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Interest Expense

3 Months Ended

Mar. 31, 2017

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,
	2017				2016
Financing liabilities (1) (2)	$	52,969			$	67,707
Match funded liabilities	12,849				18,174
Other secured borrowings	9,548				12,713
Senior notes	7,456				6,208
Other	1,240				1,287
	$	84,062			$	106,089


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



	For the Three Months Ended March 31,
	2017				2016
Servicing fees collected on behalf of NRZ/HLSS	$	147,311			$	162,129
Less: Subservicing fee retained by Ocwen	79,154				84,370
Net servicing fees remitted to NRZ/HLSS	68,157				77,759
Less: Reduction in financing liability	16,999				18,201
Interest expense on NRZ/HLSS financing liability	$	51,158			$	59,558


(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 a period of 12 months (beginning June 2015) 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.