The rankings for Ocwen Federal Bank FSB (Ocwen), a wholly owned subsidiary of Ocwen Financial Corp., as a Residential Special Loan Servicer and a Residential Subprime Loan Servicer, are raised to STRONG from ABOVE AVERAGE. The ranking for Ocwen as a Residential Alternative Loan Servicer is affirmed at ABOVE AVERAGE. These rankings are based on the company's tenured management team, comprehensive policies and procedures, superior data management and reporting capabilities, improved risk management methodologies, and extensive default management expertise. Ocwen has established an impressive track record as a residential special servicer of nonperforming and subperforming mortgage assets. The company specializes in resolving problem assets for third parties on a fee basis, utilizing its well-developed proprietary technology and default management capabilities.
