Mortgage companies are exploring ways to finance their servicing rights, a notoriously difficult asset to fund, and at least one has tried to build a better mousetrap.

Ocwen Financial introduced a novel derivative financing structure with Freddie Mac's blessing early this year, offering a rare window onto a corner of the market that tends to operate privately. Stonegate Mortgage also has received Freddie Mac approval for a more typical funding facility from Barclays to finance the publicly traded mortgage company' MSRs.

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