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Borrowings - Schedule of Match Funded Liabilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]    
Available Committed Borrowing Capacity $ 24,467,000  
Match funded liabilities $ 1,584,049,000 $ 2,090,247,000
Weighted average interest rate 3.15% 1.97%
Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Available Committed Borrowing Capacity [1] $ 106,844,000  
Match funded liabilities 1,393,156,000 $ 1,657,659,000
Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Available Committed Borrowing Capacity [1] 23,585,000  
Match funded liabilities 51,415,000 59,014,000
Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Available Committed Borrowing Capacity [1],[2] 10,522,000  
Match funded liabilities [2] $ 139,478,000 0
Ocwen Freddie Servicer Advance Receivables Trust Series 2012-ADV1 [Member]    
Debt Instrument [Line Items]    
Maturity [3],[4] Jun. 30, 2017  
Amortization Date [3],[4] Jun. 2015  
Available Committed Borrowing Capacity [1],[4] $ 0  
Match funded liabilities [4] $ 0 373,080,000
Ocwen Servicer Advance Funding (SBC) Note [Member]    
Debt Instrument [Line Items]    
Maturity [3],[5] Dec. 31, 2015  
Amortization Date [3],[5] Dec. 2014  
Available Committed Borrowing Capacity [1],[5] $ 0  
Match funded liabilities [5] $ 0 494,000
Advance Receivables Backed Notes, Series 2013-VF2, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[6] Oct. 31, 2045  
Amortization Date [3],[6] Oct. 2015  
Available Committed Borrowing Capacity [1],[6] $ 0  
Match funded liabilities [6] $ 0 519,634,000
Advance Receivables Backed Notes, Series 2013-VF2, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[6] Oct. 31, 2045  
Amortization Date [3],[6] Oct. 2015  
Available Committed Borrowing Capacity [1],[6] $ 0  
Match funded liabilities [6] $ 0 32,919,000
Advance Receivables Backed Notes - Series 2014-VF3, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[7] Sep. 30, 2046  
Amortization Date [3],[7] Sep. 2016  
Available Committed Borrowing Capacity [1],[7] $ 29,034,000  
Match funded liabilities [7] $ 132,651,000 552,553,000
Advance Receivables Backed Notes - Series 2014-VF3, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[7] Sep. 30, 2046  
Amortization Date [3],[7] Sep. 2016  
Available Committed Borrowing Capacity [1],[7] $ 1,294,000  
Match funded liabilities [7] $ 6,330,000 0
Advance Receivables Backed Notes - Series 2014-VF3, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[7] Sep. 30, 2046  
Amortization Date [3],[7] Sep. 2016  
Available Committed Borrowing Capacity [1],[7] $ 1,458,000  
Match funded liabilities [7] $ 6,977,000 0
Advance Receivables Backed Notes - Series 2014-VF3, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[7] Sep. 30, 2046  
Amortization Date [3],[7] Sep. 2016  
Available Committed Borrowing Capacity [1],[7] $ 3,829,000  
Match funded liabilities [7] $ 18,427,000 0
Advance Receivables Backed Notes - Series 2014-VF4, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[8] Sep. 30, 2046  
Amortization Date [3],[8] Sep. 2016  
Available Committed Borrowing Capacity [1],[8] $ 29,034,000  
Match funded liabilities [8] $ 132,651,000 552,553,000
Advance Receivables Backed Notes - Series 2014-VF4, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[8] Sep. 30, 2046  
Amortization Date [3],[8] Sep. 2016  
Available Committed Borrowing Capacity [1],[8] $ 1,294,000  
Match funded liabilities [8] $ 6,330,000 0
Advance Receivables Backed Notes - Series 2014-VF4, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[8] Sep. 30, 2046  
Amortization Date [3],[8] Sep. 2016  
Available Committed Borrowing Capacity [1],[8] $ 1,458,000  
Match funded liabilities [8] $ 6,977,000 0
Advance Receivables Backed Notes - Series 2014-VF4, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[8] Sep. 30, 2046  
Amortization Date [3],[8] Sep. 2016  
Available Committed Borrowing Capacity [1],[8] $ 3,829,000  
Match funded liabilities [8] $ 18,427,000 0
Advance Receivables Backed Notes - Series 2015-VF5, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 29,033,000  
Match funded liabilities [9] $ 132,652,000 0
Advance Receivables Backed Notes - Series 2015-VF5, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 1,294,000  
Match funded liabilities [9] $ 6,330,000 0
Advance Receivables Backed Notes - Series 2015-VF5, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 1,458,000  
Match funded liabilities [9] $ 6,977,000 0
Advance Receivables Backed Notes - Series 2015-VF5, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 3,829,000  
Match funded liabilities [9] $ 18,427,000 0
Advance Receivables Backed Notes - Series 2015-T1, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 2.5365%  
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 0  
Match funded liabilities [9] $ 244,809,000 0
Advance Receivables Backed Notes - Series 2015-T1, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 3.0307%  
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 0  
Match funded liabilities [9] $ 10,930,000 0
Advance Receivables Backed Notes - Series 2015-T1, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 3.524%  
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 0  
Match funded liabilities [9] $ 12,011,000 0
Advance Receivables Backed Notes - Series 2015-T1, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 4.10%  
Maturity [3],[9] Sep. 30, 2046  
Amortization Date [3],[9] Sep. 2016  
Available Committed Borrowing Capacity [1],[9] $ 0  
Match funded liabilities [9] $ 32,250,000 0
Advance Receivables Backed Notes - Series 2015-T2, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 2.532%  
Maturity [3],[10] Nov. 30, 2046  
Amortization Date [3],[10] Nov. 2016  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 161,973,000 0
Advance Receivables Backed Notes - Series 2015-T2, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 3.372%  
Maturity [3],[10] Nov. 30, 2046  
Amortization Date [3],[10] Nov. 2016  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 7,098,000 0
Advance Receivables Backed Notes - Series 2015-T2, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 3.766%  
Maturity [3],[10] Nov. 30, 2046  
Amortization Date [3],[10] Nov. 2016  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 8,113,000 0
Advance Receivables Backed Notes - Series 2015-T2, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 4.258%  
Maturity [3],[10] Nov. 30, 2046  
Amortization Date [3],[10] Nov. 2016  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 22,816,000 0
Advance Receivables Backed Notes - Series 2015-T3, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 3.211%  
Maturity [3],[10] Nov. 30, 2047  
Amortization Date [3],[10] Nov. 2017  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 310,195,000 0
Advance Receivables Backed Notes - Series 2015-T3, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 3.704%  
Maturity [3],[10] Nov. 30, 2047  
Amortization Date [3],[10] Nov. 2017  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 17,695,000 0
Advance Receivables Backed Notes - Series 2015-T3, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 4.196%  
Maturity [3],[10] Nov. 30, 2047  
Amortization Date [3],[10] Nov. 2017  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 19,262,000 0
Advance Receivables Backed Notes - Series 2015-T3, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [10] 4.687%  
Maturity [3],[10] Nov. 30, 2047  
Amortization Date [3],[10] Nov. 2017  
Available Committed Borrowing Capacity [1],[10] $ 0  
Match funded liabilities [10] $ 52,848,000 0
Advance Receivables Backed Notes, Series 2014-VF1, Class A [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[11] Dec. 31, 2046  
Amortization Date [3],[11] Dec. 2016  
Available Committed Borrowing Capacity [1],[11] $ 14,350,000  
Match funded liabilities [11] $ 31,343,000 21,192,000
Advance Receivables Backed Notes, Series 2014-VF1, Class B [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[11] Dec. 31, 2046  
Amortization Date [3],[11] Dec. 2016  
Available Committed Borrowing Capacity [1],[11] $ 1,902,000  
Match funded liabilities [11] $ 4,157,000 13,598,000
Advance Receivables Backed Notes, Series 2014-VF1, Class C [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[11] Dec. 31, 2046  
Amortization Date [3],[11] Dec. 2016  
Available Committed Borrowing Capacity [1],[11] $ 2,096,000  
Match funded liabilities [11] $ 4,564,000 10,224,000
Advance Receivables Backed Notes, Series 2014-VF1, Class D [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Maturity [3],[11] Dec. 31, 2046  
Amortization Date [3],[11] Dec. 2016  
Available Committed Borrowing Capacity [1],[11] $ 5,237,000  
Match funded liabilities [11] $ 11,351,000 14,000,000
Advance Receivables Backed Notes, Series 2015-VF1, Class A [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Maturity [3] Jun. 30, 2046  
Amortization Date [3] Jun. 2016  
Available Committed Borrowing Capacity [1] $ 8,584,000  
Match funded liabilities $ 112,882,000 0
Advance Receivables Backed Notes, Series 2015-VF1, Class B [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Maturity [3] Jun. 30, 2046  
Amortization Date [3] Jun. 2016  
Available Committed Borrowing Capacity [1] $ 599,000  
Match funded liabilities $ 12,268,000 0
Advance Receivables Backed Notes, Series 2015-VF1, Class C [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Maturity [3] Jun. 30, 2046  
Amortization Date [3] Jun. 2016  
Available Committed Borrowing Capacity [1] $ 649,000  
Match funded liabilities $ 5,951,000 0
Advance Receivables Backed Notes, Series 2015-VF1, Class D [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Maturity [3] Jun. 30, 2046  
Amortization Date [3] Jun. 2016  
Available Committed Borrowing Capacity [1] $ 690,000  
Match funded liabilities 8,377,000 0
Match Funded Liabilties [Member]    
Debt Instrument [Line Items]    
Available Committed Borrowing Capacity [1] 140,951,000  
Match funded liabilities $ 1,584,049,000 $ 2,090,247,000
LIBOR [Member] | Ocwen Freddie Servicer Advance Receivables Trust Series 2012-ADV1 [Member]    
Debt Instrument [Line Items]    
Interest Rate [3],[4],[12] 1.75%  
LIBOR [Member] | Ocwen Servicer Advance Funding (SBC) Note [Member]    
Debt Instrument [Line Items]    
Interest Rate [5] 3.00%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF3, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [7] 2.35%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF3, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [7] 3.00%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF3, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [7] 4.25%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF3, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [7] 5.75%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF4, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [8] 2.35%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF4, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [8] 3.00%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF4, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [8] 4.25%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2014-VF4, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [8] 5.75%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2015-VF5, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 2.35%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2015-VF5, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 3.00%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2015-VF5, Class C [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 4.25%  
LIBOR [Member] | Advance Receivables Backed Notes - Series 2015-VF5, Class D [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [9] 5.75%  
LIBOR [Member] | Advance Receivables Backed Notes, Series 2015-VF1, Class A [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Interest Rate 2.125%  
LIBOR [Member] | Advance Receivables Backed Notes, Series 2015-VF1, Class B [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Interest Rate 3.00%  
LIBOR [Member] | Advance Receivables Backed Notes, Series 2015-VF1, Class C [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Interest Rate 3.50%  
LIBOR [Member] | Advance Receivables Backed Notes, Series 2015-VF1, Class D [Member] | Total Ocwen Freddie Advance Funding (OFAF) [Member]    
Debt Instrument [Line Items]    
Interest Rate 4.25%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2013-VF2, Class A [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [6] 2.39%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2013-VF2, Class B [Member] | Ocwen Master Advance Receivables Trust (OMART) [Member]    
Debt Instrument [Line Items]    
Interest Rate [6] 4.29%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class A [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Interest Rate [11] 2.65%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class B [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Interest Rate [11] 4.25%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class C [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Interest Rate [11] 4.65%  
Cost of Funds [Member] | Advance Receivables Backed Notes, Series 2014-VF1, Class D [Member] | Total Ocwen Servicer Advance Receivables Trust III (OSARTIII) [Member]    
Debt Instrument [Line Items]    
Interest Rate [11] 5.15%  
[1] Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At December 31, 2015, $24.5 million of the available borrowing capacity could be used based on the amount of eligible collateral that had been pledged.
[2] We entered into OFAF facility on June 10, 2015, and issued the Series 2015-T1 and Series 2015-T2 Term Notes on June 26, 2015. The Series 2015-T2 Notes with a combined borrowing capacity of $155.0 million were fully repaid on September 15, 2015, and the Series 2015-T1 Notes with a combined borrowing capacity of $70.0 million were fully repaid on November 16, 2015. On November 20, 2015, the combined borrowing capacity of the Series 2015-VF1 Notes issued under this facility was reduced to $150.0 million.
[3] 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 all of our 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.
[4] We repaid this facility in full in June 2015 from the proceeds of the OFAF facility.
[5] We voluntarily terminated this advance facility on January 30, 2015.
[6] The OMART Series 2013-VF2 Notes were repaid in full on September 18, 2015.
[7] On September 18, 2015, the Series 2014-VF3 Notes, Class B, C and D Notes, a series of variable funding notes under our OMART facility, were issued, and the existing Class A Note was canceled and a new Class A Note was issued. During 2015, we negotiated a series of reductions in the combined maximum borrowing capacity of the Series 2014-VF3 Notes from $600.0 million at December 31, 2014 to $200.0 million at December 31, 2015. There is a ceiling of 75 bps for 1 ML in determining the interest rate for these variable rate Notes.
[8] Effective July 1, 2015, the single outstanding Series 2014-VF4 Note under our OMART facility was replaced by four Notes - Class A, B, C and D. During 2015, we negotiated a series of reductions in the combined maximum borrowing capacity of the Series 2014-VF4 Notes from $600.0 million at December 31, 2014 to $200.0 million at December 31, 2015. There is a ceiling of 75 bps for 1 ML in determining the interest rate for variable rate Notes.
[9] The Series 2015-VF5 Notes and the Series 2015-T1 Notes under our OMART facility were issued on September 18, 2015. Under the terms of the agreement, we must continue to borrow the full amount of the Series 2015-T1 Notes until the amortization date. If there is insufficient collateral to support the level of borrowing, the excess cash proceeds are not distributed to Ocwen but are held by the trustee, and interest expense continues to be based on the full amount of the term notes. We negotiated a series of reductions in the combined maximum borrowing capacity of the Series 2015-VF5 Notes from $450.0 million at September 18, 2015 to $200.0 million at December 31, 2015. There is a ceiling of 75 bps for 1 ML in determining the interest for variable rate Notes.
[10] On November 13, 2015, we issued the Series 2015-T2 and Series 2015 T-3 Notes under our OMART facility. Under the terms of the agreement, we must continue to borrow the full amount of the Series 2015-T2 and T-3 Notes until the amortization date. If there is insufficient collateral to support the level of borrowing, the excess cash proceeds are not distributed to Ocwen but are held by the trustee, and interest expense continues to be based on the full amount of the term notes.
[11] Beginning April 23, 2015, the maximum borrowing under the OSART III facility decreased by $6.3 million per month until it reduced to $75.0 million. On December 21, 2015, we renewed this facility for an additional year and maintained the maximum borrowing capacity.
[12] 1-Month LIBOR was 0.43% and 0.17% at December 31, 2015 and 2014, respectively.