OVERVIEW Standard&Poor's Ratings Services lowered its prime, subprime, special, and subordinate-lien residential mortgage servicer rankings on Ocwen Loan Servicing LLC, and affirmed the negative outlook on all four rankings. We have removed Ocwen from the Select Servicer List for these four rankings, per our criteria. The downgrades of our four residential servicer rankings on Ocwen reflect increasing regulatory scrutiny over the company's servicing practices and our view of Ocwen's servicing processes and controls, which most recently included instances where Ocwen sent backdated letters to borrowers denying loan modifications. We have had several discussions with Ocwen regarding the issues brought forth in the Oct. 21, 2014, New York Department of Financial Services (DFS) letter and related inquiries and believe
