Note 16 — Interest Expense

The following table presents the components of interest expense for the three months ended March 31:



	2014		2013
Match funded liabilities	$	16,318	$	30,351
Financing liabilities (1) (2)	100,230		40,612
Other secured borrowings	21,284		15,954
Other	2,041		2,542
	$	139,873	$	89,459

(1)

Includes interest expense of $99.0 million and $40.6 million during the three months ended March 31, 2014 and 2013, respectively, related to financing liabilities recorded in connection with the HLSS Transactions as indicated in the table below. As discussed in Note 1A — Restatement of Previously Issued Consolidated Financial Statements , we are restating our previously issued unaudited Consolidated Financial Statements as of March 31, 2014 and for the reported periods to correct an error in applying the interest method to financing liabilities in connection with Rights to MSRs sold to HLSS. Interest expense on the HLSS Transaction financing liabilities for the three months ended March 31, 2014 and 2013 has been restated.



	2014		2013
Servicing fees collected on behalf of HLSS	$	189,157	$	102,258
Less: Subservicing fee retained by Ocwen	90,161		47,082
Net servicing fees remitted to HLSS	98,996		55,176
Less: Reduction in financing liability	—		14,593
Interest expense on HLSS financing liability	$	98,996	$	40,583


(2)	Interest expense that we expect to be paid on the HMBS-related borrowings is included with net fair value gains in Other revenues. See Note 2 — Securitizations and Variable Interest Entities for additional information.