Note 14 – Interest Expense

The following table presents the components of interest expense:



Periods ended June 30,	Three Months				Six Months
Periods ended June 30,	2017		2016		2017		2016
Financing liabilities	$	50,293	$	52,803	$	103,262	$	120,578
Match funded liabilities	12,669		18,133		25,518		36,307
Other secured borrowings	9,636		12,715		19,184		25,428
Senior notes	7,447		6,129		14,903		12,270
Other	1,083		1,253		2,323		2,539
	$	81,128	$	91,033	$	165,190	$	197,122

Interest expense related to financing liabilities recorded in connection with the NRZ/HLSS Transactions is 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.



Periods ended June 30,	Three Months				Six Months
Periods ended June 30,	2017		2016		2017		2016
Servicing fees collected on behalf of NRZ/HLSS	$	143,612	$	160,518	$	290,923	$	322,647
Less: Subservicing fee retained by Ocwen	78,794		85,532		157,947		169,902
Net servicing fees remitted to NRZ/HLSS	64,818		74,986		132,976		152,745
Less: Reduction in financing liability	16,194		27,628		33,193		45,829
Interest expense on NRZ/HLSS financing liability	$	48,624	$	47,358	$	99,783	$	106,916

Interest expense on financing liabilities 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 a period of 12 months (ending in the second quarter of 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.