Note 15 – Interest Expense

The following table presents the components of interest expense for the three and six months ended June 30:



	Three months				Six months
	2014		2013		2014		2013
Financing liabilities (1) (2)	$	93,456	$	63,312	$	193,685	$	103,924
Other secured borrowings	20,282		22,648		41,568		38,602
Match funded liabilities	15,349		24,649		31,665		55,000
Senior unsecured notes	3,326		—		3,326		—
Other	3,794		2,611		5,836		5,153
	$	136,207	$	113,220	$	276,080	$	202,679

(1)

Includes interest expense 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 audited Consolidated Balance Sheet as of December 31, 2013 as restated on Form 10-K/A and our previously reported consolidated operating results for the three and six months ended June 30, 2013 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 and six months ended June 30, 2013 has been restated.



	Three months				Six months
	2014		2013		2014		2013
Servicing fees collected on behalf of HLSS	$	185,797	$	128,699	$	375,021	$	230,957
Less: Subservicing fee retained by Ocwen	90,851		65,465		181,675		112,547
Net servicing fees remitted to HLSS	94,946		63,234		193,346		118,410
Less: Reduction in financing liability	4,820		—		4,224		14,593
Interest expense on HLSS financing liability	$	90,126	$	63,234	$	189,122	$	103,817


(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.