NewResidential Investment Corp. has entered into a securitizationtransaction with certain parties under which unit NRZ Advance Receivables Trust2015-ON1 issued $400 million of rated receivables-backed term notes.
The parties in the transaction include HLSS Holdings LLC,Deutsche Bank National Trust Co., Ocwen Loan Servicing LLC and Credit Suisse AGNew York branch.
The notes are secured by receivables for corporate and escrowadvances made by Ocwen, principal and interest advances made by Ocwen andaccrued and unpaid servicing fees payable to Ocwen under certain identifiedsecuritization servicing agreements. The collateral securing the notescross-collateralizes five other series of outstanding notes NRZ previouslyissued.
The notes bear fixed interest, varying by class, rangingfrom 2.7511% to 5.7670% per annum. The revolving period for the notes ends June15, 2019. If the notes are still outstanding at the end of the revolvingperiod, NRZ will be required to repay one-twelfth of the notes' remainingprincipal balance each month until it is paid in full.