Note 14 – Interest Expense

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



	Three months				Nine Months
	2016		2015		2016		2015
Financing liabilities (1) (2)	$	73,096	$	73,866	$	193,675	$	222,067
Match funded liabilities	17,349		15,425		53,656		45,379
Other secured borrowings	13,450		19,822		38,877		68,447
6.625% Senior unsecured notes	6,130		6,741		18,399		19,521
Other	936		2,459		3,476		7,192
	$	110,961	$	118,313	$	308,083	$	362,606


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



	Three months					Nine Months
	2016			2015		2016		2015
Servicing fees collected on behalf of NRZ/HLSS	$	159,919		$	175,994	$	482,566	$	531,399
Less: Subservicing fee retained by Ocwen	87,506			91,597		257,408		272,802
Net servicing fees remitted to NRZ/HLSS	72,413			84,397		225,158		258,597
Less: Reduction (increase) in financing liability	(213		)	21,160		45,617		52,159
Interest expense on NRZ/HLSS financing liability	$	72,626		$	63,237	$	179,541	$	206,438

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 $10.5 million of fees incurred during the nine months ended September 30, 2016 in connection with our agreement to compensate NRZ/HLSS through June 2016 for certain increased costs associated with its servicing advance financing facilities that were the direct result of a previous downgrade of our S&P servicer rating. For the three and nine months ended September 30, 2015, we incurred $8.2 million and $8.5 million, respectively, of such fees.

Interest expense that we expect to be paid on the HMBS-related borrowings is included with net fair value gains in Other revenues.