<SEC-DOCUMENT>0001019056-12-000451.txt : 20120403
<SEC-HEADER>0001019056-12-000451.hdr.sgml : 20120403
<ACCEPTANCE-DATETIME>20120403172521
ACCESSION NUMBER:		0001019056-12-000451
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120402
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
FILED AS OF DATE:		20120403
DATE AS OF CHANGE:		20120403

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13219
		FILM NUMBER:		12739042

	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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 12pt">Washington, D.C. 20549</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Current Report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Pursuant to
Section 13 or 15 (d) of the Securities Exchange Act of 1934</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):&nbsp;&nbsp;April
2, 2012</B></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OCWEN FINANCIAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in
its charter)</B></P>

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    <TD STYLE="width: 30%; vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">Florida</TD>
    <TD STYLE="width: 5%; vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">1-13219</TD>
    <TD STYLE="width: 5%; vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">65-0039856</TD></TR>
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    <TD STYLE="vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-weight: bold; text-align: center">(IRS Employer Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2002 Summit Boulevard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Atlanta, Georgia 30319</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (561) 682-8000</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not applicable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction
A.2. below):</P>

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    <TD STYLE="width: 90%; line-height: 115%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="line-height: 115%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="line-height: 115%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="line-height: 115%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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    <TD STYLE="width: 12%; line-height: 115%; font-weight: bold">Item 2.01.</TD>
    <TD STYLE="width: 88%; line-height: 115%; font-weight: bold">Completion of Acquisition of Assets.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">On April 2, 2012, Ocwen Financial Corporation
(&ldquo;Ocwen&rdquo; or the &ldquo;company&rdquo;) completed its acquisition of certain mortgage servicing rights (&ldquo;MSRs&rdquo;)
and related assets from Saxon Mortgage Services, Inc. (the &ldquo;Seller&rdquo;). These transactions and related transactions (herein
referred to as the &ldquo;Saxon Transaction&rdquo;) were announced on Ocwen&rsquo;s Current Report on Form 8-K dated October 24,
2011 (the &ldquo;Prior 8-K&rdquo;). The Saxon Transaction resulted in the acquisition by Ocwen of an MSR portfolio of approximately
$22.2 billion in unpaid principal balance (&ldquo;UPB&rdquo;) of securitized agency and non-agency residential mortgage
loans, approximately $9.9 billion of which Ocwen had previously subserviced for the Seller. The Saxon Transaction also includes
the company&rsquo;s acquisition of the Seller&rsquo;s subservicing agreements relating to approximately $2.7 billion in UPB of
agency and non-agency residential mortgage loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">The base purchase price for the Saxon Transaction
was $73.8 million, which was paid in cash by Ocwen at closing. To finance the Saxon Transaction, Ocwen utilized a combination of
cash on hand, cash generated through operations, the net proceeds from a public offering of common stock on November 9, 2011, and
two new servicing advance facilities with Wells Fargo Bank, N.A.  and Credit Suisse AG    to borrow
approximately $832.5 million against the approximately $1,206.8 million in servicing advances associated with the acquired MSRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">The purchase agreement for the Saxon Transaction
was amended subsequent to the filing of the Prior 8-K so that the company acquired the Seller&rsquo;s servicing business and assets,
including substantially all of its MSR portfolio and subservicing agreements and certain other assets, rather than its stock and
employees. As the company no longer expects to incur any material transition or shut down costs associated with the Saxon Transaction,
the base purchase price increased from the estimated base purchase price of $59.3 million disclosed in the Prior 8-K. All approximations
of UPB and servicing advances above are based on figures as of February 29, 2012, and the base purchase price may be further adjusted
as these amounts are finalized as of the closing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt">As part of the Saxon Transaction, the Seller,
its parent, Morgan Stanley, and Ocwen have agreed to certain indemnification provisions. Additionally, the Seller and Morgan Stanley
agreed to retain certain contingent liabilities for losses, fines and penalties arising from claims by and/or settlements with
government authorities and certain third parties relating to the Seller&rsquo;s and its affiliates&rsquo; pre-closing foreclosure,
servicing and loan origination practices. Further, the Seller, Morgan Stanley and Ocwen have agreed to share certain losses arising
out of third-party claims in connection with the Seller&rsquo;s pre-closing performance under its servicing agreements.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Cautionary Statement Regarding Forward-Looking Statements</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9.35pt"><I>Forward-looking statements made in this
Current Report on Form 8-K reflect the company&rsquo;s current views with respect to future events and performance and are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and
uncertainties, which may cause actual results to differ materially from those set forth in these statements. The company&rsquo;s
performance is also subject to factors identified in the company&rsquo;s other filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which
they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

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    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; line-height: 115%">OCWEN FINANCIAL CORPORATION</TD></TR>
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    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; line-height: 115%">(Registrant)</TD></TR>
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    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; width: 43%">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; line-height: 115%">Date:  April 2, 2012</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Ronald M. Faris</TD></TR>
<TR>
    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">Ronald M. Faris<BR> President &amp; Chief Executive Officer (On behalf
    of the Registrant and as its principal  executive officer)</TD></TR>
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