Interest Expense |
Note 19 — Interest Expense The following table presents the components of interest expense for the years ended December 31: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Financing liabilities (1) (2) | $ | 292,306 |
| | $ | 371,852 |
| | $ | 228,985 |
| Other secured borrowings | 91,391 |
| | 82,837 |
| | 81,851 |
| Match funded liabilities | 65,248 |
| | 61,576 |
| | 75,979 |
| 6.625% Senior Unsecured Notes | 26,259 |
| | 15,595 |
| | — |
| Other | 7,169 |
| | 9,897 |
| | 8,771 |
| | $ | 482,373 |
| | $ | 541,757 |
| | $ | 395,586 |
|
| | (1) | Includes interest expense related to financing liabilities recorded in connection with the NRZ/HLSS Transactions as indicated in the table below: |
| | | | | | | | | | | |
| 2015 |
| 2014 | 2013 | Servicing fees collected on behalf of NRZ/HLSS | $ | 694,833 |
| | $ | 736,122 |
| $ | 633,377 |
| Less: Servicing fee retained by Ocwen | 355,527 |
| | 358,053 |
| 317,723 |
| Net servicing fees remitted to NRZ/HLSS | 339,306 |
| | 378,069 |
| 315,654 |
| Less: Reduction in financing liability | 70,513 |
| | 17,374 |
| 87,068 |
| Interest expense on NRZ/HLSS financing liability | $ | 268,793 |
|
| $ | 360,695 |
| $ | 228,586 |
|
The reduction in the financing liability for 2015 and 2014 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 $14.3 million of fees incurred in 2015 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.
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