<SEC-DOCUMENT>0001019056-15-000184.txt : 20150330
<SEC-HEADER>0001019056-15-000184.hdr.sgml : 20150330
<ACCEPTANCE-DATETIME>20150213172915
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019056-15-000184
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150213

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:			GA
		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1000 Abernathy
Road NE, Suite 210</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Atlanta, GA
30328</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">February
13, 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><U>VIA EDGAR</U></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"><U>FOIA Confidential Treatment Request</U></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: 0 256.5pt 0 0"></P>

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    <TD NOWRAP STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1pt solid"><B>Confidential Treatment Request Pursuant to </B><BR>
<B>17 C.F.R. &sect; 200.83 and the Freedom of</B><BR>
<B>Information Act</B></TD></TR>
</TABLE>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Mr. Gus Rodriguez</FONT><BR>
<FONT STYLE="font-size: 10pt">Accounting Branch Chief</FONT><BR>
<FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT><BR>
<FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT><BR>
<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%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Ocwen
                                         Financial Corporation<BR>
                                         Amendment #1 to Form 10-K for the Fiscal Year Ended December 31, 2013<BR>
                                         Filed August 18, 2014<BR>
                                         Form 10-Q for Fiscal Quarter Ended September 30, 2014<BR>
                                         Filed October 31, 2014<BR>
                                         Response dated August 22, 2014<BR>
                                         <U>File No. 001-13219</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><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">This letter is
submitted as the response of Ocwen Financial Corporation (the &ldquo;Company&rdquo; or &ldquo;Ocwen&rdquo;) to the additional
comments of the staff of the U.S. Securities and Exchange Commission contained in a letter from you dated February 4, 2015 (the
&ldquo;Comment Letter&rdquo;), regarding the Company&rsquo;s Amendment #1 to 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 respective filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><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 above the Company&rsquo;s response.</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><U>Form 10-K/A for the
Fiscal Year Ended December 31, 2013</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-size: 10pt"><B><U>Note 1A &ndash; Restatement
and Revision of Previously Issued Consolidated Financial Statements, page F-17</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; 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: 0.5in; 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>We
                                         acknowledge your response to prior comment one in the letter dated December 18, 2014.
                                         The fair value of an asset or liability is the best available point estimate of fair
                                         value under ASC 820. Please tell us how you determined and concluded that your GAAP accounting
                                         policy for the mortgage servicing rights financing liability approximated its carrying
                                         value as long as the carrying value was within 5% of the fair value of the liability.
                                         Please also tell us the factors considered in subsequently concluding that the use of
                                         the 5% threshold to approximate the carrying value of your mortgage servicing right financing
                                         liability was an error that resulted in the restatements of the December 31, 2013 audited
                                         financial statements and March 31, 2014 interim financial statements. </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 12pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Company utilizes third party valuation experts in connection with the level 3 valuation of its mortgage servicing rights (MSRs).
The third party valuation experts provide a valuation range around a point estimate of fair value, typically expressed in basis
points above and below the point estimate (or mid-point).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 12pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">As
noted in ASC 820-35-24A, when a valuation technique is used to estimate the fair value of an asset or liability the &ldquo;objective
of using a valuation technique is to estimate <B><I>the price</I></B> at which an orderly transaction to sell the asset or to
transfer the liability would take place between market participants at the measurement date under current market conditions&rdquo;
(emphasis added). However, the Company previously employed an accounting convention whereby amortized carrying value was deemed
to represent fair value to the extent it was within +/-5% of the third party valuation experts point estimate for the MSRs underlying
the mortgage servicing rights financing liability. The Company believed this accounting convention was, and would continue to
be, a reasonable estimate of fair value due to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 57pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT> </TD><TD STYLE="padding-right: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         nature of the underlying MSRs, which were largely insensitive to changes in interest
                                         rates, one of the most significant inputs impacting the fair value of MSRs,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 57pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT> </TD><TD STYLE="padding-right: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         variability in valuation assumptions market participants could and do use in valuing
                                         MSR, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 57pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT> </TD><TD STYLE="padding-right: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         +/-5% threshold was always within the range of values provided by our third party valuation
                                         experts.</FONT></TD></TR></TABLE>


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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.25in 10pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">In
connection with the preparation of its June 30, 2014 interim financial statements, the Company re-examined its application of
the +/-5% accounting convention. The Company concluded that the accounting convention that had previously been adopted was not
appropriate under GAAP as the carrying amount of the financing liability was not being adjusted to the point estimate of the underlying
MSRs because changes in fair value had been within the +/-5% threshold. The impact of the use of the prior accounting convention
on all prior periods affected was then quantified and evaluated in accordance with Staff Accounting Bulletin Nos. 99 and 108,
<I>Materiality</I> (SAB 99 and SAB 108) from a quantitative perspective using the roll-over method and iron curtain method and
from a qualitative perspective. After undertaking this analysis, the Company concluded the impacts in certain prior periods were
material and a restatement of our previously issued financial statements was necessary.</FONT></P>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; 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>We
                                         acknowledge your response to prior comment two in the letter dated December 18, 2014.
                                         Please tell us how you determined the annual materiality threshold referred to in your
                                         response was appropriate to your fact pattern. Please provide us with your materiality
                                         analysis for each quarter in 2012 and the annual period ended December 31, 2012. Please
                                         explain the quantitative and qualitative factors considered in your determination that
                                         the uncorrected misstatements were immaterial each quarter and for the annual period
                                         ending December 31, 2012. Please refer to ASC 250-10-S99. </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">As
noted in the Company&rsquo;s response to comment 1 above, the impact of the use of the prior accounting convention on prior periods
was evaluated in accordance with Staff Accounting Bulletin Nos. 99 and 108, <I>Materiality</I> (SAB 99 and SAB 108) from a quantitative
perspective using the rollover and iron curtain methods and from a qualitative perspective. After undertaking this analysis, the
Company concluded the impacts were not material for each quarter and for the annual period ended December 31, 2012.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 0.5in"><FONT STYLE="font-size: 10pt"><B>Quantitative
Considerations</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">In
reviewing the quantitative impact of the accounting convention, the Company applied the rollover and iron curtain methods for
each quarter and for the annual period ended December 31, 2012. In applying these methods, the Company also established an annual
2012 materiality threshold by which to measure the impact.</FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Materiality
threshold</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 0.5in"><FONT STYLE="font-size: 10pt">The Company determined
earnings to be the most significant factor to users of the financial statements. Earnings information for 2012 is presented below:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt">Ocwen Financial Corporation</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 87%; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Pre-Tax Income (Loss)</TD><TD STYLE="width: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">257,508,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Net Income (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">180,923,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">Earnings per Share (Basic)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">Earnings per Share (Diluted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 51.9pt"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">Overall materiality
is used to assess whether aggregated misstatements at the level of an individual significant account are material to the consolidated
financial statements. In determining overall materiality in the income statement, the Company considered ***% as a reasonable
threshold to apply to pre-tax income. When the Company applies this threshold to the full year 2012 results, the result was overall
materiality of $*** million. The Company determined overall materiality on a pre-tax basis because most misstatements will first
be evaluated on a pre-tax basis. The Company also reviewed overall materiality in relation to net income based upon full year
2012 results, which calculates to $*** million.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt"><I>Roll-over and
Iron Curtain Methods</I></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">The Company respectfully
refers the Staff to Exhibit A of this letter which presents the disaggregated quantitative assessments under the iron curtain
and rollover methods for each quarter and for the annual period ended December 31, 2012.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">Under the rollover
method, all periods were less than the Company&rsquo;s 10% &lsquo;rule of thumb&rsquo; materiality threshold, except with respect
to the fourth quarter of 2012. Specifically in regards to the fourth quarter of 2012, the impact was only marginally higher than
the 10% &lsquo;rule of thumb&rsquo; threshold and below the Company&rsquo;s annual 2012 materiality threshold of $*** million.
Management concluded therefore that the uncorrected misstatements in the quarterly and annual periods ended December 31, 2012,
were immaterial from a quantitative perspective under the rollover method.</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>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">Under the iron
curtain method, the amounts were generally a low percentage of reported net income. None of the 2012 quarterly periods exceeded
the 10% &lsquo;rule of thumb&rsquo; or the Company&rsquo;s materiality thresholds in the respective periods. Management therefore
concluded the uncorrected misstatements in the quarterly and annual period ended December 31, 2012 were not material under the
iron curtain method.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">*** Indicates
that certain information contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions.</FONT></P>

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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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



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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt"><B>Qualitative
Considerations</B></FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt">Qualitative considerations
apply to evaluating materiality with respect to the financial statements and to additional factors that relate to the perceived
needs of a reasonable user who will rely on the information. Qualitative factors would include items that may render material
a quantitatively small misstatement of a financial statement item such as:</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement arises from an item capable of precise measurement or whether it arises
                                         from an estimate and, if so, the degree of imprecision inherent in the estimate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement masks a change in earnings or other trends;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement hides a failure to meet analysts&#8217; consensus expectations for the
                                         enterprise;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement changes a loss into income or vice versa;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement concerns a segment or other portion of the registrant&#8217;s business
                                         that has been identified as playing a significant role in the registrant&#8217;s operations
                                         or profitability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement affects the registrant&#8217;s compliance with regulatory requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement affects the registrant&#8217;s compliance with loan covenants or other
                                         contractual requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement has the effect of increasing management&#8217;s compensation &#8211;
                                         for example, by satisfying requirements for the award of bonuses or other incentive compensation;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal 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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Whether
                                         the misstatement involves concealment of an unlawful transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The qualitative
factors considered and the Company&rsquo;s analysis of each qualitative factor is included as Exhibit B to this letter. The Company
evaluated each of the qualitative factors as detailed in Exhibit B and similarly concluded the impact of the error in regards
to each quarter and the annual period ended December 31, 2012, was immaterial.&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 10pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">Considering
both the quantitative and qualitative factors discuss in this response, the Company concluded the uncorrected misstatements were
not material to the consolidated financial statements for each of the quarters and the year ended December 31, 2012.</FONT></P>

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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><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>

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    <TD STYLE="vertical-align: top; width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael R.
    Bourque, Jr.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael R. Bourque,
    Jr.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial
    Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Marc Thomas, Staff Accountant,
    Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; 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">Ronald M. Faris, President and Chief Executive
    Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; 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">Timothy M. Hayes, Executive Vice President,
    General Counsel and Secretary</FONT></TD></TR>
</TABLE>



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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 3pt 0.5in"><FONT STYLE="font-size: 10pt">*** Indicates
that certain information contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions.</FONT></P>

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    <TD NOWRAP STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Division of Corporation
    Finance</I></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIAL
    TREATMENT REQUESTED BY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>OCWEN FINANCIAL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>February 13, 2015</I></FONT></TD>
    <TD NOWRAP 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>OCN CTR 001</I></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>Qualitative Assessment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement arises from an item capable of precise measurement or it arises from an estimate and the degree of imprecision inherent
in the estimate.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Whether the
misstatement masks a change in earnings or other trends.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement hides a failure to meet analysts&rsquo; consensus expectations for the enterprise.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>4.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement changes a loss into income or vice versa.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement concerns a segment or other portion of the registrant&rsquo;s business that has been identified as playing a significant
role in the registrant&rsquo;s operations or profitability.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement affects our compliance with regulatory requirements.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement affects our compliance with loan covenants or other contractual requirements</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt"><B>8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether the
misstatement has the effect of increasing management&rsquo;s compensation.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">***</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 3pt 0.5in"><FONT STYLE="font-size: 10pt">*** Indicates
that certain information contained herein has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions.</FONT></P>


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