New Residential Investment Corp. has entered into a securitization transaction under which unit NRZ Advance Receivables Trust 2015-ON1 issued $800 million of rated receivables-backed term notes.

HLSS Holdings LLC; Deutsche Bank National Trust Co.; Ocwen Loan Servicing LLC; and Credit Suisse AG, New York Branch are serving as parties in the transaction. The term notes are secured by receivables for corporate and escrow advances and principal and interest advances made by Ocwen, as well as accrued and unpaid servicing fees payable to Ocwen under certain underlying servicing agreements.

The $400 million in series 2016-T4 notes bear fixed interest ranging from 3.1068% to 6.2500% per year. The revolving period for the notes ends Dec. 15, 2020. The $400 million in series 2016-T5 notes bear fixed interest ranging from 3.3308% to 6.4175% per year. The revolving period for the notes ends Dec. 15, 2021.

In each case, if the notes are still outstanding at the end of the revolving period, the issuer will be required to pay one-twelfth of the remaining principal balance of the notes each month until it reaches a zero balance.