Ocwen Financial is refinancing a $1.8 billion facility used to finance its advances to holders of private label mortgage bonds.

The new facility, called Ocwen Master Advance Receivables Trust (series 2014-VF3, 2015-VF5 and 2015-T1, is backed by reimbursement rights to interest and principal payments that Ocwen advances to when homeowners fall behind on their mortgage payments.

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