An affiliate of New Residential Investment is preparing to issue a $400.0 million ABS backed by servicer-advance receivables, according to S&P Global Ratings. The ABS relates to mortgages serviced by Ocwen Financial. NRZ Advance Receivables Trust 2015-ON1 Series 2017-T1 received preliminary AAA ratings from S&P. In addition to citing strengths in the structure of the ABS to support a AAA rating, S&P noted that it upgraded its servicer ratings for Ocwen from “below average” to “average” in September. Series 2017-T1 is...