<SEC-DOCUMENT>0001019056-14-001037.txt : 20140812
<SEC-HEADER>0001019056-14-001037.hdr.sgml : 20140812
<ACCEPTANCE-DATETIME>20140812091054
ACCESSION NUMBER:		0001019056-14-001037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140812
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20140812
DATE AS OF CHANGE:		20140812

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:		141032563

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ocwen_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date
of Report (Date of earliest event reported): August 12, 2014</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>OCWEN
FINANCIAL CORPORATION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></FONT></P>

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

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    <TD STYLE="width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Florida</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>1-13219</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>65-0039856</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(State or
    other jurisdiction of</B> <B>incorporation)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(Commission
    File Number)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(IRS Employer
    Identification</B> <B>No.)</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2002
Summit Boulevard, Sixth Floor </B><BR>
<B>Atlanta, Georgia 30319 </B><BR>
<B>(Address of principal executive offices)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not
applicable.</B><BR>
<B>(Former name or former address, if changed since last report)</B></FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant
    to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12
    under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant
    to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant
    to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 12%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 4.02(a)</B></FONT></TD><TD STYLE="width: 88%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Non-Reliance
                                         on Previously Issued Financial Statements or a Related Audit Report or &#9;Completed
                                         Interim Review.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On August 12,
2014, the Board of Directors and the Audit Committee of the Board of Directors (&ldquo;Audit Committee&rdquo;) of Ocwen Financial
Corporation (the &ldquo;Company&rdquo;), after consultation with Deloitte &amp; Touche LLP (&ldquo;Deloitte &amp; Touche&rdquo;),
the Company&rsquo;s independent registered public accounting firm, determined that the Company&rsquo;s financial statements for
the fiscal year ended December 31, 2013 and the quarter ended March 31, 2014 can no longer be relied upon as being in compliance
with generally accepted accounting principles (&ldquo;GAAP&rdquo;). Accordingly, the Company will restate such financial statements.
Similarly, related press releases, Deloitte &amp; Touche&rsquo;s reports on the financial statements, including the effectiveness
of internal control over financial reporting, and shareholder communications describing the Company&rsquo;s financial statements
for these periods should no longer be relied upon. The decisions of the Board of Directors and Audit Committee to restate these
financial statements follows a recommendation by management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At the
current time, based on preliminary evaluations, the anticipated impact of the adjustments are expected to result in an increase
in pre-tax income for the year ended December 31, 2013 of approximately $17 million and a reduction in pre-tax income in the first
quarter of 2014 by a corresponding amount.&nbsp; There are no changes to the net cash payments made or to be made in connection
with the Financing Liability &ndash; MSRs Pledged as a result of these adjustments. &nbsp;&nbsp; At the current time, based on
preliminary evaluations, we do not anticipate any impact on our results of operations, financial condition or stockholder&rsquo;s
equity as of or for the three months ended June 30, 2014, as reported in our Second Quarter Earnings Release on July 31, 2014.
&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The changes we are contemplating
principally relate to the valuation methodology of our Financing Liability &ndash; MSRs Pledged in connection with certain rights
to receive servicing fees, excluding ancillary income, with respect to certain mortgage servicing rights (&ldquo;Rights to MSRs&rdquo;),
a Level 3 asset, sold to a third party, Home Loan Servicing Solutions, Ltd. (&ldquo;HLSS&rdquo;).&nbsp;At March 31,
2014, the Financing Liability &ndash; MSRs Pledged, the valuation of which is the cause of the restatement, had a reported carrying
value of $634.4 million, or approximately 10% of total liabilities.&nbsp; We have not had any additional sales of Rights to MSRs
in 2014.&nbsp; See Note 5 &ndash; Fair Value to the Consolidated Financial Statements on the Company&rsquo;s Form 10-K for the
fiscal year ended December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">While
it is possible that the Company may determine in the course of its review that other adjustments are necessary to our financial
statements, the Company is not currently aware of any such other possible material adjustments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Following the
release of our earnings for the Second Quarter of 2014, and in consultation with Deloitte &amp; Touche LLP, we determined to adopt
the changes which are driven by a re-examination of an accounting convention first adopted in 2012 with the completion of the
first Rights to MSR&rsquo;s sale transaction to HLSS. The accounting convention applied a narrow (5%) range to valuations
obtained from a third-party valuation expert in determining the carrying value of our Financial Liability - Pledged MSRs
related to our sales of Rights to MSR&rsquo;s. Effective as of June 30, 2014, the Company has stopped using a range.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based on our preliminary evaluation, the
Company intends to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2014, as appropriate, on or prior to August 18, 2014.&nbsp; The Company anticipates
&nbsp;it will determine that a material weakness existed in the relevant time periods in the adequacy of our controls relating
to how we monitor and implement the impact of applicable accounting conventions.&nbsp;&nbsp; Should the Company make such a determination,
it will amend any disclosures pertaining to its evaluation of such controls and procedures as appropriate in connection with the
amended filings.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt"><I>Special
Note Regarding Forward-Looking Statements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">This
Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. Forward-looking statements and involve a number of assumptions, risks and uncertainties
that could cause actual results to differ materially.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Important
factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but
are not limited to, the following: the timing and nature of the final resolution of the accounting issues discussed in this Current
Report on Form 8-K; any delay in the filing of required periodic reports with the Securities and Exchange Commission, or SEC;
the timing and results of the review of the effectiveness of internal control over financial reporting (and related internal controls)
and disclosure controls and procedures; whether the review is expanded to additional matters beyond internal controls and disclosure
controls and procedures of the matters currently under consideration; changes in the estimates and adjustments in this Current
Report on Form 8-K due to ongoing review of the Company&rsquo;s annual and quarterly financial statements; whether a restatement
of financial results will be required for other accounting issues for the same or other periods in addition to the restatement
currently expected by management; additional uncertainties related to accounting issues generally; adverse effects on the Company&rsquo;s
business as a result of the restatement process or the review of the effectiveness of internal control over financial reporting
and disclosure controls and procedures or the reactions to such event by customers or suppliers, or increased regulatory, media
or financial reporting issues and practices, rumors or otherwise; any adverse developments in existing legal proceedings or the
initiation of new legal proceedings; and volatility of the Company&rsquo;s stock price. In addition, please refer to the risk
factors contained in Ocwen&rsquo;s reports and filings with the SEC, including its annual report on Form 10-K for the year ended
December 31, 2013 and its quarterly report on Form 10-Q for the quarter ended March 31, 2014. Because the risks, estimates, assumptions
and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking
statements, you should not place undue reliance on any forward-looking statements. Ocwen&rsquo;s forward-looking statements speak
only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake
no obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.
Ocwen may post information that is important to investors on its website.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="padding-bottom: 10pt; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">OCWEN
                                         FINANCIAL CORPORATION</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding-bottom: 0; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 0; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-bottom: 0; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: August
    12, 2014</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/
    Michael R. Bourque</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael R.
    Bourque</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive
    Vice President &amp; Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(On
behalf of the Registrant and as its principal financial officer)</FONT></P></TD></TR>
</TABLE>

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