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Ocwen Outlines Strategy

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Mortgage Daily

                                                 May 12, 2015

Now that it no longer has to warn investors about its ability to continue in business, Ocwen Financial Corp. has outlined its ongoing strategy.

After missing the deadline to file its 2014 Form 10-K with the Securities and Exchange Commission, the Atlanta-based company finally filed the annual report on Monday.

Still, Ocwen now seeks an extension beyond the deadline to file its Form 10-Q for the first-quarter 2015 with the SEC.

Ocwen said it needs more time to
complete its financial closing procedures and expects to file the 10-Q by May 18.

An announcement accompanying the 10-K filing indicated that
Ocwen did not need to state a qualification about its ability to continue as a going concern.

Relieved of the stigma that accompanies such a qualification, Ocwen laid out a number of initiatives it plans to execute this year.

These include improvement in
management, compliance and corporate governance programs as well as in capital efficiency and utilization. The servicer also intends to boost its franchise value and brand enhancement.

Ocwen is trying to better customer satisfaction and cut defect rates. It expects to lower delinquency and increase alternative foreclosure resolutions.

Also on the agenda is achievement of internal per-share earnings targets and completion of key technological initiatives.

A separate announcement indicates that
Alan J. Bowers was appointed to Ocwen’s board of directors.

The appointment of Bowers, who has no previous Ocwen affiliation, brings to eight the number of directors on the board. Including Bowers, seven directors are independent.

Bowers has been a director of commercial real estate lender Walker & Dunlop Inc. since 2010.

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