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Note 13 MATCH FUNDED LIABILITIES

12 Months Ended

Dec. 31, 2012

Transfers Accounted For As Secured Borrowings Associated Liabilities [Text Block]

NOTE 13

MATCH FUNDED LIABILITIES

Match funded liabilities, as more fully described in Note 1—Principles of Consolidation – Financings of Advances on Loans Serviced for Others, are comprised of the following:

							Balance Outstanding
Borrowing Type	Interest Rate		Maturity (1)	Amortization Date (1)		Unused Borrowing Capacity (2)		December 31, 2012			December 31, 2011

2011-Servicer Advance Revolving Trust 1 (3)	2.23	%	May 2043	May 2013		—		325,000			—
2011-Servicer Advance Revolving Trust 1 (3)	3.37 – 5.92	%	May 2043	May 2013		—		525,000			—
2012-Servicing Advance Revolving Trust 2 (3)	3.27 – 6.90	%	Sep. 2043	Sept. 2013		—		250,000			—
2012-Servicing Advance Revolving Trust 3 (3)	2.98	%	Mar. 2043	Mar. 2013		—		248,999			—
2012-Servicing Advance Revolving Trust 3 (3)	3.72 – 7.04	%	Mar. 2044	Mar. 2014		—		299,278			—
Promissory Note (4)	3.3875	%	Sept. 2013	Sept. 2013		—		—			1,784,043
Advance Receivable Backed Note Series 2009-3 (5)	4.14	%	July 2023	July 2012		—		—			210,000
Advance Receivable Backed Note Series 2010-1 (6)	3.59	%	Sep. 2023	Feb. 2011		—		—			40,000
Total fixed rate						—		1,648,277			2,034,043
Variable Funding Note Series 2009-2 (7)	1-Month LIBOR (1ML) + 350 bps		Nov. 2023	Nov. 2012		—		—			—
Variable Funding Note Series 2009-1 (8)	Commercial paper (CP) rate + 200 bps or 1ML plus 325 bps		Dec. 2023	Dec. 2012		—		—			11,687
Advance Receivable Backed Notes (9)	1ML + 285 bps		Apr. 2015	Apr. 2014		444,984		205,016			—
Advance Receivable Backed Notes Series 2012-ADV1 (9)	CP rate + 225 or 335 bps		Dec. 2043	Dec. 2013		17,288		232,712			—
Advance Receivable Backed Notes Series 2012-ADV1 (10)	1ML + 250 bps		June 2016	June 2014		5,905		94,095			—
Advance Receivable Backed Note (11)	1ML + 300 bps		Dec. 2015	Dec. 2014		862		49,138			—
2011-Servicing Advance Revolving Trust 1 (3)	1ML + 300 bps		May 2043	May 2013		320,367		204,633			—
2012-Servicing Advance Revolving Trust 2 (3)	1ML + 315 bps		Sep. 2043	Sept. 2013		127,997		22,003			—
2012-Servicing Advance Revolving Trust 3 (3)	1ML + 300 bps – 675 bps		Mar. 2044	Mar. 2014		232,651		40,626			—
2012-Homeward Agency Advance Funding Trust 2012-1 (3)	1ML + 300 bps		Sept. 2013	Sept. 2013		8,906		16,094			—
2012-Homeward DSF Advance Revolving Trust 2012-1 (3)	1ML + 450 bps		Feb. 2013	Feb. 2013		1,849		20,151			—
Class A-1 Term Note (12)	CP rate + 350 bps		Aug. 2043	Aug. 2013		—		—			340,185
Class A-2 Variable Funding Note (12)	CP rate + 350 bps		Aug. 2043	Aug. 2013		—		—			—
Class B Term Note (12)	CP rate + 525 bps		Aug. 2043	Aug. 2013		—		—			15,850
Class C Term Note (12)	CP rate + 625 bps		Aug. 2043	Aug. 2013		—		—			15,056
Class D Term Note (12)	1ML + 750 bps		Aug. 2043	Aug. 2013		—		—			11,638
Advance Receivable Backed Notes (13)	1ML + 200 bps		Jan. 2014	July 2013		—		—			130,492
Total variable rate						1,160,809		884,468			524,908
					$	1,160,809	$	2,532,745		$	2,558,951

Weighted average interest rate								3.52	%		3.50	%

(1)

The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In two advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied to reduce the balance of the note outstanding, and any new advances are ineligible to be financed.

(2)	Unused borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility.
(3)	Advance facility assumed in the Homeward Acquisition. The 2011-Servicing Advance Revolving Trust 1, 2012-Servicing Advance Revolving Trust 2 and 2012-Homeward DSF Advance Revolving Trust 2012-1 facilities were repaid in February 2013 from the proceeds of a new $1,700,000 bridge facility which has an amortization date of August 14, 2013.
(4)	This note was issued in connection with the financing of advances acquired in connection with the acquisition of Litton on September 1, 2011. Following the sale of advance collateral to HLSS in December 2012, the outstanding balance was repaid, the facility was terminated and the remaining collateral was transferred to other facilities.
(5)	On July 19, 2012, the borrowing under this note was transferred to the Series 2009-1 variable funding note.
(6)	The amortization period for this note ended in January 2012, at which time the remaining balance of $40,000 was repaid. The advances pledged to this note were transferred to the Series 2009-1 variable funding note and were re-pledged under that note.
(7)	The facility was terminated on September 28, 2012.
(8)	Effective March 12, 2012, the lender transferred this note from its commercial paper conduit and began charging interest based on 1-Month LIBOR. On September 28, 2012, the remaining balance was repaid, and the facility was terminated.
(9)	These notes were issued to finance the advances acquired in connection with the 2012 Saxon MSR Transaction.
(10)	These notes were issued to finance the advances acquired from BANA in connection with the acquisition of MSRs.
(11)	This note was issued to finance advances on the small balance commercial loan servicing portfolio that we acquired as part of the Litton Acquisition.
(12)	These notes were issued in connection with the financing of advances acquired as part of the HomEq Acquisition. The Class D Term Note was repaid in full on March 2, 2012. On March 5, 2012, HLSS assumed the remaining balances.
(13)	On September 13, 2012, the remaining balance was repaid, the facility was terminated and the remaining collateral was transferred to another facility.