under the ca dbo consent order , we agreed to cease acquiring any additional msrs for loans secured in california until the ca dbo is satisfied that ols can satisfactorily respond to the requests for information and documentation made in the course of a regulatory exam . if we are unable to satisfy these conditions , we will be unable to grow our servicing portfolio through acquisitions . as a result of the current regulatory environment , we have faced , and expect to continue to face , increased regulatory and public scrutiny as well as stricter and more comprehensive regulation of our business . we continue to work diligently to assess the implications of the regulatory environment in which we operate and to meet the requirements of the current environment . we devote substantial resources to regulatory compliance , while , at the same time , striving to meet the needs and expectations of our customers , clients and other stakeholders . during 2015 , we have been executing on our strategy , as announced in december 2014 , to sell certain of our agency msrs . there are multiple reasons for this strategy . first , reducing our exposure to agency servicing will reduce our exposure to interest rate movements . prime servicing and msr valuation are highly sensitive to interest rate movements , and we would like to reduce this risk to the business . second , as of december 31 , 2014 , we carried these msrs at the lower of cost or fair value and expect that selling these assets will enable us to recognize income currently as opposed to over time . third , given the magnitude of the portfolio , we expect that sales of agency msrs will generate significant liquidity in 2015. we currently expect to receive approximately $ 852.0 million of proceeds from announced asset sales , subject in each case to necessary approvals and the satisfaction of closing conditions . we expect that the majority of such proceeds will be used for prepayments under our sstl . finally , we expect that reducing the size of our agency servicing portfolio will help simplify our operations and help improve our margins over time because , while we do not generate discrete financial information that allows us to track margin by type of loan serviced , we believe that our traditional cost advantages are not as significant for servicing conventional and government-insured loans as they are for servicing non-agency loans . in addition to our efforts to optimize our servicing business , we have also invested in adjacent markets , including forward and reverse mortgage lending . ocwen provides forward and reverse mortgages directly , through call-center-based operations , and indirectly , through brokers , correspondents and relationships with lending partners . mortgage lending is a natural extension of our servicing business , as a substantial portion of our lending business comes from refinancing loans from our servicing portfolio . we believe the reverse mortgage business is a substantially under-developed market relative to its potential , and that it provides a potential source of long-term growth for ocwen . additionally we are investing in our forward lending business to build competitive advantages around processes and technology , leveraging the analytical foundations of our servicing business and the differentiated technology platform of our reverse mortgage business . several factors suggest that the demand for alternative credit products to support homeownership is growing . we believe that a large percentage of american households would be unable to qualify for a new mortgage in the current environment . this compares to a pre-financial crisis estimate that 70 % of households could obtain mortgage loan financing in either the prime or non-prime lending market . expanding access to credit has been solidly supported by community groups with whom we are in close contact . while we do not have any interest at this time in originating non-qualified mortgage loans , given the penalties that an originator could incur , we do believe that innovative qualified mortgage products will be developed to access this underserved market . in most cases , these products will require a flexible servicing platform that can manage the risks associated with non-prime or credit-impaired servicing , an area in which we believe we have strong competitive advantages . we will continue to evaluate new adjacent market opportunities that are consistent with our strategic goals and in which we can capture competitive advantages and achieve attractive returns for our shareholders . our general requirements are as follows : new opportunities must align with long-term macro trends . we look for opportunities that can contribute meaningfully to our long-term growth and return on equity . we will generally only enter a business if we feel we can capture and maintain a long-term competitive advantage . for example , our advantage could be related to our operating efficiencies , our cost of capital or our tax structure , but we must view it as meaningful and sustainable . we prefer businesses that can be structured efficiently around repetitive processes where we aim to utilize our operational expertise and innovation to create best-in-class practices . finally , any business we add to our platform must not jeopardize our franchise or dilute our core servicing business . operations summary our consolidated operating results for the past three years have been significantly impacted by portfolio and platform acquisitions , subsequent integrations , goodwill impairment and various regulatory settlement and other costs . the operating results of the acquired businesses are included in our operating results since their respective acquisition dates . 43 the following table summarizes our consolidated operating results for the years indicated : replace_table_token_10_th year ended december 31 , 2014 versus 2013 . story_separator_special_tag inquiries into servicer foreclosure practices by state or federal government bodies , regulators or courts are continuing and bring the possibility of adverse regulatory actions , including extending foreclosure timelines . foreclosure delays slow the recovery of delinquent servicing fees and advances . our average completed foreclosure timelines increased in 2014 due to internal and macroeconomic impacts . first , we adjusted our internal processes to focus on the most significantly aged foreclosures to ensure foreclosure sales met the requirements of our agreements ; this shift had the effect of inflating completed foreclosure timelines as loans in foreclosure for prolonged periods were completed . additionally , in order to improve the quality and efficiency of the foreclosure process we consolidated the number of law firms we use to those with optimal performance , which introduced temporary delays as work transitioned . from a macroeconomic perspective , the portion of foreclosure eligible loans in our portfolio in judicial states such as new york and florida , where the foreclosure timelines are longer , increased . replace_table_token_12_th despite this timeline extension , the delinquency rate of our serviced portfolio as a percentage of upb has declined from 24 % at december 31 , 2012 to 15 % at december 31 , 2013 and to 13 % at december 31 , 2014 . while this improvement is due , in part , to the lower delinquency mix for recent acquisitions , modifications continue to drive down delinquency rates and obviate foreclosure . also , fewer loans have entered delinquency , as early intervention loss mitigation and general economic conditions have improved . it is not possible to predict the full financial impact of changes in foreclosure practices , but if the extension of timelines causes delinquency rates to rise , this could lead to a delay in revenue recognition and collections , an increase in operating expenses and an increase in the advance ratio . an increase in the advance ratio would lead to increased borrowings and higher interest expense . advance obligation as a servicer or subservicer , we have the obligation to advance funds to securitization trusts in the event that borrowers are delinquent on their monthly mortgage payments . when a borrower becomes delinquent , we advance cash to trusts on the scheduled remittance date thus creating a receivable from the trust that is secured by the future cash flows from the mortgages underlying the trust . 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 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 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 provide for more rapid reimbursement of any advances from the owner of the servicing rights . significant variables the key variables that have the most significant effect on our operating results in the servicing segment are aggregate upb , delinquencies , prepayment speeds and operating efficiency . 49 aggregate unpaid principal balance . servicing and subservicing fees are generally expressed as a percentage of upb , and growth in the portfolio generally means growth in servicing and subservicing fees . conversely , if our portfolio decreases in size our servicing and subservicing fees will also generally decrease . additionally , a larger servicing portfolio generates increased ancillary fees and leads to larger custodial account balances generating greater float earnings , and vice versa . our amortization of msrs will typically increase or decrease based on the upb of our owned servicing portfolio as the carrying value of our msrs increases or decreases . in addition , interest expense is generally affected by the size of our portfolio due to increases or decreases in servicing advances requiring financing . in 2015 , we anticipate a reduction in aggregate upb to result from our previously announced plans to sell certain of our agency msrs , portfolio run-off and restrictions on our ability to acquire msrs under our regulatory settlements that we anticipate will limit acquisitions of replacement msrs during 2015. delinquencies . delinquencies have a significant impact on our results of operations and cash flows . delinquencies affect the timing of revenue recognition because we recognize servicing fees as earned which is generally upon collection of payments from the borrower . delinquencies also affect the custodial accounts that hold funds representing collections of principal and interest that we receive from borrowers ( float balances ) and float earnings . non-performing loans are more expensive to service than performing loans because the cost of servicing is higher and , although collectibility is generally not a concern , advances to the investors increase which results in higher financing costs . when borrowers are delinquent

cash flows for the year ended december 31 , 2014 . although we incurred a net loss of $ 469.6 million , our operating activities provided $ 352.5 million of cash after adjusting for goodwill impairment losses of $ 420.2 million , msr amortization of $ 250.4 million and other non-cash items , and because of $ 292.0 million of net collections of servicing advances offset in 66 part by the payment of $ 150.0 million in connection with the ny dfs settlement and the net payment of $ 66.9 million in connection with the ocwen national mortgage settlement . our investing activities used $ 958.2 million of cash . investing activities include cash outflows in connection with our reverse mortgage securitizations of $ 816.9 million accounted for as secured financings . in addition , we paid $ 222.7 million in connection with acquisitions completed during the year ended december 31 , 2014 . our financing activities provided $ 556.7 million of cash . cash provided by our financing activities includes $ 783.0 million in connection with our reverse mortgage securitization activities . financing activities also include $ 343.3 million of cash received in connection with the issuance of $ 350.0 million of senior unsecured notes , net of the payment of $ 6.7 million of debt issuance costs . in addition , we received $ 123.6 million of proceeds from the oasis transaction involving the financing of freddie mac msrs and $ 89.0 million of proceeds from the sale of advances to nrz acquired in connection with the ginnie mae ebo transactions , both of which we accounted for as financing transactions .


 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 flows for the year ended december 31 , 2014 . although we incurred a net loss of $ 469.6 million , our operating activities provided $ 352.5 million of cash after adjusting for goodwill impairment losses of $ 420.2 million , msr amortization of $ 250.4 million and other non-cash items , and because of $ 292.0 million of net collections of servicing advances offset in 66 part by the payment of $ 150.0 million in connection with the ny dfs settlement and the net payment of $ 66.9 million in connection with the ocwen national mortgage settlement . our investing activities used $ 958.2 million of cash . investing activities include cash outflows in connection with our reverse mortgage securitizations of $ 816.9 million accounted for as secured financings . in addition , we paid $ 222.7 million in connection with acquisitions completed during the year ended december 31 , 2014 . our financing activities provided $ 556.7 million of cash . cash provided by our financing activities includes $ 783.0 million in connection with our reverse mortgage securitization activities . financing activities also include $ 343.3 million of cash received in connection with the issuance of $ 350.0 million of senior unsecured notes , net of the payment of $ 6.7 million of debt issuance costs . in addition , we received $ 123.6 million of proceeds from the oasis transaction involving the financing of freddie mac msrs and $ 89.0 million of proceeds from the sale of advances to nrz acquired in connection with the ginnie mae ebo transactions , both of which we accounted for as financing transactions .
```    
 Suspicious Activity Report : under the ca dbo consent order , we agreed to cease acquiring any additional msrs for loans secured in california until the ca dbo is satisfied that ols can satisfactorily respond to the requests for information and documentation made in the course of a regulatory exam . if we are unable to satisfy these conditions , we will be unable to grow our servicing portfolio through acquisitions . as a result of the current regulatory environment , we have faced , and expect to continue to face , increased regulatory and public scrutiny as well as stricter and more comprehensive regulation of our business . we continue to work diligently to assess the implications of the regulatory environment in which we operate and to meet the requirements of the current environment . we devote substantial resources to regulatory compliance , while , at the same time , striving to meet the needs and expectations of our customers , clients and other stakeholders . during 2015 , we have been executing on our strategy , as announced in december 2014 , to sell certain of our agency msrs . there are multiple reasons for this strategy . first , reducing our exposure to agency servicing will reduce our exposure to interest rate movements . prime servicing and msr valuation are highly sensitive to interest rate movements , and we would like to reduce this risk to the business . second , as of december 31 , 2014 , we carried these msrs at the lower of cost or fair value and expect that selling these assets will enable us to recognize income currently as opposed to over time . third , given the magnitude of the portfolio , we expect that sales of agency msrs will generate significant liquidity in 2015. we currently expect to receive approximately $ 852.0 million of proceeds from announced asset sales , subject in each case to necessary approvals and the satisfaction of closing conditions . we expect that the majority of such proceeds will be used for prepayments under our sstl . finally , we expect that reducing the size of our agency servicing portfolio will help simplify our operations and help improve our margins over time because , while we do not generate discrete financial information that allows us to track margin by type of loan serviced , we believe that our traditional cost advantages are not as significant for servicing conventional and government-insured loans as they are for servicing non-agency loans . in addition to our efforts to optimize our servicing business , we have also invested in adjacent markets , including forward and reverse mortgage lending . ocwen provides forward and reverse mortgages directly , through call-center-based operations , and indirectly , through brokers , correspondents and relationships with lending partners . mortgage lending is a natural extension of our servicing business , as a substantial portion of our lending business comes from refinancing loans from our servicing portfolio . we believe the reverse mortgage business is a substantially under-developed market relative to its potential , and that it provides a potential source of long-term growth for ocwen . additionally we are investing in our forward lending business to build competitive advantages around processes and technology , leveraging the analytical foundations of our servicing business and the differentiated technology platform of our reverse mortgage business . several factors suggest that the demand for alternative credit products to support homeownership is growing . we believe that a large percentage of american households would be unable to qualify for a new mortgage in the current environment . this compares to a pre-financial crisis estimate that 70 % of households could obtain mortgage loan financing in either the prime or non-prime lending market . expanding access to credit has been solidly supported by community groups with whom we are in close contact . while we do not have any interest at this time in originating non-qualified mortgage loans , given the penalties that an originator could incur , we do believe that innovative qualified mortgage products will be developed to access this underserved market . in most cases , these products will require a flexible servicing platform that can manage the risks associated with non-prime or credit-impaired servicing , an area in which we believe we have strong competitive advantages . we will continue to evaluate new adjacent market opportunities that are consistent with our strategic goals and in which we can capture competitive advantages and achieve attractive returns for our shareholders . our general requirements are as follows : new opportunities must align with long-term macro trends . we look for opportunities that can contribute meaningfully to our long-term growth and return on equity . we will generally only enter a business if we feel we can capture and maintain a long-term competitive advantage . for example , our advantage could be related to our operating efficiencies , our cost of capital or our tax structure , but we must view it as meaningful and sustainable . we prefer businesses that can be structured efficiently around repetitive processes where we aim to utilize our operational expertise and innovation to create best-in-class practices . finally , any business we add to our platform must not jeopardize our franchise or dilute our core servicing business . operations summary our consolidated operating results for the past three years have been significantly impacted by portfolio and platform acquisitions , subsequent integrations , goodwill impairment and various regulatory settlement and other costs . the operating results of the acquired businesses are included in our operating results since their respective acquisition dates . 43 the following table summarizes our consolidated operating results for the years indicated : replace_table_token_10_th year ended december 31 , 2014 versus 2013 . story_separator_special_tag inquiries into servicer foreclosure practices by state or federal government bodies , regulators or courts are continuing and bring the possibility of adverse regulatory actions , including extending foreclosure timelines . foreclosure delays slow the recovery of delinquent servicing fees and advances . our average completed foreclosure timelines increased in 2014 due to internal and macroeconomic impacts . first , we adjusted our internal processes to focus on the most significantly aged foreclosures to ensure foreclosure sales met the requirements of our agreements ; this shift had the effect of inflating completed foreclosure timelines as loans in foreclosure for prolonged periods were completed . additionally , in order to improve the quality and efficiency of the foreclosure process we consolidated the number of law firms we use to those with optimal performance , which introduced temporary delays as work transitioned . from a macroeconomic perspective , the portion of foreclosure eligible loans in our portfolio in judicial states such as new york and florida , where the foreclosure timelines are longer , increased . replace_table_token_12_th despite this timeline extension , the delinquency rate of our serviced portfolio as a percentage of upb has declined from 24 % at december 31 , 2012 to 15 % at december 31 , 2013 and to 13 % at december 31 , 2014 . while this improvement is due , in part , to the lower delinquency mix for recent acquisitions , modifications continue to drive down delinquency rates and obviate foreclosure . also , fewer loans have entered delinquency , as early intervention loss mitigation and general economic conditions have improved . it is not possible to predict the full financial impact of changes in foreclosure practices , but if the extension of timelines causes delinquency rates to rise , this could lead to a delay in revenue recognition and collections , an increase in operating expenses and an increase in the advance ratio . an increase in the advance ratio would lead to increased borrowings and higher interest expense . advance obligation as a servicer or subservicer , we have the obligation to advance funds to securitization trusts in the event that borrowers are delinquent on their monthly mortgage payments . when a borrower becomes delinquent , we advance cash to trusts on the scheduled remittance date thus creating a receivable from the trust that is secured by the future cash flows from the mortgages underlying the trust . 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 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 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 provide for more rapid reimbursement of any advances from the owner of the servicing rights . significant variables the key variables that have the most significant effect on our operating results in the servicing segment are aggregate upb , delinquencies , prepayment speeds and operating efficiency . 49 aggregate unpaid principal balance . servicing and subservicing fees are generally expressed as a percentage of upb , and growth in the portfolio generally means growth in servicing and subservicing fees . conversely , if our portfolio decreases in size our servicing and subservicing fees will also generally decrease . additionally , a larger servicing portfolio generates increased ancillary fees and leads to larger custodial account balances generating greater float earnings , and vice versa . our amortization of msrs will typically increase or decrease based on the upb of our owned servicing portfolio as the carrying value of our msrs increases or decreases . in addition , interest expense is generally affected by the size of our portfolio due to increases or decreases in servicing advances requiring financing . in 2015 , we anticipate a reduction in aggregate upb to result from our previously announced plans to sell certain of our agency msrs , portfolio run-off and restrictions on our ability to acquire msrs under our regulatory settlements that we anticipate will limit acquisitions of replacement msrs during 2015. delinquencies . delinquencies have a significant impact on our results of operations and cash flows . delinquencies affect the timing of revenue recognition because we recognize servicing fees as earned which is generally upon collection of payments from the borrower . delinquencies also affect the custodial accounts that hold funds representing collections of principal and interest that we receive from borrowers ( float balances ) and float earnings . non-performing loans are more expensive to service than performing loans because the cost of servicing is higher and , although collectibility is generally not a concern , advances to the investors increase which results in higher financing costs . when borrowers are delinquent

