View:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 20, 2004
--------------
OCWEN FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 1-13219 65-0039856
---------------------------- ----------- ----------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
The Forum, Suite 1000
1675 Palm Beach Lakes Boulevard, West Palm Beach, Florida 33401
---------------------------------------------------------------
(Address of principal executive office)(Zip Code)
Registrant's telephone number, including area code: (561) 682-8000
--------------
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
The news release of the Registrant dated April 20, 2004, announcing the entry by
Ocwen Federal Bank FSB into a supervisory agreement on best practices with the
Office of Thrift Supervision is attached hereto and filed herewith as Exhibit
99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
99.1 Text of press release dated April 20, 2004.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
OCWEN FINANCIAL CORPORATION
---------------------------
(Registrant)
By: /s/ WILLIAM C. ERBEY
----------------------------------
William C. Erbey
Chief Executive Officer
Date: April 20, 2004
3
EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
99.1 News release of Ocwen Financial Corporation, 5
dated April 20, 2004, announcing entry into
supervisory agreement on best practices
4
================================================================================
[GRAPHIC OMITTED]
OCWEN Ocwen Financial Corporation(R)
================================================================================
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
Paul A. Koches
General Counsel
T: (561) 682-8256
E: pkoches@ocwen.com
-----------------
OCWEN FEDERAL BANK AND U.S. OFFICE OF THRIFT SUPERVISION
ENTER INTO SUPERVISORY AGREEMENT ON BEST PRACTICES
West Palm Beach, FL (April 20, 2004) - Ocwen Federal Bank FSB yesterday took an
important step in its commitment to the development of best practices in the
mortgage servicing industry. Ocwen, a wholly-owned subsidiary of Ocwen Financial
Corporation [NYSE:OCN], is a federally-chartered savings association under the
regulation and supervision of the U.S. Office of Thrift Supervision ("OTS"). The
principal business of the Bank is the servicing of non-conforming, also known as
"sub-prime," residential mortgage loans provided to credit-challenged
homeowners.
Ocwen and OTS entered into a Supervisory Agreement memorializing various loan
servicing and customer service practices, some of which were previously adopted
by the Bank and others to be implemented on a going forward basis. The Agreement
recognizes that Ocwen has already established an Office of Consumer Ombudsman to
address "borrower issues in a timely and effective manner" and eliminated fee
charges for default notices. In addition, the Agreement provides for:
o A "Borrower-Oriented Customer Service Plan" to set "standards and goals"
for customer service with input from "one or more consumer-interest
groups," and
o A "Consumer Dispute Resolution Initiative" to improve and expedite the
resolution of consumer issues.
The Bank is also enhancing procedures for dealing with lender-placed hazard
insurance, dropping fee charges for forbearance agreements and expediting
pay-off quotes.
Ocwen's Chairman and CEO, William C. Erbey, stated "Our action is demonstrative
of our long-standing commitment to excellence in customer service and desire to
be a leader in seeking improvements in our policies and procedures to adapt to
evolving standards in the industry. We are grateful for the insights gained from
our on-going dialog with OTS and consumer interest organizations, and will
continue to strive for ways to better serve our clients."
Ocwen's President, Ronald M. Faris, adds "We are proud of our industry leading
76% loan resolution rate. This means that in the vast majority of severely
delinquent loans, the Bank is able to achieve a resolution with the borrower
before a foreclosure occurs. This is clearly a win-win for borrowers and
investors alike."
Ocwen Financial Corporation is a financial services company headquartered in
West Palm Beach, Florida. The Company's primary business is the servicing and
special servicing of nonconforming, subperforming and nonperforming residential
and commercial mortgage loans. Ocwen also specializes in the development of
related loan servicing technology and software for the mortgage and real estate
industries. Additional information about Ocwen Financial Corporation is
available at www.ocwen.com.
-------------
5