<SEC-DOCUMENT>0001019056-17-000468.txt : 20170516
<SEC-HEADER>0001019056-17-000468.hdr.sgml : 20170516
<ACCEPTANCE-DATETIME>20170516064250
ACCESSION NUMBER:		0001019056-17-000468
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170515
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170516
DATE AS OF CHANGE:		20170516

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:		17846976

	BUSINESS ADDRESS:	
		STREET 1:		1661 WORTHINGTON ROAD
		STREET 2:		SUITE 100
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33409
		BUSINESS PHONE:		561-682-8000

	MAIL ADDRESS:	
		STREET 1:		1661 WORTHINGTON ROAD
		STREET 2:		SUITE 100
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33409

	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>ocn_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</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; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; 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; text-align: center"><FONT STYLE="font-size: 10pt"><B>CURRENT
REPORT</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; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pursuant
to Section&nbsp;13 or 15(d) of</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>The
Securities Exchange Act of 1934</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; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date
of Report (Date of earliest event reported): </B>May 15, 2017</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></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 24pt">&nbsp;<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>(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; 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%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Florida</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1-13219</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>65-0039856</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(State
    or other jurisdiction of<BR>
 incorporation)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Commission
    File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(IRS
    Employer Identification No.)</B></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: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1661
Worthington Road, Suite 100</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>West
Palm Beach, Florida 33409 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address
of principal executive offices)</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">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 5%; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="width: 90%; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item</B> <B>4.02</B></FONT></TD><TD STYLE="text-align: left; width: 90%"><FONT STYLE="font-size: 10pt"><B>Non-Reliance
                                         on Previously Issued Financial Statements or a Related Audit Report or Completed Interim
                                         Review</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">On May 15, 2017, Ocwen Financial
Corporation (the &ldquo;Company&rdquo;) concluded that the financial statements contained in the Company&rsquo;s Annual Report
on Form 10-K for the fiscal year ended on December 31, 2016,
as previously filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), should no longer be relied upon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">On May 15, 2017, the Company
filed Amendment No. 1 (the &ldquo;Amendment&rdquo;) to its Annual Report on Form 10-K for the year ended December 31, 2016 (the
&ldquo;Original Form 10-K&rdquo;) to restate its previously issued consolidated financial statements for the year ended December
31, 2016. The Company restated its consolidated financial statements for the year ended December 31, 2016 to amend Note 26 &mdash;
Contingencies to its consolidated financial statements for the year ended December 31, 2016 to add the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">In December 2016,
we entered into a confidential memorandum of understanding (MOU) with the Multistate Mortgage Committee (MMC), a multistate coalition
of various mortgage banking regulators, and six states relating to a servicing examination by the MMC covering the period January
1, 2013 through February 28, 2015. The MOU contained various provisions relating to servicing practices and safety and soundness
aspects of the regulatory review, as well as a requirement for us to develop a plan for submission to the MMC to address concerns
from the review by the MMC, as a step toward closing the 2013 - 2015 examination. There were no monetary or other penalties under
the MOU. Ocwen responded to the MOU items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><FONT STYLE="font-size: 10pt">On April 20,
2017 and subsequently, thirty state mortgage and banking regulatory agencies issued orders against OLS and certain other Ocwen
companies. In general, the orders are styled as &ldquo;cease and desist orders,&rdquo; and we use that term to refer to all of
the orders for ease of reference; we also include the District of Columbia regulator as a state regulator for ease of reference.
All of the cease and desist orders apply to OLS, but additional Ocwen entities are named in some state orders, including Ocwen
Financial Corporation, OMS, Homeward and Liberty. While each state&rsquo;s cease and desist order is different, the orders generally
prohibit a range of actions, including (1) acquiring new MSRs (17 states), (2) originating or acquiring new mortgage loans, where
we would be the servicer (13 states), (3) originating or acquiring new mortgage loans (4 states) and (4) conducting foreclosure
activities (2 states), among others. We intend to vigorously defend ourselves against unfounded claims while continuing to work
with these regulatory agencies to resolve their concerns. We are currently working toward an agreement of an escrow account review
plan to be conducted by an independent firm engaged by Ocwen. The independent firm would develop a statistically-based sample
population, consistent with MMC guidelines (which would be substantially less than the entire loan population), as well as a possible
targeted review of escrow accounts linked to certain loan categories. We have agreed with certain regulatory agencies, where necessary,
to obtain delays or exceptions to the orders. Additionally, we have revised our operations, where necessary, so as to comply with
the orders in the interim period while we attempt to negotiate resolutions. For example, in certain states, we are arranging to
release servicing on new originations and we have paused our origination activities in two states. If we are unable to obtain
timely resolutions in certain states, more serious consequences could result. For example, we could be required to transfer all
of our mortgage servicing in Massachusetts and we could be required to cease mortgage servicing in Rhode Island. It is possible
that the outcome of these state regulatory actions, whether through negotiated settlements or other resolutions, could be materially
adverse to our business, reputation, financial condition, liquidity and results of operations. We cannot currently estimate the
amount, if any, of reasonably possible loss related to these matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">The MOU was confidential under
various state laws until made public by certain state regulators on April 20, 2017. The restatement of the Company&rsquo;s consolidated
financial statements for the year ended December 31, 2016 did not result in any changes to the Company&rsquo;s consolidated financial
statements and related footnote disclosure, other than the changes to the disclosure in Note 26 &mdash; Contingencies.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">In connection with
the restatement, management re-evaluated the effectiveness of the Company&rsquo;s disclosure controls and procedures and internal
control over financial reporting as of December 31, 2016 based on the framework in &ldquo;Internal Control-Integrated Framework
(2013 framework)&rdquo; issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Management has concluded that the Company's disclosure controls and procedures and internal controls over financial reporting were not effective as of December 31, 2016 solely due to a material weakness in internal control over financial reporting that resulted in the failure to provide disclosure of the MOU.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Except as described
above, the Amendment did not amend, update or change any other items or disclosures in the Original Form 10-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">The Company has discussed
the matters disclosed in this Form 8-K pursuant to this Item 4.02(a) with the Company&rsquo;s independent registered public accounting
firm, Deloitte &amp; Touche LLP.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item</B> <B>7.01</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Regulation
                                         FD Disclosure.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">On May 16, 2017, the Company
issued a press release regarding the filing of the Amendment, a copy of which is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">The information contained
under Item 7.01 in this Current Report on Form 8-K, including the information included in Exhibit 99.1 hereto, is being furnished
and, as a result, such information shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liabilities of that section, nor shall such
information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.</FONT></P>


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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item</B> <B>9.01</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Financial
                                         Statements and Exhibits.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Exhibits</FONT></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"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></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="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit
                                         </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></P>
</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%"><FONT STYLE="font-size: 10pt">Press
                                     Release of Ocwen Financial Corporation dated May 16, 2017 regarding filing of amendment
                                     to Form 10-K for the year ended December 31, 2016</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: center; text-indent: -1.5in"><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>

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    <TD NOWRAP STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP 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 NOWRAP STYLE="width: 50%; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; padding-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 45%; padding-bottom: 0; font: 10pt 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 NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    May 16, 2017</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt 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: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP 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: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial
    Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt 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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 6pt; padding-bottom: 6pt; border-top: Black 2pt solid; border-bottom: Black 2pt solid"><IMG SRC="ocwen001_v1.jpg" ALT="Ocwen Logo"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; border-top: Black 2pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font-size: 10pt"><B>Ocwen     Financial Corporation<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&reg;</SUP></FONT></B></FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ocwen
Files Amendment No. 1 to 2016 Annual Report on Form 10-K to Amend Note 26 &ndash; Contingencies</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; text-align: center"><FONT STYLE="font-size: 10pt"><B>Also
Files its Quarterly Report on Form 10-Q for the Fiscal Quarter Ended March 31, 2017 </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><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>WEST
PALM BEACH, FL, </B>May 16, 2017 &ndash; Ocwen Financial Corporation (NYSE:OCN) (Ocwen, the Company, we, us or our) yesterday
filed Amendment No. 1 (Amendment) to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2016 (Original
Form 10-K) to restate our previously issued consolidated financial statements for the year ended December 31, 2016. The Amendment
is related to a confidential memorandum of understanding (MOU) with the Multistate Mortgage Committee (MMC), which was confidential
under various state laws until made public by certain state regulators on April 20, 2017, and to certain actions undertaken by
state regulators on April 20, 2017 and subsequently.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Amendment
did not result in any changes to the Company&rsquo;s consolidated financial statements and related footnote disclosure, other
than the changes to the disclosure in Note 26 &ndash; Contingencies. Except as described above, the Amendment does not amend,
update or change any other items or disclosures in the Original Form 10-K and does not reflect any information or events subsequent
to the initial filing date of the Original Form 10-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
in connection with the Amendment, management re-evaluated the effectiveness of the Company&rsquo;s disclosure controls and procedures
and internal control over financial reporting as of December 31, 2016. Management has concluded that the Company&rsquo;s disclosure
controls and procedures and internal controls over financial reporting were not effective as of December 31, 2016 solely due to
a material weakness that resulted in the failure to provide disclosure of the MOU. The Company is evaluating the necessary changes
to its controls to remediate this weakness and expects to provide an update in its June 30, 2017 Form 10-Q.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Yesterday, Ocwen also filed its Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"><FONT STYLE="font-size: 10pt"><B>About Ocwen Financial Corporation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">Ocwen
Financial Corporation is a financial services holding company which, through its subsidiaries, originates and services loans.
We are headquartered in West Palm Beach, Florida, with offices throughout the United States and in the U.S. Virgin Islands and
operations in India and the Philippines. We have been serving our customers since 1988. We may post information that is important
to investors on our website (www.Ocwen.com).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>This press
release 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. These forward-looking statements may be identified by a reference to a
future period or by the use of forward-looking terminology.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Forward-looking
statements by their nature address matters that are, to different degrees, uncertain. Our business has been undergoing substantial
change which has magnified such uncertainties. Readers should bear these factors in mind when considering such statements and
should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties
that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward-looking
statements and this may happen again.&nbsp; </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>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: adverse impacts on the Company as a result of it filing an amended 2016 Annual Report on Form
10-K with the Securities and Exchange Commission (SEC) or a Form 12b-25 in connection with its first quarter 2017 Quarterly Report
on Form 10-Q, including adverse impacts due to reactions to such events by lenders, rating agencies, vendors or other counterparties,
regulators or others; uncertainty related to claims, litigation, cease and desist orders and investigations brought by government
agencies and private parties regarding our servicing, foreclosure, modification, origination and other practices, including uncertainty
related to past, present or future investigations, litigation, cease and desist orders and settlements with state regulators,
the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the SEC, the Department of Justice or the Department
of Housing and Urban Development (HUD) and actions brought under the False Claims Act by private parties on behalf of the United
States of America regarding incentive and other payments made by governmental entities; adverse effects on our business as a result
of regulatory investigations, litigation, cease and desist orders or settlements;</I> <I>reactions to the announcement of such
investigations, litigation, cease and desist orders or settlements by key counterparties, including lenders and others; increased
regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal
proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to contain and
reduce our operating costs, including our ability to successfully execute on our cost improvement initiative; the adequacy of
our financial resources, including our sources of liquidity and ability to sell, fund and recover advances, repay borrowings and
comply with debt covenants, including the financial and other covenants contained in them; our servicer and credit ratings as
well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit
ratings; volatility in our stock price; the characteristics of our servicing portfolio, including prepayment speeds along with
delinquency and advance rates; our ability to successfully modify delinquent loans, manage foreclosures and sell foreclosed properties;
uncertainty related to legislation, regulations, regulatory agency actions, government programs and policies, industry initiatives
and evolving best servicing practices; as well as other risks detailed in Ocwen&rsquo;s reports and filings with the SEC, including
its amended 2016 Annual Report on Form 10-K/A and any current and quarterly reports since such date. Anyone wishing to understand
Ocwen&rsquo;s business should review its SEC filings. Ocwen&rsquo;s forward-looking statements speak only as of the date they
are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information,
future events or otherwise.</I></FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Investors:</B></FONT></td>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Media:</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Stephen
    Swett</FONT></td>
    <TD STYLE="width: 32%; padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">John
    Lovallo</FONT></td>
    <TD STYLE="width: 22%; padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Dan
    Rene</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">T:
    (203) 614-0141</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">T:
    (917) 612-8419</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">T:
    (202) 973 -1325</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">E:
    shareholderrelations@ocwen.com<U> </U></FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">E:
    jlovallo@levick.com</FONT></td>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0"><FONT STYLE="font-size: 10pt">E:drene@levick.com</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P></td></tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
