NEW YORK (Standard&Poor's) Jan. 13, 2014--Standard&Poor's Ratings Services said today that its ABOVE AVERAGE residential mortgage subprime, special, and subordinate-lien servicer rankings for Ocwen Loan Servicing LLC remain on CreditWatch with negative implications, where we initially placed them on Nov. 14, 2012, and confirmed on July 18, 2013. Ocwen completed its acquisition of the former GMAC Mortgage LLC's residential loan servicing unit, then known as Residential Capital LLC (ResCap), in February 2013. The CreditWatch placement remains in effect as Ocwen is still converting accounts from the prior entity's mortgage servicing system onto its proprietary system, with an expected completion date sometime in the second quarter of 2014. Additionally, Ocwen is in the process of closing on
