Acceleration

OCWEN Press Releases Shed the Light On the Corruption

Trump appointed Commerce Secretary Wilbur Ross has been accused of engaging in insider trading whilst a shareholder and board member of Bank of Ireland and he’s also been accused of Insider Trading while at Ocwen.

Oct 3, 2012

OCWEN ANNOUNCES ACQUISITION OF HOMEWARD RESIDENTIAL FROM WL ROSS & CO.

ATLANTA, Oct. 3, 2012 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) and private equity firm WL Ross & Co. LLC entered into an agreement today whereby Ocwen will acquire Homeward Residential Holdings, Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock. Homeward services about 422,000 mortgage loans with an aggregate unpaid principal balance of over $77 billion. Its loan origination business includes correspondent and retail lending and is focused solely on high quality Agency-conforming mortgages.

“The acquisition of Homeward significantly advances Ocwen’s twin strategic growth initiatives to add high return servicing assets to its portfolio and expand origination capacity to provide for a sustainable source of future growth,” said Ocwen’s Executive Chairman William Erbey. “Homeward brings with it a global servicing platform as well as a growing origination business that is already operating at a $10 billion annual run-rate after launching in late 2011.”

Homeward was organized by WL Ross & Co. in 2007 and is the result of several major platform combinations: American Home Mortgage Servicing, Option One Mortgage Company and a large servicing portfolio from Citi Residential Lending. After normalizing for certain transition related expenses, the acquisition of Homeward by Ocwen is expected to be immediately accretive to earnings per share.

Wilbur Ross, CEO of WL Ross & Co. said, “Homeward has been profitable in each year of its existence and has also been a wonderful cash flow producer, distributing to us approximately $900 million of cash since the initial investment. Mortgage banking is a business of scope and scale, and we believe that the combined company will fill the void created by the ongoing departures of many banks from the overall industry.”

Ron Faris, CEO of Ocwen said, “Homeward has a well-deserved reputation for excellence in the mortgage industry. We are excited about the synergistic combination of the attractive servicing portfolio and platform, as well as the origination platform which will provide organic growth and will further Ocwen’s ability to work with existing borrowers on refinancing opportunities.”

Dave Applegate, CEO of Homeward added, “We share Ocwen’s high standards and believe that our corporate culture and theirs are very compatible. We are excited to join an enterprise with such momentum.”

The definitive acquisition documents provide representations, warranties and covenants that are customary for a transaction of this nature, as well as loss sharing provisions relating to certain pre-closing liabilities. Subject to regulatory approvals, the transaction is anticipated to close by year end. Ocwen will not need to raise any additional equity capital to close the transaction.

Joint financial advisors Barclays Capital and Citi Global Markets, Inc. provided Ocwen financial advisory and investment banking services as part of this purchase transaction. Kramer, Levin, Naftalis & Frankel, LLP were Ocwen’s legal advisors; WL Ross was represented by Jones Day.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia, with additional offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, the United States Virgin Islands and Washington, DC, and support operations in India and Uruguay. Utilizing our global infrastructure, proprietary technology, world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

About WL Ross & Co. LLC

WL Ross & Co. LLC, founded by Wilbur L. Ross, Jr. in 2000, is a well known private equity firm with $9 billion of funds under management. The firm has been involved with the restructuring of more than $300 billion of troubled assets, ranging from steel companies to coal companies to auto parts to rail car manufacturing and leasing in the US and abroad.  Investments in financial services include banks in the US and Europe, single family and multifamily servicers and originators, and a financial guaranty company.

About Homeward Residential Holdings, Inc.

Homeward Residential is a nationwide integrated mortgage company with mortgage servicing and prime lending businesses. Homeward has a total servicing portfolio of more than 422,000 loans aggregating approximately $77 billion. As of September 2012, Homeward’s growing lending platform was originating approximately $10 billion of loans on an annual run-rate basis. With headquarters in Dallas, Texas, Homeward has approximately 2,800 associates working each day toward the mission of helping families realize and preserve their dream of homeownership.

CONTACT: 
John V. Britti
Executive Vice President & CFO
T: (561) 682-7535
E: John.Britti@Ocwen.com

CALL – 3RD QUARTER 2012 RESULTS

ATLANTA, Oct. 10, 2012 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) will hold its conference call on Thursday, November 1, 2012 at 11:00 a.m. (ET) to review the Company’s operating results. These events will follow Ocwen’s 3rd Quarter 2012 earnings release. The press release will also be available on the Ocwen Financial Corporation Shareholder Relations website at www.ocwen.com.

A live audio webcast and slide presentation for the call will be available over the internet at www.ocwen.com (through a link on the Shareholder Relations page). Those who want to listen to the call should go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

The conference call will be available for replay via telephone beginning at 12:01 p.m. (ET) on Thursday, November 1, 2012 through Thursday, November 8, 2012. To listen to a replay of the conference call by telephone dial 1-402-998-0597.

About Ocwen

Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia, with additional offices in West Palm Beach and Orlando, Florida, Houston, Texas and Washington, DC, and support operations in India and Uruguay. Utilizing our global infrastructure, proprietary technology, world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

CONTACT: John V. Britti
              Executive Vice President, Chief Financial Officer
              T: (561) 682-7535
              E: John.Britti@Ocwen.com

OCWEN LOAN SERVICING, LLC AND WALTER INVESTMENT MANAGEMENT CORP. AWARDED WINNING BID FOR RESCAP’S MORTGAGE SERVICING AND ORIGINATION PLATFORM

Acquisition Strategically Expands Capacity in Loan Servicing for Ocwen and Originations for Walter

NEW YORK, Oct. 24, 2012 (GLOBE NEWSWIRE) — Ocwen Loan Servicing, LLC, the mortgage servicing arm of Ocwen Financial Corporation (NYSE:OCN), and Walter Investment Management Corp. (NYSE MKT:WAC) today were jointly awarded the highest and best bid for the mortgage servicing and origination platform assets of Residential Capital, LLC (ResCap) in a Bankruptcy Court sponsored auction. The bid with a purchase price of $3 billion is subject to definitive documentation and Bankruptcy Court approval.

ResCap, a wholly-owned subsidiary of Ally Financial Inc., was servicing at March 31, 2012 over 2.4 million loans with an aggregate unpaid principal balance (UPB) of approximately $374 billion. Of these, approximately 68% of the loans (by UPB) are owned, insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. ResCap has operations in Ft. Washington, PA, Waterloo, IA, Dallas, TX, Burbank and Costa Mesa, CA and Minneapolis, MN.

“The acquisition of ResCap significantly advances Ocwen’s planned growth initiative to add high return servicing assets to our portfolio and to expand our servicing capacity through retention of a significant portion of ResCap’s high quality servicing organization,” said Ocwen’s Executive Chairman William Erbey.

Under the joint bidding arrangement, Walter Investment Management Corp. will acquire the Fannie Mae mortgage servicing rights (MSR) portion of ResCap’s servicing portfolio, representing approximately $50.4 billion in UPB, as well as the origination and capital markets platform.

“We are quite pleased to have won the joint bid with Ocwen to acquire these assets on what we believe are very attractive terms,” said Mark J. O’Brien, Chairman and Chief Executive Officer of Walter Investment. “We believe our long-established relationships with Fannie Mae and history of driving strong performance from their portfolios makes us ideally suited to acquire the Fannie MSR portfolio from ResCap. Further, the opportunity to acquire the ResCap Origination platform will allow us to profitably achieve additional scale in our originations business. We are excited by the opportunities the origination and capital markets platforms and people bring to our business. These opportunities are indicative of the growth and acceleration of prospects in our $500 billion active pipeline.”

Ron Faris, CEO of Ocwen said, “ResCap has been an outstanding performer in the mortgage industry. We share a common philosophy of foreclosure prevention through loan modifications that are net present value positive for investors.”

Thomas Marano, CEO of ResCap added, “The scope of the financial commitment between Ocwen and Walter in ResCap’s people and franchise is an indication of their joint commitment to US housing market and the current significant opportunity that exists in the US housing sector. The advanced technology offered by the teams at Ocwen and Walter provides an excellent opportunity for growth and continued success.”

The transaction is subject to completion of definitive acquisition documents which are expected to provide representations, warranties and covenants that are customary for a transaction of this nature, as well retained liabilities provisions relating to certain pre-closing liabilities.  The sale approval hearing before the Bankruptcy Court is set for November 19, 2012.   Neither Ocwen nor Walter anticipates the need to raise any additional equity capital to close the transaction.

Barclays Capital provided Ocwen financial advisory and investment banking services in connection with this purchase transaction.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia, with additional offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, the United States Virgin Islands and Washington, DC, and support operations in India and Uruguay. Utilizing our global infrastructure, proprietary technology, world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more.

About Walter Investment Management Corp.

Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the company services a diverse loan portfolio.

CONTACT: John V. Britti

         Executive Vice President & CFO

         T:  (561) 682-7535

         E: John.Britti@Ocwen.com
Nov 1, 2012

OCWEN REPORTS THIRD QUARTER 2012 EPS OF $0.37 PER SHARE, REVENUE OF $232.7 MILLION AND NET INCOME OF $51.4 MILLION

ATLANTA, Nov. 1, 2012 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN) today reported net income of $51.4 million, or $0.37 per share, for the third quarter of 2012. This compares with net income of $20.2 million, or $0.19 per share, for the third quarter of 2011. Revenue for the third quarter of 2012 is a record-setting $232.7 million, up 90% from the third quarter of 2011. Income from operations is also a record at $139.9 million for the third quarter of 2012 as compared to $56.8 million for the third quarter of 2011, an increase of 146%. There were no normalizing items in the third quarter of 2012, so Ocwen’s normalized pre-tax earnings are $80.7 million which represents a 69% increase over normalized pre-tax earnings in the third quarter of 2011.

Net income for the nine months ended September 30, 2012 is $115.6 million, or $0.84 per share, as compared to $68.7 million, or $0.64 per share, for the same period in 2011.

Third quarter business performance highlights:

  • Acquired mortgage servicing rights (MSRs) and boarded loans from flow deals totaling $6.1 billion of unpaid principal balance (UPB).
  • Boarded flow non-performing loan subservicing portfolio with a UPB $1.1 billion (4,400 loans) in August and another $2.5 billion (8,800 loans) in September from a large bank.
  • Purchased $2.2 billion UPB (7,100 loans) of Fannie Mae MSRs which boarded on October 1, 2012.
  • Purchased $316 million UPB (1,700 loans) of Fannie Mae and Freddie Mac MSRs in July 2012.
  • Generated Cash flow from operations of $533.5 million for a total of $1.4 billion through the first nine months of 2012.
  • Reduced overall delinquencies from 24.5% at the end of June 2012 to 23.6% at the end of September 2012.
  • Completed 18,135 loan modifications. HAMP modifications accounted for 29% of completed modifications.
  • Completed three sales to Home Loan Servicing Solutions (HLSS) in August and September 2012 of rights to receive the servicing fees on approximately $29.9 billion of UPB and associated servicing advances. Ocwen received total sales proceeds of $1.1 billion.
  • Deferred servicing fees related to delinquent borrower payments not accrued on Ocwen’s balance sheet amounted to $295 million at the end of September 2012.

On October 3, 2012, Ocwen entered into a merger agreement that will make Homeward Residential Holdings, Inc. (“Homeward”) a wholly owned subsidiary of Ocwen. In the merger, Ocwen will acquire approximately $77 billion in UPB of MSRs as well as Homeward’s existing origination platform and certain other ancillary businesses. As consideration for the merger, Ocwen will pay approximately $750 million. Of this amount, approximately $588 million will be paid in cash and $162 million will be paid in preferred shares. The merger is expected to close in December 2012.

As previously announced on October 24, 2012, Ocwen Loan Servicing, LLC, the mortgage servicing arm of Ocwen Financial Corporation, and Walter Investment Management Corp. were the successful bidders for the mortgage servicing and origination platform assets of Residential Capital, LLC (ResCap). The bid, with a purchase price of $3 billion, is subject to definitive documentation and Bankruptcy Court approval.

Upon closing, Ocwen would acquire approximately $126.6 billion of UPB in MSRs and $31 billion of UPB of subservicing as of August 31, 2012. These numbers exclude approximately $120 billion of subservicing for Ally Bank that is likely to be sold prior to closing. Under the joint bidding arrangement, Walter Investment Management Corp. will acquire the Fannie Mae mortgage servicing rights (MSR) portion of ResCap’s servicing portfolio, representing approximately $50.4 billion in UPB, as well as the origination and capital markets platform.

On October 26, 2012, Ocwen and Genworth Financial Corporation (NYSE:GNW) entered into an agreement whereby Ocwen will acquire Genworth Financial Home Equity Access, Inc. for approximately $22 million in cash. The company, which will be renamed Liberty Home Equity Solutions, Inc. (“Liberty”), is the number one reverse mortgage lender, according to the latest monthly data, with strong positions in both retail and wholesale originations. The acquisition is expected to close in the first quarter of 2013.

“With the closing of the ResCap and Homeward acquisitions, Ocwen will become the fifth largest mortgage servicer in the country. More importantly, the infrastructure, management and staff from these acquisitions expand and enhance our capabilities in important areas such as Ginnie Mae and master servicing. Moreover, the Homeward origination platform will provide Ocwen with organic growth and improved ability to work with existing borrowers on refinancing opportunities,” said Ron Faris President and CEO. “Additionally, the acquisition of Liberty positions us well in a market with enormous future growth potential.”

Mr. Faris continued, “Our record-setting results in the third quarter of 2012 show the strong earnings power of the business currently on the books and points to our ability to generate strong results on acquired portfolios. Modifications for the quarter came in at the midpoint of our expectations and lower than last quarter as Ocwen tested delinquent loans for HAMP 2 eligibility. This delayed modifications in the short-run, but we expect the program to be positive longer-term. We are already seeing a rebound in modifications this quarter. Our financial performance also indicates that our revenue ramp-up and delinquency performance on recently boarded portfolios continue to track well against our pro forma expectations.”

Chairman Bill Erbey stated, “The strong market acceptance of the HLSS follow-on offering and their recently completed term note issuance positions Ocwen well to fund expected growth at a reduced cost. HLSS, combined with our track-record of strong cash-flow from operations, will likely enable us to execute both the Homeward and ResCap transactions without issuing new equity beyond the $162 million of preferred shares used to acquire a portion of Homeward. We expect both transactions to provide attractive returns to our shareholders.”

In the third quarter of 2011, Ocwen had a net total of $18.7 million of normalizing items. For more detail on normalizing items as well as prior earnings releases and SEC filings please refer to the “Shareholder Relations” section of our website at www.ocwen.com.

Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia with offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, US Virgin Islands and Washington, DC and support operations in India and Uruguay. Utilizing advanced technology and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.ocwen.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: general economic and market conditions, prevailing interest or currency exchange rates, governmental regulations and policies, international political and economic uncertainty, availability of adequate and timely sources of liquidity, federal income tax rates, real estate market conditions and trends and the outcome of ongoing litigation as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011 and Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements.

This news release contains references to “normalized” results, which are non-GAAP performance measures. We believe these non-GAAP performance measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Nov 21, 2012

OCWEN LOAN SERVICING, LLC AND WALTER INVESTMENT MANAGEMENT CORP. RECEIVE U.S. BANKRUPTCY COURT APPROVAL TO COMPLETE PURCHASE OF RESIDENTIAL CAPITAL, LLC MORTGAGE SERVICING AND ORIGINATION BUSINESSES

NEW YORK, Nov. 21, 2012 (GLOBE NEWSWIRE) — Ocwen Loan Servicing, LLC, the mortgage servicing arm of Ocwen Financial Corporation (NYSE:OCN), and its joint bidding partner Walter Investment Management Corp. (NYSE MKT:WAC), today received approval from the U.S. Bankruptcy Court for the Southern District of New York to complete their purchase of the mortgage servicing and origination businesses from Residential Capital, LLC (“ResCap”) and certain of its affiliates pursuant to the previously announced Asset Purchase Agreement dated November 2, 2012.

Ron Faris, CEO of Ocwen said, “The approval of the Bankruptcy Court is an important next step towards completing our acquisition of ResCap’s private label and Freddie Mac servicing assets which we believe will significantly advance Ocwen’s strategic goals to expand our servicing platform and portfolio.”

The sale to Ocwen and Walter for a purchase price of approximately $3 billion was recommended to the court by ResCap’s board and management and supported by the unsecured creditors’ committee. The transaction is expected to close in the first quarter of 2013. The sale is subject to customary closing conditions for a transaction of this nature, including the approval of Freddie Mac, Fannie Mae and various government agencies. The final purchase price is subject to adjustment based on the unpaid principal amounts of the related mortgage servicing assets and other customary adjustments. Neither Ocwen nor Walter anticipates the need to raise any additional equity capital to close the transaction.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia, with additional offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, the United States Virgin Islands and Washington, DC, and support operations in India and Uruguay. Utilizing our global infrastructure, proprietary technology, world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more.

About Walter Investment Management Corp.

Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets.  Based in Tampa, Fla., the company services a diverse loan portfolio.

CONTACT: John V. Britti

         Executive Vice President & CFO

         T:  (561) 682-7535

         E:  John.Britti@Ocwen.com
Feb 28, 2013

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR FOURTH QUARTER AND FULL YEAR 2012

Significantly Increases Earnings to $0.47 Per Share in the Fourth Quarter –

Revenue Grows 70% to Record $845 Million in 2012 –

Full Year 2012 Earnings Per Share Rise 85% From Prior Year –

ATLANTA, Feb. 28, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $65.2 million, or $0.47 per share, for the fourth quarter of 2012 compared to Net income of $9.7 million, or $0.08 per share, for the fourth quarter of 2011. The Company produced record Revenue of $236.4 million, up 51% from the fourth quarter of 2011. Income from operations grew in excess of 100% to $137.3 million for the fourth quarter of 2012 as compared to $66.1 million in the same period of 2011.

Ocwen’s normalized pre-tax earnings were $83.3 million, a 56% increase over normalized pre-tax earnings in the fourth quarter of 2011. The adjustments in the fourth quarter of 2012 included: $2.2 million of transaction expenses, $3.1 million of losses on the sale of residual interests in securitization trusts and $1.5 in termination fees associated with the cancelling of an advance funding facility.

Full year Net income for 2012 was $180.8 million, or $1.31 per share, as compared to $78.3 million, or $0.71 per share, for 2011. Revenue in 2012 increased 70% from 2011 to a record $845.0 million.

Normalized pre-tax earnings for 2012 increased by 53% over 2011 from $188.8 million to $289.4 million. For more detail on normalizing items as well as prior earnings releases and SEC filings please refer to the “Shareholder Relations” section of our website at www.ocwen.com.

Bill Erbey, Ocwen’s Chairman, stated, “Ocwen continues to produce strong cash-flows well in excess of book earnings. Ocwen generated adjusted cash-flow from operations of $220 million in the fourth quarter of 2012 and $719 million for the year. Moreover, we have significantly reduced our cost of capital as we have benefitted from the substantial improvement in our recent funding costs for both senior term debt and advance funding. These funding cost improvements should enhance our margins in 2013 and beyond.”

“In addition to excellent growth opportunities in the near-term,” continued Mr. Erbey, “Ocwen is well-positioned for the eventual recovery of the housing market, which should expand margins as delinquencies decline reducing interest expense on advances and operating cost on loss mitigation activities. Furthermore, our acquisitions have added key capabilities in originations and prime loan servicing.

Over the past 15 years, Ocwen has spent hundreds of millions of dollars in building core competitive advantages in technology and low-cost solutions. Over that time period, Ocwen has grown its servicing book of business each year by 22% or greater with the exception of 2004 and, during the depths of the credit crisis, 2007 and 2008 when we elected not to expand. Our longevity atop the independent servicing industry is a testament to our conservative risk posture, adaptability and laser focus on cash flow.”

Fourth Quarter 2012 Business Highlights

  • Generated Cash flow from operations of $381.7 million for a total of $1.8 billion for 2012. After eliminating the reduction of match funded debt, generated adjusted cash-flow from operations of $220 million in the fourth quarter of 2012 and $719 million for the year.
  • Completed the merger that resulted in Homeward Residential Holdings (“Homeward”) becoming a wholly owned subsidiary, adding $76.7 billion of UPB to our servicing portfolio.
  • Boarded flow non-performing loan subservicing portfolios with UPB of $3.3 billion (approximately 11,200 loans) from a large bank.
  • Completed 23,926 loan modifications, including Homeward’s fourth quarter numbers. HAMP modifications accounted for 33% of completed modifications.
  • As part of our asset-light strategy, completed a sale of $1.9 billion to Home Loan Servicing Solutions (HLSS) in December 2012 of rights to receive the servicing fees on approximately $34.6 billion of UPB and associated servicing advances. Utilized the sales proceeds to repay the match funded borrowing related to the sold advances, repay a portion of the Senior Secured Term Loan and fund a portion of the Homeward purchase price. Ocwen will continue to service the portfolio under a subservicing agreement with HLSS.
  • Deferred servicing fees related to delinquent borrower payments not accrued on Ocwen’s balance sheet amounted to $452.0 million at the end of 2012.
  • Total effective tax rate of 14.6%, including 6.5 % that represents a one-time write-down of deferred tax assets, resulted in a normalized effective tax rate of 8.1%

Subsequent Events

On February 15, 2013 Ocwen completed the acquisition of certain assets of Residential Capital, LLC (“ResCap”) in a Chapter 11 bankruptcy sale. The Company purchased UPB of $107.3 billion of mortgage servicing rights (“MSRs”) to “private label,” Freddie Mac and Ginnie Mae loans, $42.1 billion of master servicing agreements, and $25.9 billion of subservicing contracts. In addition, Ocwen assumed the subservicing on behalf of ResCap for approximately $91.4 billion of Fannie Mae loans and $31.5 billion of Freddie Mac loans.

The aggregate purchase price, which included $1.5 billion of related servicing advances, was approximately $2.1 billion, subject to post-closing adjustments. In addition, until certain consents and court approvals are obtained, Ocwen will subservice approximately $9.0 billion of “private label” loans on behalf of ResCap. When such consents and approvals are obtained, the Company will purchase those MSRs as well.

To finance the ResCap acquisition, Ocwen deployed approximately $840 million of net additional capital raised through the term loan market plus approximately $1.3 billion borrowed pursuant to three servicing advance facilities. Ocwen did not raise any additional equity capital to fund the ResCap acquisition.

“With the closing of Homeward and ResCap, Ocwen’s servicing portfolio will have increased by 270% to almost $470 billion, excluding master servicing,” said Ron Faris President and CEO. “The fifty-percent plus growth rate in revenue and earnings we have produced over the past two years should accelerate in the coming years as a result of these transactions. Moreover, we continue to build a robust pipeline of new opportunities that should result in additional growth in cash flow and earnings.”

Mr. Faris continued, “In 2012, Ocwen and Homeward helped over 100,000 families that were in distress on their mortgages by providing sensible modifications. I am very proud of our employees, along with our partners in community groups and governmental organizations, who have made these results possible for our borrowers. Ocwen will continue to be a leader in finding innovative ways to help homeowners. As an example, we will soon roll out our Homeowner’s One program that will provide families facing difficulties with unparalleled clarity and choice as they work with our home retention specialists.”

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, February 28, 2013, at 11:00 A.M. Eastern Time to discuss its financial results for the fourth quarter and year end 2012.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder” section. A replay of the conference call can also be accessed by dialing 1-402-220-6457 after 12:00 P.M. Eastern Time on Thursday, February 28, 2013, until 6:00 p.m. Eastern Time on Thursday, March 7, 2013.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: general economic and market conditions, prevailing interest or currency exchange rates, governmental regulations and policies, international political and economic uncertainty, availability of adequate and timely sources of liquidity, federal income tax rates, real estate market conditions and trends and the outcome of ongoing litigation as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011 and Form 10-Q for the quarters ended March 31, 2012,June 30, 2012 and September 30, 2012. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements.

This news release contains references to “normalized” results and “adjusted cash flow from operations,” which are non-GAAP performance measures. We believe these non-GAAP performance measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Mar 13, 2013

WILBUR ROSS APPOINTED TO OCWEN FINANCIAL CORP BOARD OF DIRECTORS

ATLANTA, March 13, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) (“Ocwen”), a leading financial services holding company, announced today that Wilbur L. Ross, Jr., Chairman and Chief Executive Officer of WL Ross & Co. LLC, has been appointed to Ocwen’s Board of Directors. Mr. Ross had been serving as an Ocwen Board Observer since the company purchased Homeward Residential Holdings, Inc. from WL Ross & Co. LLC, a private equity firm, in December 2012.

William C. Erbey, Executive Chairman of Ocwen said, “I am delighted that Wilbur Ross has become a member of our Board of Directors. Mr. Ross’ significant experience in finance and outstanding track record as an investor will provide excellent insight to our Board to help us achieve our strategic goals.”

“Before and during my time as an Ocwen Board Observer, I have been impressed with the company’s exceptional growth and innovative approach to the mortgage industry,” said Mr. Ross. “Ocwen’s dedication to homeownership preservation appeals to both customers and shareholders alike. I’m proud to be part of a company whose vision aligns so closely to mine and gratified to have found such a fine new home for Homeward Residential.”

Mr. Ross has served in numerous roles as principal financial advisor, investor and director in various companies across the globe operating in diverse industries. He currently serves as a director for several publicly traded companies. Mr. Ross holds an A.B. from Yale University and an M.B.A., with distinction, from Harvard University.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

CONTACT: John V. Britti

         Executive Vice President & 
         Chief Financial Officer
         T: (561) 682-7535
         E: John.Britti@Ocwen.com
Apr 3, 2013

OCWEN FINANCIAL CORPORATION PURCHASES LIBERTY HOME EQUITY SOLUTIONS

ATLANTA, April 3, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) (“Ocwen”), a leading financial services holding company, announced today that it has completed the purchase of Liberty Home Equity Solutions (“Liberty”) from Genworth Financial (NYSE:GNW). Liberty will continue to offer reverse mortgages through direct, wholesale and correspondent channels.

“Liberty is the industry leader in helping seniors secure their retirement with strong customer-service and superior quality. We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth,” said Ronald M. Faris, Chief Executive Officer of Ocwen.

“We are very excited to complete this transaction and become a part of one of the largest mortgage servicing and origination companies in the industry. Together we will be able to help even more seniors with home equity retirement income solutions, including FHA and proprietary products,” said Pete Engelken, President of Liberty.

Liberty is based in Sacramento, CA.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

CONTACT: Susan Fitzpatrick

         Ocwen Financial Corporation

         Director, Communications

         T: (215) 734-4400

         E: susan.fitzpatrick@ocwen1.com
May 2, 2013

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 2013

– Earnings Per Share Increases in Excess of 100% to $0.31 Per Share –

– Revenue Grows 147% to Record $406.7 Million –

ATLANTA, May 2, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $45.1 million, or $0.31 per share, for the first quarter of 2013 compared to Net income of $19.3 million, or $0.14 per share, for the first quarter of 2012. Ocwen produced record revenue of $406.7 million, up 147% from the first quarter of 2012. Income from operations grew by 108% to $163.1 million for the first quarter of 2013 as compared to $78.4 million for the first quarter of 2012.

Ocwen’s normalized pre-tax earnings were $101.4 million, a 90% increase over normalized pre-tax earnings in the first quarter of 2012 and a 22% increase over the fourth quarter of 2012. The adjustments in the first quarter of 2013 included: $38.2 million of transition expenses; the write-off of $17.0 million of unamortized deferred costs and discount associated with the early termination and replacement of a senior secured term loan facility; and $5.1 million of contribution from sold operations. Ocwen generated Cash flow from operations of $401.9 million. After reducing this amount for the repayment of related match funded debt, the Company generated adjusted cash flow from operations of $265.8 million.

For more detail on normalizing items as well as prior earnings releases and SEC filings please refer to the “Shareholder Relations” section of our website at www.ocwen.com.

“The Company’s string of record quarterly revenues will continue into the second quarter as we benefit from a full quarter of ResCap revenue and our recent acquisition of Ally Bank’s mortgage servicing rights,” commented Bill Erbey, Ocwen’s Chairman. “Ocwen’s core earnings and cash-flow were strong in the first quarter, and we should see these trend higher as a percentage of revenue as we drive down costs and delinquencies on newly acquired business. Ocwen’s lower funding costs and improving pre-pay speeds on non-prime loans should also support better performance versus our original expectations.”

Mr. Erbey continued, “As a leader in the industry, Ocwen has a long and successful history of adding business in an accretive and disciplined manner. Ocwen remains very well-positioned with the lowest cost to service for non-performing loans in our industry and superior ability to bring down delinquencies. The Company has a substantial pipeline, which has grown to $375 billion. With one of the strongest balance sheets in the industry, Ocwen is well positioned to produce strong earnings, expand margins and increase cash-flow.”

First Quarter 2013 Business Highlights

  • Completed the acquisition on February 15, 2013 of servicing and other assets from Residential Capital, LLC (“ResCap”), adding $269 billion of UPB to the Company’s servicing portfolio and $1.5 billion of related servicing advance receivables as of March 31, 2013. To finance the ResCap acquisition, Ocwen deployed approximately $840 million of net additional capital from the proceeds of a new $1.3 billion senior secured term loan facility and $1.25 billion from three servicing advance facilities.
  • Completed 24,184 loan modifications. HAMP modifications accounted for 34% of completed modifications.
  • Sold to Home Loan Servicing Solutions (HLSS) in March 2013 $703 million of servicing advances and the rights to receive the servicing fees on approximately $15.9 billion of UPB.
  • Deferred servicing fees (“DSF”) related to delinquent borrower payments amounted to $503.8 million at the end of the quarter. Ocwen does not treat DSF as revenue until collected, and it is not accrued on the Company’s balance sheet.
  • Ocwen’s Homeward lending operation originated approximately $2.4 billion of fundings with another $0.4 billion originated via partnerships. Total HARP volume was $415 million. HARP is a program sponsored by Fannie Mae and Freddie Mac to help “underwater” borrowers refinance their mortgages.
  • Total effective tax rate of 12.1%.

Subsequent Events

On April 1, 2013 Ocwen completed the acquisition of Genworth Financial Home Equity Access, Inc. from Genworth Financial, Inc. (GNW) for approximately $22 million in cash. The company, which will be renamed Liberty Home Equity Solutions, Inc., is the number one reverse mortgage originator based on January 2013 industry data with strong retail and wholesale originations.

On April 1, 2013, the Company closed the acquisition of $63.4 billion of Fannie Mae MSRs from Ally Bank (Ally), a wholly owned subsidiary of Ally Financial, Inc. On April 15, the Company settled another $21.2 billion of Freddie Mac MSRs from Ally. These loans had been previously subserviced by Ocwen as part of the ResCap acquisition and are in the Company’s reported quarter-end UPB servicing portfolio.

“Ocwen’s first quarter continued the pattern of strong financial performance and growth we have experienced over the past three years,” said Ron Faris, President and CEO. “Declining pre-payments on our legacy non-agency portfolio combined with lower interest expense on advances should strengthen our earnings picture. Our integration of both Homeward and ResCap is progressing as planned, and we completed the transition of the Homeward serviced loans to the Ocwen platform in mid-April. Moreover, our successful acquisition of Ally’s Fannie and Freddie portfolios demonstrates the value of ResCap’s prime loan servicing capability to our ongoing growth. ”

Mr. Faris continued, “In the first quarter of the year, Ocwen completed 24,184 modifications. We would expect quarterly modification volume to increase as our modification programs are applied to the newly acquired servicing portfolios. We are very proud of our ability to help families avoid foreclosure by providing sensible solutions, including loan modifications, short sales and deeds-in-lieu of foreclosure. Ocwen is the industry leader in helping distressed borrowers with unique programs such as our shared appreciation modification and technology that allows us to customize offers to the specific circumstances of each borrower.”

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, May 2, 2013, at 11 a.m. Eastern Time to discuss its financial results for the first quarter of 2013.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder” section.  A replay of the conference call can also be accessed by dialing 1-203-369-1218 after 12:01 P.M. Eastern Time on Thursday, May 2, 2013, until 6:00 p.m. Eastern Time on May 9, 2013.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainly related to acquisitions, including our ability to integrate the systems, procedures and personnel of acquired companies; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements.

This news release contains references to “normalized” results and “adjusted cash flow from operations,” which are non-GAAP performance measures. We believe these non-GAAP performance measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Aug 1, 2013

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 2013

Revenue Grows 151% to $530.0 Million

ATLANTA, Aug. 1, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $76.7 million, or $0.53 per share, for the second quarter of 2013 compared to Net income of $44.8 million, or $0.32 per share, for the second quarter of 2012. Ocwen produced record revenue of $530.0 million, up 151% from the second quarter of 2012. Income from operations grew by 24% to $155.2 million for the second quarter of 2013 as compared to $125.5 million for the second quarter of 2012. Ocwen’s Net cash provided by operating activity was $475.1 million.

Net income for the six months ended June 30, 2013 is $121.9 million, or $0.84 per share, as compared to $64.2 million, or $0.47 per share, for the same period in 2012. Revenue in the first half of 2013 increased 149% from the first half of 2012 to a total of $934.8 million.

Ocwen’s normalized pre-tax earnings for the second quarter of 2013 were $165.9 million, a 130% increase over normalized pre-tax earnings in the second quarter of 2012 and a 64% increase over the first quarter of 2013. Pre-tax earnings on a GAAP basis for the second quarter of 2013 were $87.5 million, a 71% increase over the first quarter of 2013. The largest normalizing item is a net addition to reserves of $52.8 million for an expected contribution to a consumer relief fund pursuant to a possible settlement with state and federal agencies. In addition, Ocwen incurred $26.5 million in transition expenses related to the recent Homeward, ResCap and Ally transactions. Lastly, the normalization reverses $0.9 million of income contribution from sold operations.

“We are pleased with Ocwen’s strong core earnings and cash flow which should continue to grow with the boarding of our new acquisitions,” commented Bill Erbey, Ocwen’s Chairman. “Ocwen’s recently announced acquisition of OneWest Bank’s $78 billion servicing portfolio combined with other large bank transfers points toward continued growth as banks strategically reposition their mortgage servicing operations.

Our current pipeline of potential new business opportunities on a probability-weighted basis exceeds $400 billion in unpaid principal balance (UPB). Moreover, regulatory and market trends, including greater prospects for GSE legislation and more private capital flowing into mortgage credit, provide excellent long-term prospects for Ocwen. We continue to build capacity in anticipation of further acquisitions to meet our obligations to our clients, borrowers, RMBS investors and shareholders.”

Mr. Erbey continued, “We believe that higher interest rates will have little negative impact on earnings, as we have only a modest component of income related to originations, and assets and debt are match funded. Higher employment and an improving housing market, on the other hand, should boost Ocwen’s earnings. The majority of Ocwen’s earnings come from our non-prime portfolio which produces higher earnings as employment and home price improvement result in lower delinquencies.”

Second Quarter 2013 Business Highlights

  • Completed the acquisition of Liberty Home Equity Solutions, Inc. (Liberty) from Genworth Financial, Inc. (GNW) on April 1, 2013 for approximately $22 million in cash. The company is the number one reverse mortgage originator based on June 2013 industry data with strong retail and wholesale originations. For the quarter, Liberty generated $18.5 million of revenue and $4.3 million of pre-tax earnings.
  • In a series of closings, completed the acquisition of Fannie Mae and Freddie Mac MSRs on loans with unpaid principal balance (UPB) of $87 billion from Ally Bank (Ally). Ocwen had previously subserviced all but approximately $1.5 billion of UPB of these loans as part of the February 15, 2013 ResCap closing.
  • Sold the diversified fee-based businesses acquired from ResCap for $128.8 million on April 12, 2013 to subsidiaries of Altisource Portfolio Solutions S.A. and extended the terms of the services agreements between Altisource and Ocwen.
  • Sold $376.6 million of servicing advances and the rights to receive the servicing fees on approximately $10.6 billion of UPB to Home Loan Servicing Solutions (HLSS) on May 21, 2013.
  • On June 13, 2013, Ocwen entered into a mortgage servicing rights purchase and sale agreement with OneWest Bank, FSB, pursuant to which it agreed to purchase approximately $78 billion in UPB of MSRs and related servicing advance receivables. No operations or other assets are being purchased in the transaction. The estimated aggregate purchase price of $2.53 billion includes $446.0 million of MSRs and approximately $2.1 billion of servicing advances. $44 billion of the UPB is non-agency. The transaction is expected to close in stages over the next several months.
  • On June 26, 2013, Ocwen entered into a definitive agreement to purchase mortgage servicing rights and advances related to $8.3 billion of largely non-agency UPB from Greenpoint Mortgage Funding, Inc. The transaction is expected to close in stages over the next several months.
  • Completed 28,137 loan modifications, up 16% from the first quarter of 2013. HAMP modifications accounted for 39% of completed modifications.
  • Deferred servicing fees (DSF) related to delinquent borrower payments amounted to $511.8 million at the end of the period. Ocwen does not treat DSF as revenue until collected, and it does not accrue DSF on its balance sheet.
  • Ocwen’s Homeward lending operation originated approximately $1.6 billion of fundings with another $568 million originated via partnerships. Total HARP volume  increased approximately 50% over first quarter 2013. The HARP is a program sponsored by Fannie Mae and Freddie Mac to help “underwater” borrowers refinance their mortgages. The lending segment overall generated $10.1 million of Net income on $33.7 million of revenue.
  • Generated Cash flow from operations of $475.1 million. After reducing this amount for the repayment of $179.6 million in related match funded debt, generated adjusted cash flow from operations of $295.5 million.
  • Total effective tax rate of 11.7%.

Subsequent Events

  • On July 1, 2013, Ocwen sold $2.4 billion of servicing advances and the rights to receive the servicing fees on loans with a UPB of approximately $83.6 billion to HLSS. After repaying match-funded advance facilities, Ocwen netted cash proceeds of $707 million.
  • On July 1, Ocwen completed the boarding $3.0 billion of UPB of non-prime subservicing from a large financial institution.

“We are pleased to have made progress toward a possible agreement with state and federal agencies relating to mortgage servicing practices covering Homeward, Litton and Ocwen. We have established a reserve based on our best estimate of the net amount to be contributed by Ocwen to a consumer relief fund.” said Ron Faris, President and CEO. “Ocwen completed 28,137 modifications in the quarter, which is an increase of 16.3% over last quarter. Since 2009, Ocwen has helped over 340,000 families stay in their homes through sensible modifications. We are proud to have one of the best modification results of any servicer. Based on data from private-label securities, Ocwen consistently posts the highest rate of modifications and the lowest re-default percentage on modified non-prime loans. These results are possible because of the unique capabilities embedded in our industry leading servicing platform.”

Mr. Faris continued, “Ocwen’s integration of the Homeward and ResCap servicing portfolios continues to meet or exceed expectations. The Homeward servicing portfolio transfer was completed in mid-April, and we expect that most of the transition-related expenses for Homeward have now been incurred. The first transfer of loans from the legacy ResCap platform to Ocwen’s platform was completed on time in July. We expect to have all the non-prime loans, where most of the efficiency improvements are generated, transferred by early Fall. The success of the Homeward integration is shown in the three percentage point drop in the 90+ delinquency rate for the Homeward portfolio during the quarter.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans.  Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, The Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, August 1, 2013, at 11 a.m. Eastern Time to discuss its financial results for the second quarter of 2013.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder” section.  A replay of the conference call can also be accessed by dialing 1-203-369-1218 after 12:01 P.M. Eastern Time on Thursday, August 1, 2013, until 6:00 p.m. Eastern Time on August 8, 2013.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainty related to acquisitions, including our ability to integrate the systems, procedures and personnel of acquired companies; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and on Form 10-Q for the quarter ended March 31, 2013. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements, except as required by law.

Non-GAAP Performance Measures

This news release contains references to “normalized” results and “adjusted cash flow from operations,” which are non-GAAP performance measures. We believe these non-GAAP performance measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States. Further information regarding these measures and reconciliation to GAAP may be found on Ocwen’s website.

Sep 24, 2013

OCWEN FINANCIAL ANNOUNCES CREDIT FACILITY AMENDMENT AND REPURCHASE FROM WL ROSS & CO.

ATLANTA, Sept. 24, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today announced that it had amended its Senior Secured Term Loan Facility Agreement and that 100,000 of the 162,000 outstanding shares of its Series A Perpetual Convertible Preferred Stock (“Preferred Stock”) were converted into common stock and immediately repurchased and cancelled.

“We are pleased to successfully execute on these transactions,” commented Bill Erbey, Ocwen’s Executive Chairman. “As we have said publicly, we believe that our cash generating capability and debt capacity are sufficient to fund substantial growth and return earnings to our shareholders in the form of stock repurchases. We view the amendment to our Senior Secured Term Loan Facility Agreement and the opportunity to make this repurchase from WL Ross & Co. as consistent with our long-term plans.”

Wilbur Ross added, “This transaction had been agreed at the August 20th Board meeting of Ocwen, subject to Ocwen amending a bank facility, which Ocwen has now completed. The sale was made strictly for portfolio management reasons and does not reflect any change in our enthusiasm for Ocwen and its management, or my continuing role on the Ocwen Board of Directors.”

Amendment to Senior Secured Term Loan Facility Agreement

Ocwen’s amendments to its Senior Secured Term Loan Facility Agreement will, among other changes:

  • permit repurchases of all of the Preferred Stock, which may be converted to common stock prior to repurchase, and up to $1.5 billion of common stock, subject, in each case, to pro forma financial covenant compliance;
  • eliminate the dollar cap on Junior Indebtedness (as defined in the Senior Secured Term Loan Facility Agreement) but retain the requirement for any such issuance to be subject to pro forma covenant compliance;
  • include a value for whole loans (i.e., loans held for sale) in collateral value for purposes of calculating the loan-to-value ratio and include specified deferred servicing fees and the fair value of specified mortgage servicing rights in net worth for purposes of calculating the ratio of consolidated total debt to consolidated tangible net worth; and
  • modify the applicable quarterly covenant levels for the corporate leverage ratio, ratio of consolidated total debt to consolidated tangible net worth and loan-to-value ratio.

Repurchase Letter Agreement

On September 23, 2013, Ocwen entered into a Repurchase Letter Agreement with funds affiliated with WL Ross & Co. pursuant to which 100,000 of the 162,000 outstanding shares of its Preferred Stock were converted into common stock and immediately repurchased and cancelled. The aggregate purchase price was approximately $158.7 million.

Additional detail on Ocwen’s Senior Secured Term Loan Facility Agreement Amendment and Repurchase Letter Agreement may be found in its filings with the Securities and Exchange Commission.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, The Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainty related to acquisitions, including our ability to integrate the systems, procedures and personnel of acquired companies; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and on its Form 10-Q for the quarter ended June 30, 2013. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements, except as required by law.

CONTACT: FOR FURTHER INFORMATION CONTACT:

         Stephen Swett or Brad Cohen

         T: (203) 682-8200

         E: shareholderrelations@ocwen.com

         or

         John V. Britti

         Executive Vice President & Chief Financial Officer

         T: (561) 682-7535

         E: John.Britti@Ocwen.com
Oct 31, 2013

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 2013

Revenue More Than Doubles to $531.2 Million
$500 Million Share Repurchase Program Announced

ATLANTA, Oct. 31, 2013 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $67.0 million, or $0.44 per share, for the third quarter of 2013 compared to Net income of $51.4 million, or $0.37 per share, for the third quarter of 2012. Ocwen generated revenue of $531.2 million, up 128% from the third quarter of 2012. Income from operations grew by 32% to $185.0 million for the third quarter of 2013 as compared to $140.0 million for the third quarter of 2012.

Net income for the nine months ended September 30, 2013 is $188.9 million, or $1.27 per share, as compared to $115.6 million, or $0.84 per share, for the same period in 2012. Revenue in the first nine months of 2013 increased 144% from the first nine months of 2012 to a total of $1.48 billion.

Pre-tax earnings on a GAAP basis for the third quarter of 2013 were $76.3 million, a 6% decline as compared to the third quarter of 2012. Ocwen’s normalized pre-tax earnings for the third quarter of 2013 were $147.0 million, an 82% increase from the third quarter of 2012. Ocwen incurred a total of $70.7 million in normalized expenses in the third quarter of 2013. There were no normalizing items in the third quarter of 2012.

“Ocwen’s revenue growth and cash-flow remain very strong with revenue from our existing portfolio trending ahead of projections,” commented Bill Erbey, Ocwen’s Chairman. “Notwithstanding our record revenues, revenues were suppressed due to delays, that have now been resolved, in boarding the OneWest transaction. As expected, margins were below historical levels due to the timing involved in transitioning ResCap and OneWest. We have been quite cautious in our servicing transfers making certain that we have sufficient resources to support the transition of these portfolios. In the case of OneWest, we were fully-staffed well in advance of boarding the loans. We feel very comfortable that once we have completed the ResCap transition to the Ocwen technology platform, we will return to our historical margins. Prepayment rates fell substantially in the quarter, which bodes well for future revenues. The Company’s current pipeline of potential new business opportunities remains at about $400 billion in unpaid principal balance (UPB). We anticipate that at least $100 billion in UPB will be awarded by sellers before the end of the year.”

Share Repurchase Program

Ocwen’s Board of Directors has authorized a $500 million common stock share repurchase program. Ocwen’s priorities for deployment of excess cash are: (1) supporting the growth of the Company’s core servicing and lending businesses, (2) expanding into similar or complimentary businesses that meet the Company’s return on capital requirements and (3) repurchasing shares. The purpose of this plan is to provide a tax efficient way to return cash to shareholders when it is deemed the shares are attractively priced.

Mr. Erbey commented, “Ocwen is substantially under-levered compared to our peers. The Company’s additional debt capacity combined with the ability to raise new capital from sales to Home Loan Servicing Solutions (“HLSS”) or sales of prime mortgage servicing rights (“MSRs”), as demonstrated by recently completed sales, provide ample resources to fund growth and share repurchases. Our new share repurchase program is another step towards increasing overall returns on equity.”

Unless Ocwen amends the share repurchase program or repurchases the full $500 million amount by an earlier date, the share repurchase program will continue through July 2016. Purchases may be made on market or in privately negotiated transactions. Ocwen may use SEC Rule 10b5-1 plans in connection with its share repurchase program. No assurances can be given as to the amount of share repurchases, if any, Ocwen may make in any given period. Any repurchase of shares of common stock that have been issued as a result of the conversion of our Series A perpetual convertible preferred stock from the holders of such preferred stock will not count towards the $500 million threshold.

Third Quarter 2013 Business Highlights

  • In August and September, OneWest transferred to Ocwen MSRs for approximately $30 billion of UPB related to Freddie Mac and Fannie Mae loans. Most of the non-agency portfolio of approximately $42 billion of UPB is scheduled for transfer and close on November 1st.
  • On July 1 and September 1, Ocwen completed the boarding of $3.0 billion and $2.0 billion of UPB, respectively, for a total of approximately 32,800 loans, of non-prime subservicing from a large financial institution.
  • On July 1, 2013 in preparation for the acquisition of OneWest and other transactions, Ocwen sold $2.4 billion of servicing advances and the rights to receive the servicing fees on loans with a UPB of approximately $83.3 billion to HLSS. After repaying match-funded advance facilities, Ocwen netted cash proceeds of $662 million.
  • On September 30 and October 15, Ocwen sold MSRs for Freddie Mac and Fannie Mae loans with a UPB of approximately $2.5 billion while retaining a subservicing contract, with final cash proceeds to Ocwen of approximately $34.8 million. The sale had a negligible impact on third quarter earnings, and the gain, which amounted to $5.2 million, will be amortized over the estimated life of the subservicing agreement.
  • On September 23, holders converted 100,000 shares of the Series A Perpetual Convertible Preferred stock into 3,145,640 shares of common stock. On the same date, Ocwen repurchased all 3,145,640 shares of the newly issued common stock for $157.9 million or $50.19 per share of common stock. This conversion will save approximately $0.9 million in future quarterly preferred dividend charges.
  • Completed 32,051 loan modifications, a 14% increase over the second quarter 2013. HAMP modifications accounted for 48% of completed modifications.
  • Deferred servicing fees (“DSF”) related to delinquent borrower payments amounted to $500.5 million at the end of the period. Ocwen does not recognize DSF as revenue until collected, and it does not accrue DSF on its balance sheet.
  • The lending segment overall generated $5.7 million of pre-tax income on $33.5 million of revenue. Ocwen’s Homeward lending operation originated approximately $1.4 billion of fundings with another $142 million originated via partnerships. Liberty Reverse Mortgage had a negative contribution to pre-tax income of $3.2 million.
  • Generated Cash flow from operations of $143 million.
  • Total effective tax rate of 12.2%.

Subsequent Events and Updates

  • On October 25, 2013, Ocwen sold servicing advances and the rights to receive the servicing fees on loans with a UPB of approximately $10 billion to HLSS. Ocwen received net cash proceeds of $309.4 million. Proceeds are anticipated to be used for the remaining OneWest MSR and the Greenpoint MSR acquisitions. The Greenpoint MSR is approximately $8.3 billion of UPB and is expected to close in December 2013.

“Ocwen completed 32,051 modifications, which is a record high for the Company, and over 6,000 short sales and deeds-in-lieu during the third quarter,” said Ron Faris, President and CEO. “Ocwen continues to seek sensible modifications and other loan resolutions that help struggling families while providing more cash-flow to mortgage investors. We are proud to have one of the best pre-foreclosure resolution rates of any servicer. The superiority of Ocwen’s servicing was once again confirmed in a recently published report by Moody’s that tracked over 1 million loans in default at the end of 2008 through mid-2013. Ocwen’s overall performance ranked number one. These results are possible because of the unique capabilities embedded in our industry leading servicing platform.”

Mr. Faris continued, “The integration of legacy ResCap loans onto the Ocwen platform began in the third quarter with the movement of over 340,000 non-agency loans. While this represents only 22% of the legacy ResCap platform loans, these loans represent approximately 33% of legacy ResCap delinquent loans accelerating our ability to apply our programs to those loans that most need attention. Our plans call for further monthly transfers from the legacy ResCap platform through May 2014. As per our original plan, this will result in an extended period of transition-related costs.”

“While boarding of the OneWest portfolio has been slower than usual, it is otherwise proceeding according to plan. The addition of the OneWest portfolio should also be beneficial to our lending segment as it will provide additional HARP opportunities. The Company projects that lending will generate approximately $18 to 22 million in pre-tax income in the fourth quarter of 2013 compared to $5.7 million in the third quarter, assuming interest rates and other factors remain at current levels.”

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, the Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, October 31, 2013, at 11 a.m. Eastern Time to discuss its financial results for the third quarter of 2013.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder” section.  A replay of the conference call can also be accessed by dialing 1-203-369-1218 after 12:01 P.M. Eastern Time on Thursday, October 31, 2013, until 6:00 p.m. Eastern Time on November 8, 2013.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainly related to acquisitions, including our ability to integrate the systems, procedures and personnel of acquired companies; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and on Forms 10-Q for the quarters ended March 31, 2013 and June 30, 2013. The forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen undertakes no obligation to update or revise the forward-looking statements, except as required by law.

Non-GAAP Performance Measures

This news release contains references to “normalized” results and “adjusted cash flow from operations,” which are non-GAAP performance measures. We believe these non-GAAP performance measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States. Further information regarding these measures and reconciliation to GAAP may be found on Ocwen’s website.

Jan 22, 2014

OCWEN TO ACQUIRE PORTFOLIO OF MORTGAGE SERVICING RIGHTS FROM WELLS FARGO

ATLANTA, Jan. 22, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (“Ocwen”) (NYSE:OCN), a leading financial services holding company, today announced that its mortgage servicing arm has signed an agreement with Wells Fargo Bank, N.A. for the purchase of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion.  The sale will be finalized as servicing is transferred, which Ocwen expects will occur during 2014.  The loans underlying the residential mortgage servicing rights sold are primarily in private label securities.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, the Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more.  Additional information is available at www.Ocwen.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; uncertainly related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013.  Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT: John V. Britti

         Executive Vice President and Chief Financial Officer

         T: 561.682-7535

         E: John.Britti@Ocwen.com
Feb 6, 2014

OCWEN FINANCIAL CORPORATION UPDATE

ATLANTA, Feb. 6, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (“Ocwen”) (NYSE:OCN), a leading financial services holding company, announced that, at the request of the New York Department of Financial Services (“NY DFS”), its mortgage servicing arm has agreed to put an indefinite hold on its previously announced purchase from Wells Fargo Bank, N.A. of mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion.

Ocwen will continue to work closely with the NY DFS to resolve its concerns about Ocwen’s servicing portfolio growth.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, the Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Feb 21, 2014

OCWEN LOAN SERVICING ANNOUNCES PRICING FOR PRIVATE OFFERING OF OCWEN ASSET SERVICING INCOME SERIES (“OASIS”) NOTES

ATLANTA, Feb. 21, 2014 (GLOBE NEWSWIRE) — Ocwen Loan Servicing, LLC (the “Company”), a wholly owned subsidiary of Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today announced that it has priced the offering of the Ocwen Asset Servicing Income Series (“OASIS”) program. The securities, OASIS Series 2014-1 (the “Notes”), are secured by the Company’s mortgage servicing rights relating to $11.8 billion in unpaid principal balance of Freddie Mac 30-Year fixed rate mortgages (the “Reference Pool”). The Company estimates that the gross proceeds from the Notes offering will be approximately $123.5 million.

OASIS is an agency MSR financing program whereby the Company issues notes backed by individual closed-end pools of agency MSRs that are owned by the Company. Noteholders of this first OASIS issuance will be entitled to receive monthly payments from the Company in an amount equal to 21 basis points per annum on the stated principal balance of the Reference Pool and a final payment on the stated maturity date in February 2028 that is also based on the then stated principal balance of the Reference Pool. The average servicing fee for the Reference Pool at the closing date is 31 basis points per annum. Through the OASIS program, the Company achieves match funded financing of the related agency MSRs for fourteen years and limits its exposure to prepayment volatility.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act.

The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, The Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include those risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT: John V. Britti

         Executive Vice President and Chief Financial Officer

         T: 561.682-7535

         E: John.Britti@Ocwen.com
Feb 27, 2014

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR FOURTH QUARTER AND FULL YEAR 2013

Q4 Net income of $105 million and Revenue of $556 million
Full-year 2013 Net income of $294 million and EPS of $2.02   

ATLANTA, Feb. 27, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $105.3 million, or $0.74 per share, for the fourth quarter of 2013 compared to Net income of $65.3 million, or $0.47 per share, for the fourth quarter of 2012.  Ocwen generated revenue of $556.0 million, up 135% from the fourth quarter of 2012. Income from operations grew by 56% to $215.1 million for the fourth quarter of 2013 as compared to $137.5 million for the fourth quarter of 2012.

Full year Net income for 2013 is $294.1 million, or $2.02 per share, as compared to $180.9 million, or $1.31 per share, for 2012. Revenue for 2013 of $2.0 billion is a 141% increase from 2012.

Pre-tax earnings on a GAAP basis for the fourth quarter of 2013 were $120.1 million, a 57% increase as compared to the fourth quarter of 2012. Ocwen’s normalized pre-tax earnings for the fourth quarter of 2013 were $166.9 million, a 100% increase from the fourth quarter of 2012.  Ocwen incurred a total of $46.8 million in normalized expenses in the fourth quarter of 2013 that are primarily transition-related expenses associated with 2013 transactions.

Full year pre-tax earnings on a GAAP basis for 2013 were $335.2 million, a 30% increase over 2012. Full year normalized pre-tax earnings for 2013 increased by 101% over 2012 from $289.4 million to $581.2 million.

“Our solid financial performance enabled us to initiate a stock repurchase program in the fourth quarter while maintaining the strongest capital ratios among our peers,” commented Bill Erbey, Ocwen’s Chairman. “We are working cooperatively with the New York Department of Financial Services to address its concerns that led to an indefinite hold on our transaction with Wells Fargo. Longer-term we believe developments remain positive for our business, particularly in three areas. First, prepayments continue to trend lower, lengthening the duration of our assets. Secondly, Ocwen’s continued ability to help homeowners with foreclosure alternatives along with an improving economy continues to drive down delinquencies on loans we service and further slows prepayments. Lastly, the OASIS financing that we just closed should enhance our prime origination business. Oasis enables us to reduce our exposure to prepayment risk and lower our cost of capital disadvantage vis-à-vis commercial banks.”

Fourth Quarter 2013 Business Highlights

  • Ocwen repurchased 1,125,707 shares of its common stock for a total outlay of $60 million. The Company expects to continue to repurchases under its stock repurchase plan with a general goal of buying at least the prior quarter’s earnings in the three months following its earnings announcements. The Company may buy more or less in any given period. Unless Ocwen amends the share repurchase program or repurchases the full $500 million amount by an earlier date, the share repurchase program will continue through July 2016. Ocwen may use SEC Rule 10b5-1 plans in connection with its share repurchase program.
  • Completed 29,979 loan modifications, HAMP modifications accounting for 44% of the total. Modifications that included some principal reduction accounted for 54% of total modifications.
  • The constant pre-payment rate (“CPR”) fell from 15.8% in the third quarter of 2013 to 13.1% in the fourth quarter. In the fourth quarter of 2013, prime CPR was 14.5% and non-prime CPR was 11.0%. Non-prime CPR associated with refinances and other total debt pay-offs was only 2.5%.
  • Substantially completed transfers of previously announced OneWest and Greenpoint transactions.
  • Deferred servicing fees (“DSF”) related to delinquent borrower payments amounted to $583.0 million at the end of the year. Ocwen does not recognize DSF as revenue until collected, and it does not accrue DSF on its balance sheet.
  • Delinquencies declined from 14.6% as of September 30, 2013 to 14.5% on December 31, 2013, with a larger decline in legacy delinquencies partially offset by higher delinquencies on newly boarded portfolios. 

Subsequent Events and Updates

  • On February 26, 2014, the United States District Court for the District of Columbia approved our national servicing settlement.

“Ocwen has among the best pre-foreclosure resolution rates of any servicers because we offer a broad array of alternatives to help struggling families keep their homes. We completed 29,979 modifications and over 5,500 short sales and deeds-in-lieu during the fourth quarter,” said Ron Faris, President and CEO. “For the full year 2013, Ocwen helped over 200,000 borrowers receive sensible modifications and other loan resolutions that helped distressed borrowers avoid foreclosure while improving cash-flow to mortgage investors.   We are also proud of the fact that, according to the most recent data published by the US Treasury Department, Ocwen has started more permanent first-lien modifications through the federal government’s HAMP program, 264,043, than any other servicer in the United States. Similarly, Ocwen is the leader in HAMP principal reductions, accounting for 39.4% of all principal reductions done under the HAMP Principal Reduction Alternative program and more than twice the volume of any other servicer.

Mr. Faris continued, “The transfer of loans from OneWest and Greenpoint were substantially completed during the Fourth Quarter and early in the current Quarter.   More importantly, we are nearing the end of our integration of the legacy ResCap loans onto Ocwen’s servicing platform. We expect to be able to finish our consolidation by the end of the second quarter. Consolidation will allow us to substantially lower expenses and reduce the operating complexities of running multiple platforms.”

“Ocwen’s lending business generated a record-high $14.8 million pre-tax income contribution in the fourth quarter, despite the fact that rising interest rates reduced margins and volume below our expectations. HARP refinances continue to be the major driver of earnings in our lending business. However, we expect this volume will begin to decline over the next few months as the number of HARP-eligible loans decreases.”

“We continue to focus our attention on regulatory compliance and on assisting struggling homeowners. During 2013 we made significant progress in enhancing our compliance management system. We helped a record number of struggling homeowners. We expanded our partnerships with consumer housing counselors. And, we will continue these efforts with even more vigor in 2014.”

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans.  Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, the Philippines and Uruguay.  Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more.  Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, February 27, 2014, at 11 a.m. Eastern Time to discuss its financial results for the fourth quarter of 2013.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder Relations” section. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; uncertainty related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; our ability to effectively manage our regulatory and contractual compliance obligations; uncertainty related to claims, litigation, inquiries and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification and other practices; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2012 and its quarterly reports on Forms 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Ocwen may post information that is important to investors on its website.

Non-GAAP Financial Measures

This news release contains certain non-GAAP financial measures, such as our references to “normalized pre-tax earnings.” We believe these non-GAAP financial measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Ocwen’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Further information regarding these measures may be found on Ocwen’s website.

May 1, 2014

OCWEN FINANCIAL ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 2014

  • Net income of $75.8 million and Revenue of $551.3 million
  • EPS of $0.54 up 74% over Q1 2013

ATLANTA, Ga. May 1, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today reported Net income of $75.8 million, or $0.54 per share, for the first quarter of 2014 compared to Net income of $45.1 million, or $0.31 per share, for the first quarter of 2013. Ocwen generated revenue of $551.3 million, up 36% from the first quarter of 2013. Income from operations grew by 24% to $202.1 million for the first quarter of 2014 as compared to $163.6 million for the first quarter of 2013.

Pre-tax earnings on a GAAP basis for the first quarter of 2014 were $89.0 million, a 73% increase as compared to the first quarter of 2013. Ocwen’s normalized pre-tax earnings for the first quarter of 2014 were $114.0 million, a 12% increase from the first quarter of 2013. Ocwen incurred a total of $25.0 million in normalized expenses in the first quarter of 2014 that were primarily transition-related expenses.

The following items, not included in normalization, representing a change of $59.4 million should be taken into account when comparing earnings for the fourth quarter of 2013 and the first quarter of 2014.

  • There was a $5.1 million loss on the $7.6 billion portion of the mortgage servicing rights (“MSR”) portfolio marked at fair value as compared to a fourth quarter 2013 gain of $19.1 million. There was also an MSR impairment reversal of $2.4 million for the fourth quarter. Combined, these changes produced a $26.6 million change quarter-over-quarter.
  • Reserves for uncollectible servicing receivables increased by $24.3 million versus an increase of $5.7 million in the fourth quarter of 2013.
  • The lending segment generated earnings of $0.6 million compared to $14.8 million in the fourth quarter of 2013. The reverse mortgage business posted a $6.3 million loss versus a $0.3 million loss in the prior quarter. Forward lending profit fell from $15.1 million to $6.9 million.

“Going forward, we believe compliance and counterparty strength will be among the most important factors determining long-term success in the servicing business. We consider our solid balance sheet, National Mortgage Settlement compliance and long history of success in large servicing transfers, where we are able to substantially reduce delinquencies and keep more people in their homes, to be substantial competitive advantages. Ocwen is the only non-bank servicer to be subject to its own National Mortgage Settlement that applies across the entire servicing portfolio, and we maintain the strongest capital ratios among large non-bank servicers. In fact, we hold more capital relative to mortgage servicing rights than most banks,” commented Bill Erbey, Ocwen’s Chairman. “However, increased compliance and operational risk management does not come without a cost, as you can see from our first quarter normalized earnings.”

First Quarter 2014 Business Highlights

  • On February 26, 2014, we issued $123.6 million of Ocwen Asset Servicing Income Series (“OASIS”), Series 2014-1 Notes secured by owned MSRs relating to a reference pool of Freddie Mac mortgages with $11.8 billion of unpaid principal balance (“UPB”). This transaction is recorded as a financing and mitigates prepayment risk.
  • Completed 28,456 loan modifications, with HAMP modifications accounting for 39% of the total. Modifications that included some principal reduction accounted for 49% of total modifications.
  • The constant pre-payment rate (“CPR”) fell from 13.1% in the fourth quarter of 2013 to 11.2% in the first quarter of 2014. In the first quarter of 2014, prime CPR was 12.6%, and non-prime CPR was 9.2%.
  • Completed the final transfers of previously announced OneWest and Greenpoint transactions.
  • Completed the remaining acquisition of MSRs associated with the February 2013 ResCap transaction. Ocwen had been subservicing these loans for the ResCap estate.
  • Deferred servicing fees (“DSF”) related to delinquent borrower payments amounted to $580.4 million at March 31, 2014. Ocwen does not recognize DSF as revenue until collected, and it does not accrue DSF on its balance sheet.
  • Total delinquencies declined from 14.5% at December 31, 2013 to 13.8% at March 31, 2014.
  • Net cash provided by operating activities of $213.0 million, with adjusted cash-flow from operating activities of $204.0 million.
  • Originated forward and reverse mortgage loans with UPB of $1.1 billion and $163.2 million, respectively.

“Ocwen continues to work cooperatively with the New York Department of Financial Services to address their concerns that led to an indefinite hold on our Wells Fargo transaction,” said Ron Faris, President and CEO. “We believe that increased regulatory scrutiny will, over time, benefit the industry and Ocwen by building greater confidence in the system and rewarding those with efficient and effective servicing processes.  Nevertheless, new requirements and the associated investments have raised costs for the industry, including Ocwen. This places an increased premium on operational scale and proficiency in operations, two areas of competitive strength for Ocwen.”

Faris continued, “The 0.7 percentage point decline in delinquencies continues to demonstrate Ocwen’s capability to improve performance on newly boarded portfolios. On the OneWest private-label portfolio, delinquencies fell 1.2 percentage points from the end of December 2013 to the end of March 2014. Non-foreclosure resolutions continue to dominate our loss mitigation efforts, with 78.2% of our 66,417 total resolutions being full debt pay-offs, modifications, forbearance plans, short-sales or deeds-in-lieu. Ocwen remains an industry leader in helping homeowners and generating more cash flow for mortgage investors.”

“Revenue in the first quarter was hampered by slower REO sales, as poor weather reduced sales below expectations. Sales typically rise in the Spring, and we have seen a more substantial rebound than usual, as sales in the first half of April are up 61% over the first half of February. This should bolster delinquent service fee collections and, hence, revenue in the second quarter.”

“Income from forward lending dropped 54% from the fourth quarter of 2013 to $6.9 million. The change was driven by lower volume and lower overall margins. HARP refinances remain the largest component of overall profitability. The reverse lending business, which has been going through an industry-wide overhaul, contributed a GAAP loss of $6.3 million, though we expect that the reverse business will contribute future “tail” earnings on new originations that will more than make up for current period losses.”

“Ocwen continues to enhance its well-established borrower outreach effort through community groups by launching a Community Advisory Board that will, among other things, ensure Ocwen’s mortgage lending and servicing policies and practices can have a positive impact on local communities, particularly those hardest hit by the economic downturn.”

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in the District of Columbia, California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, India, the Philippines and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

Webcast and Conference call

The Company will host a webcast and conference call on Thursday, May 1, 2014, at 11 a.m. Eastern Time to discuss its financial results for the first quarter of 2014.

The conference call will be webcast live over the internet from the Company’s website at www.Ocwen.com, click on the “Shareholder Relations” section.  A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; uncertainty related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; our ability to effectively manage our regulatory and contractual compliance obligations; uncertainty related to claims, litigation, inquiries and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification and other practices; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013. Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Ocwen may post information that is important to investors on its website.

Non-GAAP Financial Measures

This news release contains certain non-GAAP financial measures, such as our references to “normalized pre-tax earnings.” We believe these non-GAAP financial measures may provide additional meaningful comparisons between current results and results in prior periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Ocwen’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Further information regarding these measures may be found on Ocwen’s website.

May 7, 2014

OCWEN FINANCIAL CORPORATION COMMENCES PRIVATE OFFERING OF $350 MILLION AGGREGATE PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2019

ATLANTA, May 7, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) announced today that it had launched a private placement of $350 million in aggregate principal amount of Senior Notes due 2019 (the “Notes”). The Notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act. The Company intends to use the net proceeds from this offering for general corporate purposes.

The Notes have not been registered under the Securities Act, any other federal securities laws or the securities laws of any jurisdiction, and until so registered, the Notes may not be offered or sold in the United States to, or for the account or benefit of, any United States person except pursuant to an exemption from the registration requirements of the Securities Act and other applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; uncertainty related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; our ability to effectively manage our regulatory and contractual compliance obligations; uncertainty related to claims, litigation, inquiries and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification and other practices; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013 and its quarterly report on Form 10-Q for the quarter ended March 31, 2014. Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Ocwen may post information that is important to investors on its website.

CONTACT: Stephen Swett or Brad Cohen

         T: (203) 682-8200

         E: shareholderrelations@ocwen.com

         or

         John V. Britti

         Executive Vice President & Chief Financial Officer

         T: (561) 682-7535

         E: John.Britti@Ocwen.com
May 8, 2014

OCWEN FINANCIAL CORPORATION PRICES PRIVATE PLACEMENT OF $350 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.625% SENIOR NOTES DUE 2019

ATLANTA, May 8, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) announced today the pricing of $350 million in aggregate principal amount of 6.625% Senior Notes due 2019 (the “Notes”). The notes will be issued at par. The offering is scheduled to close on May 12, 2014, subject to customary closing conditions. The Notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act. The Company intends to use the net proceeds from this offering for general corporate purposes.

The Notes have not been registered under the Securities Act, any other federal securities laws or the securities laws of any jurisdiction, and until so registered, the Notes may not be offered or sold in the United States to, or for the account or benefit of, any United States person except pursuant to an exemption from the registration requirements of the Securities Act and other applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates; our ability to grow and adapt our business, including the availability of new loan servicing and other accretive business opportunities; uncertainty related to acquisitions, including our ability to close acquisitions and to integrate the systems, procedures and personnel of acquired assets or businesses; our ability to effectively manage our regulatory and contractual compliance obligations; uncertainty related to claims, litigation, inquiries and investigations brought by government agencies and private parties regarding our servicing, foreclosure, modification and other practices; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties; our ability to effectively manage our exposure to interest rate changes; uncertainty related to general economic and market conditions, delinquency rates, home prices and disposition timelines on foreclosed properties; as well as other risks detailed in Ocwen’s reports and filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2013 and its quarterly report for the quarter ended March 31, 2014. Anyone wishing to understand Ocwen’s business should review such filings. The forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise. Ocwen may post information that is important to investors on its website.

CONTACT: FOR FURTHER INFORMATION CONTACT:

         Stephen Swett or Brad Cohen

         T: (203) 682-8200

         E: shareholderrelations@ocwen.com

         or

         John V. Britti
Jun 19, 2014

OCWEN HOSTS FIFTH ANNUAL HOUSING ADVOCACY AND POLICY FORUM

Community Advocates, Government Agencies and Industry Experts Discuss Homeownership in the Evolving Housing Market

WASHINGTON, June 19, 2014 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN), one of the nation’s largest mortgage servicers, today hosted its fifth Annual Housing Advocacy and Policy Forum. The event brought together key stakeholders in America’s housing debate to exchange perspectives on important issues related to homeownership and mortgage finance in the context of an evolving market and regulatory environment. Attendees included senior officials from housing advocacy and policy groups, the mortgage industry and several federal government agencies.

The Treasury Department’s Chief of Homeownership Preservation Mark McArdle delivered a speech about ongoing federal efforts to assist homeowners who continue to struggle in the aftermath of the housing crisis. In addition, representatives from the Office of the Comptroller of the Currency and Department of Housing and Urban Development addressed a variety of issues including the emerging regulatory landscape and new counseling initiatives to assist homeowners.

The event also featured panel discussions focused on:

  • The impact of the Qualified Mortgage rule on the housing market and how changes at Fannie Mae and Freddie Mac could affect access to credit.
  • Innovative strategies to rehabilitate blighted communities through partnerships with land banks and nonprofit organizations.

Panelists included representatives of:

  • Center for Responsible Lending
  • Federal Reserve Bank of Cleveland
  • Housing Partnership Network
  • Mortgage Bankers Association
  • National Community Stabilization Trust
  • National Housing Conference
  • Neighborhood Housing Services of Chicago

“Ocwen has a longstanding commitment to collaborate with non-profit housing counseling agencies. These groups are indispensible for effective communication with struggling borrowers,” said Ronald Faris, Ocwen’s President and CEO. He continued, “As new regulations take effect and the housing market continues to recover, we believe the exchange of ideas between housing counselors, regulators and mortgage industry leaders is critically important. We each have a unique perspective, but we all share the same goal – to assist struggling borrowers and to ensure that every qualified borrower has access to mortgage credit.”

Addressing the new Qualified Mortgage rule, Ken Edwards from the Center for Responsible Lending said, “The QM’s product features will help reorient the housing market back towards safe, sustainable lending for all borrowers.”

Steve O’Connor, a Senior Vice President at the Mortgage Bankers Association, added, “Access to affordable credit remains one of the biggest challenges facing the mortgage market. It is critical that stakeholders collaborate in the search for solutions.”

“While some parts of the Chicago housing market have experienced a recovery, others continue to lag behind,” said Ed Jacob, Executive Director, Neighborhood Housing Services of Chicago. “The Ocwen Advocacy Event is a great opportunity to collaborate with partners from all sectors to work on the challenges facing these neighborhoods,” he said.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com.

CONTACT: FOR FURTHER INFORMATION CONTACT:

         Sard Verbinnen & Co.

         Margaret Popper/David Millar

         212-687-8080
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