Note 18 — Interest Expense

The following table presents the components of interest expense for the years ended December 31:



	2016		2015		2014
Financing liabilities (1) (2)	$	248,834	$	292,306	$	371,852
Match funded liabilities	66,879		65,248		61,576
Other secured borrowings	60,469		91,391		82,837
Senior notes	30,012		26,259		15,595
Other	6,389		7,169		9,897
	$	412,583	$	482,373	$	541,757


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



	2016		2015		2014
Servicing fees collected on behalf of NRZ/HLSS	$	633,545	$	694,833	$	736,122
Less: Subservicing fee retained by Ocwen	337,727		355,527		358,053
Net servicing fees remitted to NRZ/HLSS	295,818		339,306		378,069
Less: Reduction in financing liability	61,418		70,513		17,374
Interest expense on NRZ/HLSS financing liability	$	234,400	$	268,793	$	360,695

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 NRZ/HLSS.


(2)	Includes $10.5 million and $14.3 million of fees incurred in 2016 and 2015, respectively, 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.

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