Summary of HOME LOAN SERVICING SOLUTIONS, LTD.

Item 2.03 Creation of a Direct Financial Obligation.

On January 22, 2012, HLSS Servicer Advance Receivables Trust (the "Issuer") issued $1.15 billion in asset-backed term notes. Below is a brief description of their maximum principal amount, interest rate and maturity of the notes by class:

                                                      Interest
         S&P                          Amount            Rate            Spread
         Rating                     ($millions)       (Fixed)         Over Libor
         One Year Term Notes -
         AAA                       $       562.3           0.90 %            0.59 %
         AA                                 44.9           1.25 %            0.94 %
         A                                  22.3           1.65 %            1.34 %
         BBB                                20.5           2.50 %            2.19 %
         Total                     $       650.0           1.00 %            0.69 %
         Three Year Term Notes -
         AAA                       $       302.8           1.50 %            1.02 %
         AA                                 24.2           1.75 %            1.27 %
         A                                  12.0           2.50 %            2.02 %
         BBB                                11.0           3.25 %            2.77 %
         Total                     $       350.0           1.61 %            1.13 %
         Five Year Term Notes -
         AAA                       $       129.8           2.30 %            1.44 %
         AA                                 10.4           2.75 %            1.89 %
         A                                   5.1           3.50 %            2.64 %
         BBB                                 4.7           4.50 %            3.64 %
         Total                     $       150.0           2.44 %            1.58 %

         Total                     $     1,150.0           1.37 %            0.94 %

The Issuer's notes are secured by servicing advance receivables and are being issued under the second amended and restated base indenture entered into on September 13, 2012 and the Series 2013- T1 indenture supplement, which is applicable to these notes only. See "The Business-Description of Servicing Advance Facility Agreements and the Advance Financing Facility" in our Prospectus dated December 18, 2012 for a more detailed description of the Issuer and the agreements governing the issuance of its notes.

The proceeds from this issuance of notes are being used to partially pay down previously-issued series of the Issuer's variable funding notes. The aggregate outstanding commitments available on the variable funding notes is $1 billion, down from $2 billion prior to the issuance of the asset-backed notes, with a weighted average interest rate of one-month LIBOR plus 1.95%, down from one-month LIBOR plus 2.32% prior to the issuance of the asset-backed notes.