<SEC-DOCUMENT>0001019056-14-001082.txt : 20150330
<SEC-HEADER>0001019056-14-001082.hdr.sgml : 20150330
<ACCEPTANCE-DATETIME>20140822145624
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019056-14-001082
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140822

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD NE
		STREET 2:		SUITE 210
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30328
		BUSINESS PHONE:		561-682-8000

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD NE
		STREET 2:		SUITE 210
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30328

	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; text-indent: 0"><FONT STYLE="font-size: 10pt">August
22, 2014</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>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Washington, DC 20549</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 cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RE:</B></FONT></td>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ocwen
    Financial Corporation</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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 Times New Roman, Times, Serif"><B>Form 10-K
    for the Fiscal Year Ended December 31, 2013</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Filed March 3,
        2014</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>File No. 001-13219</B></FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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-size: 10pt">&nbsp;</FONT></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dear Mr. Rodriguez:</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This letter
is submitted as the response of Ocwen Financial Corporation (the Company) to the comments contained in a letter from you dated
August 8, 2014 (the Comment Letter), regarding the Company&rsquo;s Form 10-K for the fiscal year ended December 31, 2013. Any
capitalized terms not defined in this letter have the meanings given to them in the Form 10-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Set forth
below are the Company&rsquo;s responses to the comments raised in the Comment Letter. For your convenience, we have included each
of your comments from the Comment Letter and followed it with our response.</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"><FONT STYLE="font-size: 10pt"><B><U>Form 10-K filed for the Fiscal
Year Ended December 31, 2013</U></B></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Risk Factors, page 11</U></B></FONT></P>

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

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>You
                                         disclose under risks relating to your business on page 20 that you use estimates to determine
                                         the fair value of certain Level 3 assets, such as mortgage servicing rights, and that
                                         you may be required to write down the value of certain assets due to increased prepayments
                                         or higher than expected defaults which could adversely affect your earnings. This risk
                                         factor is identical to the prior year&rsquo;s risk factor and to the risk factor that
                                         has appeared in your 10-K reports dating back to the December 31, 2009 Form 10-K report.
                                         However, you disclose under Fair Value Measurements that 17% of the fair value of your
                                         assets or one dollar out of every six dollars in assets and 10% of the fair value of
                                         your liabilities were determined based on Level 3 inputs at December 31, 2013. This represents
                                         an increase in the percentage of your assets and liabilities whose fair value is determined
                                         based on Level 3 inputs from 11% of your assets and 0% of your liabilities at December
                                         31, 2012. Most of the increase in the amount of assets valued at fair value based on
                                         Level 3 inputs is due to the origination of reverse mortgages, a business that is substantially
                                         under-developed relative to its potential and that represents a potential source of long-term
                                         growth based on disclosures on page 3. Since considerable judgment is used in forming
                                         conclusions about Level 3 inputs and changes to these inputs could have a significant
                                         effect on your fair value measurements as you disclose on page 64. Please revise in future
                                         filings your risk factor to highlight the risks involved in valuing an increasing amount
                                         of your assets and liabilities based on Level 3 inputs. </B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Ocwen
Financial Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">2002
Summit Boulevard, 6<SUP>th</SUP> Floor, Atlanta, GA 30319 </FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>Response</I></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Company
revised the risk factor in its Form 10-K/A filed on August 18, 2014 in response to the comment.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Notes to Consolidated
Financial Statements</U></B></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"><FONT STYLE="font-size: 10pt"><B><U>Note 25 &ndash; Business
Segment Reporting, page F-57</U></B></FONT></P>

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

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>You
                                         disclose on page 40 that servicing fees earned in connection with your non-Agency servicing
                                         portfolio are generally higher than those you earn in connection with your conventional
                                         and government insured servicing portfolios. Your non-Agency servicing portfolio also
                                         provides you with the opportunity for higher ancillary income. While the cost to service
                                         your non-Agency servicing portfolio is generally higher, your net margin on non-Agency
                                         servicing is higher than the margins for your conventional and government insured servicing.
                                         You also disclose that subservicing fees typically range from 10 to 39 basis points on
                                         average. The lower fees earned under subservicing contracts are offset by lower interest
                                         expense on advance financing.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; 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 0 0 0.25in"><FONT STYLE="font-size: 10pt"><B>Since your servicing
portfolios appear to have different economic returns and perhaps a different class of customers, please tell us the operating
segments you have identified in accordance with ASC 280-10-50-1 through 280-10-50-9, the factors used to identify reportable segments
and the basis for aggregating identified operating segments into a single reportable segment based on the aggregation criteria
in ASC 280-10-50-11 and quantitative thresholds in ASC 280-10-50-12.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Company has considered ASC 280 &ndash; Segment Reporting and concluded that it has a single operating and reportable segment
for Servicing. The Company&rsquo;s analysis is described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41.75pt 0 0; 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 41.85pt 10pt 0"><FONT STYLE="font-size: 10pt"><B>Reportable
Segments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ASC 280-10-50-1
states that an operating segment is a component of a public entity that has all of the following three characteristics:
a) It engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating
to transactions with other components of the same public entity); b) Its operating results are regularly reviewed by the public
entity&rsquo;s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess
its performance; and c) Its discrete financial information is available.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For purposes
of segment reporting in its 2013 Form 10-K, the Company concluded that its reportable segments are i) Servicing, ii) Lending,
and iii) Corporate Items and Other<SUP>1</SUP>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In identifying
our operating segments, the Company considered the three characteristics of an operating segment defined in ASC 280-10-50-1,
noting that each characteristic is met.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 12pt Wingdings">&#216;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
                                         of the operating segments engages in business activities from which it earns revenues
                                         and incurs expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 12pt Wingdings">&#216;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior
                                         management regularly reviews operating results for the operating segments for purposes
                                         of making decisions about resources to be allocated to each segment and assess performance.
                                         This is evidenced by monthly business results reports that are reviewed each month by
                                         senior management, including Mr. Ronald Faris, our President and CEO, who is our CODM.
                                         Our monthly business results reports are organized to present the operating results and
                                         various other operating metrics of the Company on a consolidated basis and for the Servicing
                                         business, the Forward and Reverse Lending business, and Corporate Items and Other.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 12pt Wingdings">&#216;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Discrete
                                         financial information of the operating segments are available as evidenced in
                                         the monthly business results report. Total combined revenues of the reported segments
                                         exceed 75% of total consolidated revenues as required by ASC 280-10-50-14.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Servicing
operating segment consists primarily of the core residential mortgage loan servicing business. Fees are earned for providing these
services to owners of the mortgage loans and foreclosed real estate. For 2013, the Servicing operating segment accounted
for 93% of total consolidated revenue of $2.0 billion. Commercial servicing generated $18.1 million total 2013 revenues which
is less than 1% of total consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>1</SUP> The Corporate Items and Other
reportable segment includes items of revenue and expense that are not directly related to a business, business activities that
are individually insignificant, interest income on short-term investments of cash, corporate debt and certain corporate expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The portfolio
of residential servicing loans that the Company services includes Agency loans (loans conforming to the underwriting standards
of the government sponsored entities, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac) (collectively, the GSEs)), Government insured loans (loans insured by the Federal Housing Authority
(FHA) of the Department of Housing and Urban Development (HUD) or Department of Veterans Affairs (VA)) and non-Agency loans. Non-Agency
loans include residential loans that generally did not qualify under GSE guidelines and were sold into private label
securitizations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Company&rsquo;s
Servicing operating segment consists of multiple types of servicing performed and product serviced based
on the type of investor that we service.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Company
performs three principal types of servicing &mdash; primary, master and subservicing. Primary servicing and subservicing involve
the collection and remittance of principal and interest payments received from borrowers, the administration of mortgage escrow
accounts, the collection of insurance claims, the management of loans that are delinquent or in foreclosure or bankruptcy, including
making servicing advances, evaluating loans for modification and other loss mitigation activities and, if necessary, foreclosure
referrals and real estate owned (REO) sales on behalf of investors or other servicers. Master servicing involves the collection
of payments from servicers and the distribution of funds to investors in mortgage and asset-backed securities and whole loan packages.
For 2013, master servicing generated $18.6 million total 2013 revenues which is less than 1% of total consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We typically
earn contractual monthly servicing fees pursuant to servicing agreements (which are typically payable as a percentage of unpaid
principal balance (UPB)) as well as other ancillary fees in connection with residential mortgage loans for which we own
the mortgage servicing rights (MSRs). We also earn fees under subservicing and special servicing arrangements with banks and other
institutions that own the MSRs. We typically earn these fees either as a percentage of UPB or on a per loan basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">While
the three principal types of servicing performed each earn revenue, we incur, report and monitor servicing expenses for the overall
Servicing operating segment, which aligns with the servicing organization structure, with all of the servicing operations reporting
to a single business manager who reports to the CODM. The operating expenses are recorded, tracked and managed at the
Servicing operating segment level. For example, the same loss mitigation function supports the entire Servicing operating
segment. As a result, the CODM monitors the operating results or performance and allocates resources/assets based on the Servicing
operating segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Accordingly,
while the Company does make certain general disclosures in relation to the relative, but not actual, costs incurred in connection
with each type of servicing, including references with respect to the generally higher costs to service delinquent loans, the
Company has concluded that none of the three types of servicing &mdash; primary, master or subservicing &mdash; meets the criteria
of an operating segment, because the second and third characteristics of an operating segment under ASC 280-10-50 are
not present.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Company
generally categorizes its servicing portfolio by "product," that is, by the type of investor on behalf of whom we service the
loans. The product categories align with the loan categories noted above - Agency, Government insured and Non-Agency. While we
earn revenue in connection with each of these products, as noted above, operating expenses are not maintained by type of product
serviced, but instead are recorded, tracked and managed at the Servicing operating segment level. The Company also
does not generate discrete financial results for any of the products serviced. As a result, the CODM monitors the operating
results and allocates resources/assets consistent with the Servicing operating segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Accordingly,
while the Company does provide certain general disclosures related to a range of contractual base servicing fees earned
in connection with its servicing, including by product, and the related relative cost to service, driven by the types
of servicing performed, the Company has concluded that none of the three product types &mdash; Agency, Government
insured or Non-Agency &mdash; meets the criteria of an operating segment, because the second and third characteristics of an operating
segment under ASC 280-10-50 are not present.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.7pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company
acknowledges that:</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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">it
                                         is responsible for the adequacy and accuracy of the disclosure in the filings;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">staff
                                         comments or changes to disclosure in response to staff comments do not foreclose the
                                         Commission from taking any action with respect to the filings; and</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Company may not assert staff comments as a defense in any proceeding initiated by the
                                         Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>



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



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


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you
have any questions or comments, please call me at (340) 713-7760 at your earliest convenience.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.55in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Respectfully,</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></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Michael R. Bourque, Jr.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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 Times New Roman, Times, Serif">Michael R.
    Bourque, Jr.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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 Times New Roman, Times, Serif">Executive
    Vice President and Chief Financial Officer</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cc:</FONT></td>
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William
    C. Erbey, Executive Chairman</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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 Times New Roman, Times, Serif">Ronald M.
    Faris, President and Chief Executive Officer</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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 Times New Roman, Times, Serif">Timothy M.
    Hayes, Executive Vice President and General Counsel</FONT></td></tr>
</table>

<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
