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NOTE 14 MATCH FUNDED LIABILITIES

9 Months Ended

Sep. 30, 2013

NOTE 14

MATCH FUNDED LIABILITIES

Match funded liabilities are comprised of the following at the dates indicated:


				Available		Balance Outstanding
		Maturity	Amortization	Borrowing		September 30,		December 31,
Borrowing Type	Interest Rate	(1)	Date (1)	Capacity (2)		2013		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
Advance Receivable Backed Notes (4)	1-month LIBOR (1ML) + 285 bps	Apr. 2015	Apr. 2014		—		—		205,016
Advance Receivable Backed Notes Series 2012-ADV1 (5)	Commercial paper (CP) rate + 225 or 335 bps	Dec. 2043	Dec. 2013		18,959		81,041		232,712
Advance Receivable Backed Notes Series 2012-ADV1	1ML + 250 bps	June 2016	June 2014		—		225,000		94,095
Advance Receivable Backed Note	1ML + 300 bps	Dec. 2015	Dec. 2014		12,383		37,617		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	Sep. 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 (6)	1ML + 300 bps	Nov. 2013	Nov. 2013		5,646		19,354		16,094
2012-Homeward DSF Advance Revolving Trust 2012-1 (3)	1ML + 450 bps	Feb. 2013	Feb. 2013		—		—		20,151
Total variable rate					36,988		363,012		884,468
				$	36,988	$	363,012	$	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 September 30, 2013, $0.1 million of the available borrowing capacity could be used based on the amount of eligible 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) with an amortization date of August 14, 2013. On July 1, 2013, we repaid the new bridge facility in full from proceeds received on the sale of servicing advances to HLSS.

(4)

We repaid this facility in full in July 2013.

(5)

On August 30, 2013, we amended this facility to reduce the maximum borrowing capacity to $100 million from $450 million.

(6)

On October 21, 2013, we extended the maturity date of this facility to November 29, 2013 with two optional six-month extensions subject to lender approval.