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NOTE 14 MATCH FUNDED LIABILITIES | 6 Months Ended
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Jun. 30, 2013
Match Funded Liabilities [Abstract] |
MATCH FUNDED LIABILITIES |
| NOTE 14 | MATCH FUNDED LIABILITIES
Match funded liabilities are comprised of the following at the dates indicated:
|  |  |  |  |  |  |  | Available |  |  | Balance Outstanding |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Borrowing Capacity (2) |  |  | June 30, 2013 |  |  | December 31, 2012 |
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 |
Total fixed rate |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,648,277 |
|  |  |  |  |  |  |  | Available |  |  | Balance Outstanding |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Borrowing Capacity (2) |  |  | June 30, 2013 |  |  | December 31, 2012 |
Advance Receivable Backed Notes (4) |  | 1-month LIBOR (1ML) + 285 bps |  | Apr. 2015 |  | Apr. 2014 |  |  | 168,640 |  |  |  | 131,360 |  |  |  | 205,016 |
Advance Receivable Backed Notes Series 2012-ADV1 |  | Commercial paper (CP) rate + 225 or 335 bps |  | Dec. 2043 |  | Dec. 2013 |  |  | 276,618 |  |  |  | 173,382 |  |  |  | 232,712 |
Advance Receivable Backed Notes Series 2012-ADV1 |  | 1ML + 250 bps |  | June 2016 |  | June 2014 |  |  | 25,000 |  |  |  | 200,000 |  |  |  | 94,095 |
Advance Receivable Backed Note |  | 1ML + 300 bps |  | Dec. 2015 |  | Dec. 2014 |  |  | 10,827 |  |  |  | 39,173 |  |  |  | 49,138 |
2011-Servicing Advance Revolving Trust 1 (3) |  | 1ML + 300 bps |  | May 2043 |  | May 2013 |  |  | — |  |  |  | — |  |  |  | 204,633 |
2012-Servicing Advance Revolving Trust 2 (3) |  | 1ML + 315 bps |  | Sep. 2043 |  | Sept. 2013 |  |  | — |  |  |  | — |  |  |  | 22,003 |
2012-Servicing Advance Revolving Trust 3 (3) |  | 1ML + 300 bps – 675 bps |  | Mar. 2044 |  | Mar. 2014 |  |  | — |  |  |  | — |  |  |  | 40,626 |
2012-Homeward Agency Advance Funding Trust 2012-1 |  | 1ML + 300 bps |  | Sept. 2013 |  | Sept. 2013 |  |  | 3,581 |  |  |  | 21,419 |  |  |  | 16,094 |
2012-Homeward DSF Advance Revolving Trust 2012-1 (3) |  | 1ML + 450 bps |  | Feb. 2013 |  | Feb. 2013 |  |  | — |  |  |  | — |  |  |  | 20,151 |
Homeward Residential Bridge Loan Trust – 2013 Series-Bridge-VF1 and VF2 (3)(5) |  | 1ML + 150 bps |  | Aug. 2043 |  | Aug. 2013 |  |  | 133,162 |  |  |  | 766,838 |  |  |  | — |
Ocwen Servicer Advance Receivables Trust – Series 2013-VF1 Class A, B, C and D Notes (5)(6) |  | 1ML + 150 – 525 bps |  | Feb. 2044 |  | Feb. 2014 |  |  | 351,254 |  |  |  | 848,746 |  |  |  | — |
Ocwen Servicer Advance Receivables Trust II – Series 2013-VF1 Class A, B, C and D Notes (5)(6) |  | 1ML + 287.5 bps |  | Feb. 2044 |  | Feb. 2014 |  |  | 14,086 |  |  |  | 210,914 |  |  |  | — |
Total variable rate |  |  |  |  |  |  |  |  | 983,168 |  |  |  | 2,391,832 |  |  |  | 884,468 |
|  |  |  |  |  |  |  | $ | 983,168 |  |  | $ | 2,391,832 |  |  | $ | 2,532,745 |
| (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) | Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At June 30, 2013, none of the available borrowing capacity could be used because we had borrowed the maximum amount against the pledged collateral.
| (3) | Facility was repaid in February 2013 from the proceeds of a new $1.4 billion bridge facility (Homeward Residential Bridge Loan Trust – 2013) which has an amortization date of August 14, 2013. On May 24, 2013, the total maximum borrowing capacity for this facility was reduced to $900,000.
| (4) | We repaid this facility in full in July 2013.
(5) | On July 1, 2013, we repaid these facilities in full from the proceeds received on the sale of servicing advances to HLSS. See Note 25 – Subsequent Events for additional information regarding this transaction.
(6) | We entered into these facilities in connection with the ResCap Acquisition (See Note 4 – Business Acquisitions).

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- Definition The disclosure for debt associated with advances transferred to special purpose entities in transactions accounted for as secured borrowings recognized in the transferor's statement of financial position, including repayment terms, interest rates, unused borrowings capacity, and other matters important to users of the financial statements, such as the effects of refinancing and any non-compliance with debt covenants. + References No definition available. + Details
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