Ocwen Offers Comment Related to Recent Ratings Agency Actions: 'Pleased to See Strategy Deployed is Working, Achieving Its Objectives'

Ocwen Financial Corporation,

("Ocwen" or the "Company"), today commented on the recent ratings action by Moody's Investors Service ("Moody's"). Ron Faris, President and CEO of Ocwen said "We are pleased to see that the strategy we have deployed is working and achieving its objectives. Execution on sales of a portion of our Fannie Mae and Freddie Mac servicing portfolios has resulted in increased liquidity, reduced corporate leverage and a simplified operating structure. We are pleased that Moody's has upgraded our Corporate Family Rating, Senior Secured Bank Credit Facility rating, and Senior Unsecured Debt rating. We are also pleased to see that Moody's has changed its outlook for all of these ratings to stable." Mr. Faris also addressed the CreditWatch announcement by Standard and Poor's Ratings Services ("S&P") on Ocwen's servicer rankings. Said Faris, "We were surprised by the S&P announcement and specifically their reasons because we believe that we have made significant progress in resolving past regulatory concerns, strengthened our financial condition, and, over the past couple of years, continually invested in the quality and capacity of our risk, compliance, and internal audit functions. We also believe that our risk, compliance, and internal audit scope and effectiveness are consistent with or better than a number of other large mortgage servicers. With the recent filing of our first quarter Form 10-Q and 2014 Form 10-K, we believe that S&P is reviewing the impact of our disclosed regulatory and legal updates in those filings. As previously reported, we are not aware of any unresolved issues with state agencies that would have a material financial impact on the Company. Similarly, we are not aware of, nor anticipating any, material fines, penalties, or settlements and we are not aware of any pending or threatened actions to suspend or revoke any state licenses. We also continue to have frequent and transparent communications with state and federal regulators, Attorneys General, GSE's, and other important stakeholders." Ocwen further noted that, as previously disclosed, the Company has continued to invest in Risk and Compliance Management systems, including its internal audit function, significantly strengthening those teams and their capability. In line with its servicing growth and business complexity and growing originations business, Ocwen has, over the past couple of years, increased its internal audit staff, including additional experienced management. In addition, in June of 2014, as previously disclosed, the Company separated its audit and risk function after having hired Marcelo Cruz as its Executive Vice President and Chief Risk Officer. Ocwen also commented that with the changing environment and increased focus on compliance, its internal audit function has increased the breadth and depth of its audit scope. Ocwen also noted its conservative approach to flagging certain audit findings as higher risk, which is consistent with its historical practice. Management of Ocwen believes it has addressed the higher risk audit issues and currently does not believe that any of the identified higher risk audit findings pose a material financial risk to the Company. The Company further noted that downgrades in its servicer ratings or rankings could affect the terms of or its ability to sell or fund servicing advances going forward, could affect the terms and availability of debt financing facilities that it may seek in the future, and could impair its ability to consummate future servicing transactions or adversely affect its dealings with lenders, other contractual counterparties, and regulators, including its ability to maintain its status as an approved servicer by Fannie Mae and Freddie Mac. In addition, some of Ocwen's servicing agreements require that it maintain specified servicer ratings. See Item 1A. Risk Factors – Risks Relating to Our Business in Ocwen's Annual Report on Form 10-K for the year ended December 31, 2014 for further discussion of the adverse effects that a downgrade in servicer ratings could have on the Company's business, financing activities, financial condition, or results of operations.