Ocwen Financial Corporation Update

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.

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 close
acquisitions and to integrate the systems, procedures and personnel of
acquired assets or businesses; uncertainty related to claims, litigation,
inquiries and investigations brought by government agencies and private
parties regarding our servicing, foreclosure, modification and other
practices; 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
 
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