Ocwen Forms School of Mortgage Origination

Ocwen Financial Corporation (NYSE:OCN), the largest global outsourcing provider of transaction processing solutions for the mortgage industry, has formed the Ocwen School of Mortgage Origination (OSMO) and will graduate its first class of 50 underwriters this month.

"With loan origination volumes declining in 2006, mortgage originators are faced with a distinct set of challenges that impact profitability. Many are reassessing their operational effectiveness and are engaged in both quality control and cost reduction strategies that include the use of offshore third-party service providers," said Michael Linn, Ocwen Executive Vice President.

Ocwen, which has been providing outsourced solutions to the mortgage and asset backed securities industry since 1988, leverages its 24-hour global workforce to process loans and to perform non-conforming mortgage underwriting.

"The Ocwen School of Mortgage Origination establishes a pool of world-class mortgage origination specialists, which enables originators working with Ocwen to provide better service at lower costs and to respond quickly to changing market demand," said Mr. Linn.

OSMO offers an extensive curriculum and rigorous three-month training program leading to certification for Ocwen recruits hired to process loans for Ocwen's clients. An additional 100 underwriters will graduate over the next three to six months.

A case study on outsourcing loan underwriting is available at www.ocwen.com/BPO/outsourcing.cfm.

Ocwen is the largest mortgage processing outsourcer in India with more than 2,500 India-based employees. The company is highly rated by Fitch, Moody's and Standard & Poor's and regulated extensively by various governmental agencies in the U.S. and Europe.

Ocwen Financial Corporation ("Ocwen") is a leading provider of servicing and origination processing solutions to the loan industry with headquarters in West Palm Beach, Florida, offices in Orlando, Florida and Chicago, Illinois and global operations in Canada, Germany, India and Taiwan. We make our clients' loans worth more by leveraging our superior processes, innovative technology and high-quality, cost-effective global human resources. Additional information is available at www.ocwen.com.

CONTACT: Ocwen Media Relations

Rebecca Peddie

T: (407) 737-5388

E: Rebecca.Peddie@Ocwen.com

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