S&P Assigns Ocwen Federal Bank Servicer Rnkgs

Business Wire, Dec 12, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

Dec. 12, 2001-- Standard & Poor's today assigned its Strong Residential Subprime and Residential Special Servicer rankings to Ocwen Federal Bank FSB (Ocwen), a wholly owned subsidiary of OCWEN Financial Corp. At the same time, the company is assigned an Above Average Residential Alternative Servicer ranking for subordinate lien products.

The outlook is stable.

These rankings are based on the company's tenured management team, comprehensive policies and procedures, superior data management and reporting capabilities, improved risk management methodologies, and extensive default management expertise. Ocwen has established an impressive track record as a residential special servicer of nonperforming and subperforming mortgage assets. The company specializes in resolving problem assets for third parties on a fee basis, utilizing its well-developed proprietary technology and default management capabilities. Currently, Ocwen ranks as one of the largest third-party subprime loan servicers in the U.S. with more than $21 billion of assets under management. During 2000, the company successfully executed some key strategic initiatives including converting to the platform-wide integration of its proprietary REALServicing(tm) technology from a vendor-supplied servicing system. In addition, the company continues to expand its Orlando, Fla. operation, which opened in 1999, utilizing its extensive physical plant to staff its call center operations, expand its collection and default management areas, and provide enhanced disaster recovery and business resumption alternatives.

Ocwen continues to invest in technology and infrastructure to optimize loan-servicing efficiencies and refine data analytics for optimum asset management.

The company's strategic focus will be to continue growing its third-party servicing business and expanding its Ocwen Technology Xchange subsidiary, which markets the company's proprietary suite of loan-servicing technology products. Although Ocwen continues to be challenged by weak earnings, management's continued focus on risk management through strong internal controls, emphasis on technology, and implementing global best practices, ensures that Ocwen will remain a highly effective servicer of nonperforming, subperforming, and subordinate lien mortgage assets in the RMBS marketplace.