Note 14 – Interest Expense

The following table presents the components of interest expense for the periods ended June 30:



	Three months				Six Months
	2016		2015		2016		2015
Financing liabilities (1) (2)	$	52,803	$	74,066	$	120,578	$	147,891
Match funded liabilities	18,133		15,674		36,307		29,955
Other secured borrowings	12,715		25,710		25,428		48,625
6.625% Senior unsecured notes	6,129		6,651		12,270		12,780
Other	1,253		2,796		2,539		5,042
	$	91,033	$	124,897	$	197,122	$	244,293


(1)	Includes interest expense related to financing liabilities recorded in connection with the NRZ/HLSS Transactions as indicated in the table below.



	Three months				Six Months
	2016		2015		2016		2015
Servicing fees collected on behalf of NRZ/HLSS	$	160,518	$	175,108	$	322,647	$	355,405
Less: Subservicing fee retained by Ocwen	85,532		89,991		169,902		181,205
Net servicing fees remitted to NRZ/HLSS	74,986		85,117		152,745		174,200
Less: Reduction in financing liability	27,628		13,276		45,829		30,999
Interest expense on NRZ/HLSS financing liability	$	47,358	$	71,841	$	106,916	$	143,201

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 $4.3 million and $10.5 million of fees incurred during the three and six months ended June 30, 2016, respectively, 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.