Ocwen Financial Corporation to Reduce Costs by Not Renewing Fitch Contract for Corporate Rating

Ocwen Financial Corporation (NYSE:OCN) (“Ocwen”), a leading financial services holding company, today announced that as part of its ongoing efforts to reduce costs, Ocwen has determined that it will not renew its contract with Fitch Ratings, Inc. (Fitch) for various corporate ratings. Ocwen’s US Residential Mortgage Primary Servicer and other servicer ratings are governed by separate agreements with Fitch and are not impacted by this action.

About Ocwen Financial CorporationOcwen Financial Corporation is a financial services holding company which, through its subsidiaries, services and originates loans. We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands as well as operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important to investors on our website (www.Ocwen.com).

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