The rankings of Ocwen Loan Servicing LLC (Ocwen), a wholly owned subsidiary of Ocwen Financial Corp. (Ocwen Financial), as a residential subprime loan servicer, residential special servicer, and residential subordinate lien servicer are ABOVE AVERAGE. The rankings reflect concerns about the company's high turnover rates compared with other ranked servicers with similar operations. In addition, the company's default staff generally has less experience and lower tenure levels than the default staffs of other ranked servicers with similar operations. In September 2011, Ocwen acquired Litton Loan Servicing LP and inherited its high volume of distressed assets. Standard&Poor's is concerned about the integration of the two platforms given the turnover and experience levels. Ocwen has made several improvements in its
