<SEC-DOCUMENT>0001225208-12-007029.txt : 20120307
<SEC-HEADER>0001225208-12-007029.hdr.sgml : 20120307
<ACCEPTANCE-DATETIME>20120307212852
ACCESSION NUMBER:		0001225208-12-007029
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120305
FILED AS OF DATE:		20120307
DATE AS OF CHANGE:		20120307

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Britti John V.
		CENTRAL INDEX KEY:			0001520971

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13219
		FILM NUMBER:		12675652

	MAIL ADDRESS:	
		STREET 1:		2002 SUMMIT BOULEVARD
		STREET 2:		6TH FLOOR
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCWEN FINANCIAL CORP
		CENTRAL INDEX KEY:			0000873860
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				650039856
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2002 SUMMIT BOULEVARD
		STREET 2:		6TH FLOOR
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30319
		BUSINESS PHONE:		561-682-8000

	MAIL ADDRESS:	
		STREET 1:		2002 SUMMIT BOULEVARD
		STREET 2:		6TH FLOOR
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OCWEN FINANCIAL Corp
		DATE OF NAME CHANGE:	20110224

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OCWEN FINANCIAL CORP
		DATE OF NAME CHANGE:	19960516
</SEC-HEADER>
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<SEQUENCE>1
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<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-03-05</periodOfReport>

    <issuer>
        <issuerCik>0000873860</issuerCik>
        <issuerName>OCWEN FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>OCN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001520971</rptOwnerCik>
            <rptOwnerName>Britti John V.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2002 SUMMIT BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>ATLANTA</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30319</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>EVP and CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2012-03-05</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>18000.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
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                    <value>18000.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
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            </securityTitle>
            <conversionOrExercisePrice>
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            <transactionDate>
                <value>2012-03-05</value>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0.0000</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
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            <securityTitle>
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            <transactionAmounts>
                <transactionShares>
                    <value>0.0000</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Share Rights</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
                <value>2012-03-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>0.0000</value>
                    <footnoteId id="F6"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
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            <expirationDate>
                <footnoteId id="F7"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.1700</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2012-03-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-03-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000.0000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents restricted stock awarded pursuant to the 2007 Equity Incentive Plan which meets the requirements of Rule 16b-3 (the &quot;Plan&quot;).  The restricted stock vests as follows: 4,500 shares vested immediately upon grant. 4,500 shares will vest on November 29, 2013, November 29, 2014 and November 29, 2015.</footnote>
        <footnote id="F2">Represents restricted stock awarded pursuant to the Plan.  The restricted stock vests as follows: 4,500 shares vested immediately upon grant. 4,500 shares will vest on November 29, 2013, November 29, 2014 and November 29, 2015.</footnote>
        <footnote id="F3">Performance restricted shares awarded pursuant to the Plan. The performance restricted shares vest as follows: He will receive the number of performance restricted shares valued at $37,500 when the Company's stock price realizes a compounded annual gain of at least 20% over the exercise price, so long as the stock price is $26.34 and the number of performance restricted shares valued at $37,500 on each anniversary for the next three years. Upon vesting, one Common Share will be delivered for each vested performance restricted share.</footnote>
        <footnote id="F4">If the Employee's employment terminates other than by reason of Retirement or Disability prior to vesting of the entire performance restricted shares, the performance restricted shares shall terminate and be cancelled for the shares that have not already vested on the last day of the Employee's employment with the Corporation.</footnote>
        <footnote id="F5">Performance restricted shares awarded pursuant to the Plan. The performance restricted shares vest as follows: He will receive the number of performance restricted shares valued at $18,750 when the Company's stock price realizes a 25% compounded annual gain, so long as the Company's stock price is $39.51 and the number of performance restricted shares valued at $18,750 on each anniversary for the next three years. Upon vesting, one Common Share will be delivered for each vested performance restricted share.</footnote>
        <footnote id="F6">Restricted share rights awarded pursuant to the Plan. The restricted share rights vest as follows: He will receive the number of restricted share rights valued at $18,750 on November 29, 2012 and on each anniversary on November 29, 2013, November 29, 2014 and November 29, 2015. Upon vesting, one Common Share will be delivered for each vested restricted share right.</footnote>
        <footnote id="F7">If the Employee's employment terminates other than by reason of Retirement or Disability prior to vesting of the entire restricted share rights, the restricted share rights shall terminate and be cancelled for the shares that have not already vested on the last day of the Employee's employment with the Corporation.</footnote>
        <footnote id="F8">The vesting schedule for these options has a time-based component, in which 25,000 options vest in equal increments over four years commencing on November 29, 2012. There is also a performance-based component, in which up to 75,000 options could vest in equal increments, with 25% vesting immediately upon the achievement of certain performance criteria related to OCN's stock price and its annualized rate of return and the remaining 75% vesting over the next three years. 50,000 of the performance-based options would commence vesting if the stock price realizes a compounded annual gain of at least 20% over the exercise price, so long as the stock price is $26.34. 25,000 of the performance-based options would commence vesting if the stock price realizes a 25% compounded annual gain, so long as it is $39.51.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kristen N. Wagner, Attorney-in-Fact</signatureName>
        <signatureDate>2012-03-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
