Ocwen Loan Servicing LLC Residential Servicing Rankings Placed On CreditWatch Negative

NEW YORK (Standard&Poor's) June 4, 2015--Standard&Poor's Ratings Services today placed its AVERAGE rankings on Ocwen Loan Servicing LLC as a residential mortgage primary, subprime, special, and subordinate-lien servicer on CreditWatch with negative implications. The Outlooks were Negative on all four rankings prior to the CreditWatch placements. We placed the rankings on CreditWatch Negative for the following reasons (including, but not limited to): We believe regulatory and investor scrutiny and/or actions have affected Ocwen's operations. These have included consent order actions by the New York Department of Financial Services and the California Department of Business Oversight, as well as various investor allegations and lawsuits. Several internal audit results included high-risk findings in key areas of the servicing

...NEW YORK (Standard & Poor's) June 4, 2015--Standard & Poor's Ratings Services today placed its AVERAGE rankings on Ocwen Loan Servicing LLC as a residential mortgage primary, subprime, special, and subordinate-lien servicer on CreditWatch with negative implications. The Outlooks were Negative on all four rankings prior to the CreditWatch placements. We placed the rankings on CreditWatch Negative for the following reasons (including, but not limited to): + We believe regulatory and investor scrutiny and/or actions have affected Ocwen's operations. These have included consent order actions by the New York Department of Financial Services and the California Department of Business Oversight, as well as various investor allegations and lawsuits. + Several internal audit results included high-risk findings in key areas of the servicing and default operations. + The internal audit department recently experienced turnover and reorganization. We expect to resolve the CreditWatch as quickly as possible....

Ratings Action