability to acquire msrs to allow certain acquisitions of msrs that are boarded onto the black knight msp servicing system subject to annual portfolio growth limitations until such time as the ny dfs determines that all loans have been successfully migrated to black knight msp and that ocwen has developed a satisfactory infrastructure to board sizeable portfolios of msrs . we have established a set of initiatives to achieve our objective of returning to growth and profitability . first , we must successfully execute on the integration of phh 's business with ours , including a smooth transition onto the black knight msp servicing system which includes loan boarding , payment processing , escrow administration , and default management , among other functions . second , we must re-engineer our cost structure to go beyond eliminating redundant costs . third , we must fulfill our regulatory commitments and resolve our remaining legal and regulatory matters on satisfactory terms . fourth , we must replenish our servicing portfolio through expanding our lending business and making permissible msr acquisitions that are prudent and well-executed within appropriate financial return targets . finally , we must ensure that we continue to manage our balance sheet to provide a solid platform for executing on our growth and other initiatives . while we strengthened our cash position through amendments to our agreements with nrz and the phh acquisition , until we return to sustainable profitability , continuing losses will erode our available liquidity which could negatively impact our ability to invest in growth and investment opportunities , including our ability to acquire msrs . our business , operating results and financial condition have been significantly impacted by regulatory actions against us and by significant litigation matters . should the number or scope of regulatory or legal actions against us increase or expand or should we be unable to reach reasonable resolutions in existing regulatory and legal matters , our business , reputation , financial condition , liquidity and results of operations could be materially and adversely affected , even if we are successful in our ongoing efforts to optimize our cost structure and improve our financial performance . 48 operations summary replace_table_token_5_th 49 our 2018 results include the post-acquisition results of phh . the following table provides details of the phh results by segment : replace_table_token_6_th year ended december 31 , 2018 versus 2017 servicing and subservicing fees for 2018 were $ 55.0 million , or 6 % , lower than 2017 , primarily due to portfolio runoff and a decline in completed modifications , offset in part by the increase in the portfolio resulting from the acquisition of phh . servicing and subservicing fee revenue earned on the acquired phh portfolio during the post-acquisition period was $ 67.9 million . the number of completed modifications declined in 2018 compared to 2017 primarily because of the expiration of the hamp program on december 31 , 2016. revenue recognized in connection with loan modifications was $ 59.4 million for 2018 as compared to $ 97.2 million in 2017. the $ 25.7 million , or 25 % decline in gains on loans held for sale , net in 2018 is largely due to a decrease in total loan production offset in part by higher margins , primarily due to operating in the higher margin forward lending retail channel exclusively in 2018. forward lending originations declined as a result of our exit from the forward lending correspondent and wholesale channels in 2017 and rising interest rates which reduced refinance volume , offset in part by retail channel volume generated by phh during the post-acquisition period . changes to the fha hecm program for originations after october 1 , 2017 have negatively impacted reverse lending origination volume across all channels . other revenue for 2018 declined $ 50.8 million , or 50 % , largely due to a $ 31.1 million decline in reo referral commissions in connection with the transfer of the rights to such commissions to nrz effective with the new rmsr agreements , and a $ 6.5 million decline in crl premium revenue consistent with the decline in the number of foreclosed real estate properties in the servicing portfolio . a $ 5.7 million reduction in loan origination fees on lower lending segment production volumes and a $ 5.0 million unfavorable net change in the fair values of our hecm reverse mortgage loans and the related hmbs financing liability due to rising interest rates also contributed to the decline in other revenue . 50 msr valuation adjustments , net , increased $ 100.5 million , or 190 % , as compared to 2017 , primarily because 2017 included an $ 86.7 million favorable impact of a benchmarking update related to our non-agency msrs carried at fair value . in addition , msr valuation adjustments increased $ 25.7 million in 2018 due to the impact of higher runoff resulting from the acquisition of msrs from phh . fair value adjustments are largely offset by corresponding fair value adjustments related to the nrz financing liabilities , which are recorded in interest expense . excluding msr valuation adjustments , net , total expenses were $ 166.6 million , or 18 % , lower as compared to 2017 . total expenses for 2018 , excluding msr valuation adjustments , includes $ 59.2 million attributable to phh . story_separator_special_tag in the current market rate environment , we believe we have limited incremental fair value that can be realized even as interest rates increase absent comparable market transaction data supporting higher valuation multiples , which are already at historic highs . valuation is also impacted by loan delinquency rates whereby as delinquency rates decline , the value of the servicing portfolio rises . while we do not hedge changes in the fair value of our msrs , changes in fair value of any fair value elected msr financing liabilities , which are recorded in interest expense in our consolidated statements of operations , will partially offset the changes in fair value of the related msrs . loan resolutions we have a strong track record of success as a leader in the servicing industry in foreclosure prevention and loss mitigation that helps homeowners stay in their homes and improves financial outcomes for mortgage loan investors . reducing delinquencies also enables us to recover advances and recognize additional ancillary income , such as late fees , which we do not recognize on delinquent loans until they are brought current . loan resolution activities address the pipeline of delinquent loans and generally lead to ( i ) modification of the loan terms , ( ii ) repayment plan alternatives , ( iii ) a discounted payoff of the loan ( e.g . , a “ short sale ” ) , or ( iv ) foreclosure or deed-in-lieu-of-foreclosure and sale of the resulting reo . loan modifications must be made in accordance with the applicable servicing agreement as such agreements may require approvals or impose restrictions upon , or even forbid , loan modifications . to select an appropriate loan modification option for a borrower , we perform a structured analysis , using a proprietary model , of all options using information provided by the borrower as well as external data , including recent broker price opinions to value the mortgaged property . our proprietary model includes , among other things , an assessment of re-default risk . our future financial performance will be less impacted by loan resolutions because , under our nrz agreements , nrz receives all deferred servicing fees . deferred servicing fees related to delinquent borrower payments were $ 241.8 million at december 31 , 2018 , of which $ 198.4 million were attributable to nrz agreements . advance obligation as a servicer , we are generally obligated to advance funds in the event borrowers are delinquent on their monthly mortgage related payments . we advance principal and interest ( p & i advances ) , taxes and insurance ( t & i advances ) and legal fees , property valuation fees , property inspection fees , maintenance costs and preservation costs on properties that have been foreclosed ( corporate advances ) . for loans in non-agency securitization trusts , if we determine that our p & i advances can not be recovered from the projected future cash flows , we generally have the right to cease making p & i advances , declare advances , where permitted including t & i and corporate advances , in excess of net proceeds to be non-recoverable and , in most cases , immediately recover any such excess advances from the general collection accounts of the respective trust . with t & i and corporate advances , we continue to advance if net future cash flows exceed projected future advances without regard to advances already made . most of our advances have the highest reimbursement priority ( i.e . , they are “ top of the waterfall ” ) so that we are entitled to repayment from respective loan or reo liquidation proceeds before any interest or principal is paid on the bonds that were 55 issued by the trust . in the majority of cases , advances in excess of respective loan or reo liquidation proceeds may be recovered from pool-level proceeds . the costs incurred in meeting these obligations consist principally of the interest expense incurred in financing the servicing advances . most , but not all , subservicing agreements , including our agreements with nrz , provide for more rapid reimbursement of any advances from the owner of the servicing rights . significant variables aggregate upb and loan count . servicing fees are generally expressed as a percentage of upb and subservicing fees are generally expressed as a percentage of upb or earned on a per-loan basis . aggregate upb and loan count decline as a result of portfolio run-off and increase to the extent we retain msrs from new originations or engage in msr acquisitions , to the extent permitted . operating efficiency . our operating results are heavily dependent on our ability to scale our operations to cost-effectively and efficiently perform servicing activities in accordance with our servicing agreements . to the extent we are unable to process a high volume of transactions consistently and systematically , the cost of our servicing activities increases and has a negative impact on our operating results . to the extent we are unable to complete servicing activities in accordance with the requirements of our servicing agreements , we may incur additional costs or fail to recover otherwise reimbursable costs and advances . delinquencies . delinquencies impact our results of operations and operating cash flows . non-performing loans are more expensive to service because the loss mitigation activities that we must undertake to keep borrowers in their homes or to foreclose , if necessary , are costlier than the activities required to service a performing loan . these loss mitigation activities include increased contact with the borrower for collection and the development of forbearance plans or loan modifications by highly skilled associates who command higher compensation as well as the higher compliance costs associated with these , and similar , activities . while the higher cost is somewhat offset by ancillary fees , for severely delinquent loans or loans that enter the

