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Interest Expense | 3 Months Ended
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Mar. 31, 2016
Other Income and Expenses [Abstract] |
Interest Expense | Note 14 – Interest Expense The following table presents the components of interest expense for the three months ended March 31:
| 2016 |  | 2015
Financing liabilities (1) (2) | $ | 67,707 |  |  | $ | 73,824 |
Match funded liabilities | 18,174 |  |  | 14,280 |
Other secured borrowings | 12,713 |  |  | 22,916 |
6.625% Senior unsecured notes | 6,208 |  |  | 6,129 |
Other | 1,287 |  |  | 2,247 |
| $ | 106,089 |  |  | $ | 119,396 |
(1) | Includes interest expense related to financing liabilities recorded in connection with the NRZ/HLSS Transactions as indicated in the table below.
| 2016 |  | 2015
Servicing fees collected on behalf of NRZ/HLSS | $ | 162,129 |  |  | $ | 180,297 |
Less: Subservicing fee retained by Ocwen | 84,370 |  |  | 91,214 |
Net servicing fees remitted to NRZ/HLSS | 77,759 |  |  | 89,083 |
Less: Reduction in financing liability | 18,201 |  |  | 17,723 |
Interest expense on NRZ/HLSS financing liability | $ | 59,558 |  |  | $ | 71,360 |
The reduction in the financing liability does not include reimbursements to NRZ/HLSS for the loss of servicing revenues when we were terminated as servicer and where the related Rights to MSRs had been sold to HLSS.
(2) | Includes $6.2 million of fees incurred during the three months ended March 31, 2016 in connection with our agreement to compensate NRZ/HLSS for certain increased costs associated with its servicing advance financing facilities that are the direct result of a downgrade of our S&P servicer rating.
Interest expense that we expect to be paid on the HMBS-related borrowings is included with net fair value gains in Other revenues.

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