UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)
OCWEN ASSET INVESTMENT CORP.
----------------------------
(Name of Issuer)
COMMON STOCK
$.01 PAR VALUE PER SHARE
------------------------
(Title of Class of Securities)
67574M 10 6
-----------
(CUSIP Number)
Investors Mortgage Insurance Holding Company
Ocwen Capital Corporation
Ocwen Financial Corp.
William C. Erbey
The Forum, Building A, Suite 1002
1675 Palm Beach Lakes Blvd.
West Palm Beach, Florida 33401
Attention: William C. Erbey
TELEPHONE NO. 561-681-8000
--------------------------
(Name, Address and Telephone number of Person Authorized to
Receive Notices and Communications)
Copy to:
Randolph F. Totten, Esq.
Hunton & Williams
951 East Byrd Street
Richmond, Virginia 23219
MAY 19, 1997
------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-
1(b)(3) or (4), check the following box [ ].
Page 1 of 16 Pages
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CUSIP NO. 67574M 10 6 13D PAGE 2 OF 16 PAGES
- -------------------------------------------------------- -----------------------------
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Investors Mortgage Insurance Holding Company ("IMIHC")
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
--------------------------------------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY 1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
--------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
--------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,875,000 shares
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2-
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CUSIP NO. 67574M 10 6 13D PAGE 3 OF 16 PAGES
- -------------------------------------------------------- -----------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Ocwen Capital Corporation
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
--------------------------------------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY -0-
--------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
--------------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-0-
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* Excludes 1,912,500 stock options held, but not currently exercisable,
by Ocwen Capital Corporation [X]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3-
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CUSIP NO. 67574M 10 6 13D PAGE 4 OF 16 PAGES
- -------------------------------------------------------- -----------------------------
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Ocwen Financial Corporation
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
- 0 -
SHARES --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
OWNED BY --------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH - 0 -
--------------------------------------------------------------------------------------------
REPORTING 10 SHARED DISPOSITIVE POWER
PERSON WITH 1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* Excludes 1,912,500 stock options held, but not currently exercisable,
by Ocwen Capital Corporation [X]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4-
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CUSIP NO. 67574M 10 6 13D PAGE 5 OF 16 PAGES
- -------------------------------------------------------- -----------------------------
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
William C. Erbey
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 134,400
--------------------------------------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY 1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
--------------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
134,400
REPORTING --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH 1,875,000 shares consisting of 1,875,000 shares owned of record by IMIHC
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
134,400 shares consisting of 134,400 directly owned individually by Erbey
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* Excludes 1,912,500 stock options held, but not currently exercisable,
by Ocwen Capital Corporation; 1,875,000 shares owned by IMIHC [X]
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5-
Item 1. Security And Issuer.
-------------------
This Statement relates to the common stock, $.01 par value per share
(the "Common Stock"), of Ocwen Asset Investment Corp., a Virginia corporation
(the "Issuer"), having its principal offices at The Forum, Building A, Suite
1002, 1675 Palm Beach Lakes Boulevard, West Palm Beach, Florida 33401.
Item 2. Identity And Background
-----------------------
This statement is filed by William C. Erbey ("Erbey"), a U.S. citizen;
Investors Mortgage Insurance Holding Company ("IMIHC"), a Delaware corporation;
Ocwen Capital Corporation ("OCC"), a Florida corporation; and Ocwen Financial
Corporation ("OFC"), a Florida corporation and the parent company of IMIHC and
OCC (collectively, the "Reporting Persons"). OFC is a diversified financial
services company that is primarily engaged in the acquisition and resolution of
troubled loans and in diverse mortgage lending activities. IMIHC is a
wholly-owned subsidiary of OFC engaged in substantially the same business. OCC
is a wholly-owned subsidiary of OFC which is the manager of the Issuer, a
Virginia corporation which elected to be taxed as a REIT under the Internal
Revenue Code. Erbey is principally employed as the Chairman, President and Chief
Executive Officer of OFC and the most senior officer and sole director of IMIHC
and OCC.
Each Reporting Person's principal address and principal office is
located at The Forum, Building A, 1675 Palm Beach Lakes Boulevard, West Palm
Beach, Florida 33401.
The following information as to the each executive officer and director
of the Reporting Persons is set forth in EXHIBIT 2 hereto, which exhibit is
incorporated herein by reference: (a) name, (b) residence or business address
and (c) present principal occupation or employment and the name, principal
business and address of any corporation or other organization in which such
employment is conducted. To the best knowledge of the Reporting Persons, each
such executive officer and director is a citizen of the United States.
During the last five years, none of the Reporting Persons, and, to the
best of their knowledge, no executive officer or director of the Reporting
Persons, has (a) been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or (b) been a party to any civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of which proceedings such person was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or a finding of any
violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
On May 19, 1997, IMIHC purchased 1,875,000 shares of Common Stock
privately offered by the Issuer for $14.88 per share; the source of such funds
was the working capital of IMIHC. In addition, Erbey purchased 134,400 shares of
Common Stock offered by the Issuer in its initial public offering for $14.88 per
share; the source of such funds was personal funds.
-6-
Item 4. Purpose of Transaction.
----------------------
Erbey is presently the Chairman, Chief Executive Officer, a director
and a direct shareholder of the Issuer, the Chairman, President, Chief Executive
Officer and largest shareholder of OFC and the most senior officer and sole
director of IMIHC and OCC. Erbey intends to continue to participate in the
management and operations of the Issuer, OFC, OCC and IMIHC, and OCC intends to
continue to act in its role as the manager of the Issuer. The Reporting Persons
believe that the shares of the Common Stock are an attractive investment and
acquired, or will acquire pursuant to the exercise of the options, the shares of
the Common Stock for investment purposes and not for the purpose of influencing
the management of the Issuer or exercising control.
Except as set forth above and below, neither the Reporting Persons,
nor, to the best of their knowledge, any executive officer or director of the
Reporting Persons, currently have any plans or proposals (excluding action which
may be taken or proposed to be taken by the Board of Directors of the Issuer of
which Erbey is a member) which relate to or would result in:
(a) the acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
(b) extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of
its subsidiaries;
(c) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
(d) any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the
number or term of directors to fill any existing vacancies on
the board;
(e) any material change in the present capitalization or dividend
policy of the Issuer;
(f) any other material change in the Issuer's business or
corporate structure;
(g) changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) causing a class of securities of the Issuer to be listed from
a national securities exchange or to cease to be authorized to
be quoted in an inter-dealer quotation system of a registered
national securities association;
-7-
(i) a class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4)
of the Securities Exchange Act of 1934, as amended; or
(j) any action similar to any of those enumerated above.
The Reporting Persons and the executive officers and directors of the
Reporting Persons reserve the right to purchase or sell additional shares of the
Common Stock, at any time, without further notice or prior amendment to this
Schedule 13D. The Reporting Persons also reserve the right to formulate plans or
proposals or to change their intentions with respect to any or all of the
foregoing and their right to act either alone or together with any other person
or group.
Item 5. Interest in Securities of the Issuer.
------------------------------------
IMIHC beneficially owns 1,875,000 shares of the Common Stock,
representing approximately 9.8% of the outstanding shares of the Common Stock
and as to which IMIHC has shared voting and dispositive power. OFC, as the
parent company of IMIHC, indirectly owns the same such shares and as a result,
has shared voting and dispositive power.
OCC currently holds options to purchase 1,912,500 shares of the Common
Stock, one quarter of which become exercisable on each of the four anniversaries
following May 19, 1997. Such options terminate on May 19, 2007. Because such
options are not exercisable within 60 days of the filing of this report, OCC is
not yet deemed their beneficial owner.
Erbey beneficially owns directly 134,400 shares of the Common Stock,
representing approximately 0.7% of the Common Stock outstanding. Erbey owns such
shares individually, and accordingly, has sole voting and dispositive power. By
virtue of his relationship with OFC and IMIHC, Erbey may be deemed to control
such entities, and accordingly, may be deemed to share indirect beneficial
ownership of the 1,875,000 shares of the Common Stock owned directly by IMIHC, a
wholly-owned subsidiary of OFC, representing approximately 9.8% of the Common
Stock outstanding. As to such shares, Erbey disclaims all beneficial ownership,
and this report shall not be deemed an admission that Erbey is the beneficial
owner of such securities for purposes of Section 13 or for any other purposes.
The Reporting Persons as a Group beneficially own 1,875,000 shares of
the Common Stock, representing 9.8% of the outstanding shares of the Common
Stock, and options not yet exercisable to purchase 1,912,500 shares of the
Common Stock. Because Erbey disclaims membership in the Group, the 134,400
shares of the Common Stock owned by him individually are not included in the
total number of shares owned by the Group.
The Reporting Persons have not had any transactions in the Common Stock
within the past 60 days.
-8-
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
-----------------------------------------------------------------------
Other than the Stock Option Plan, Option Agreement and the
Registrations Rights Agreement, neither the Reporting Persons, nor, to the best
of their knowledge, any of the executive officers or directors of the Reporting
Persons, is a party to any contract, arrangement, understanding or relationship
(legal or otherwise) with respect to the securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit 1 Agreement between the Reporting Persons with respect
to the filing of this Schedule 13D.
Exhibit 2 Directors and Executive Officers of the Reporting
Persons.
Exhibit 3 Form of Registration Rights Agreement (Incorporated
herein by reference to the Exhibits to Amendment No.
1 to Registrant's Registration Statement No.
333-21965 on Form S-11 filed March 31, 1997).
Exhibit 4 Form of Stock Option Plan and Option Agreement
(Incorporated herein by reference to the Exhibits to
Amendment No. 2 to Registrant's Registration
Statement No. 333-21965 on Form S-11 filed April 15,
1997).
-9-
SIGNATURE
---------
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
INVESTORS MORTGAGE INSURANCE
HOLDING COMPANY
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
--------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
OCWEN CAPITAL CORPORATION
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
--------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
OCWEN FINANCIAL CORPORATION
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
--------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
WILLIAM C. ERBEY
Date: October 29, 1997 /s/ WILLIAM C. ERBEY
--------------------------------
WILLIAM C. ERBEY
-10-
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
1 Agreement between the Reporting Persons with
respect to the filing of this Schedule 13D......................12
2 Directors and Executive Officers of the Reporting
Persons.........................................................13
-11-
EXHIBIT 1
---------
We, the undersigned, hereby express our agreement that the attached
Schedule 13D is filed on behalf of each of the undersigned together as a group.
INVESTORS MORTGAGE INSURANCE
HOLDING COMPANY
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
-------------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
OCWEN CAPITAL CORPORATION
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
-------------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
OCWEN FINANCIAL CORPORATION
Date: October 29, 1997 By: /s/ WILLIAM C. ERBEY
-------------------------------------
William C. Erbey
Chairman, President
and Chief Executive Officer
-12-
EXHIBIT 2
INVESTORS MORTGAGE INSURANCE HOLDING COMPANY
PRINCIPAL OCCUPATION
NAME TITLE IF DIFFERENT FROM TITLE
---- ----- -----------------------
William C. Erbey Chairman of the Board, Chairman, President and Chief
The Forum, Building A President, Chief Executive Executive Officer of OFC
1675 Palm Beach Lakes Blvd. Officer, Chief Operating
West Palm Beach, FL 33401 Officer, Chief Investment
Officer and Sole Director
John R. Erbey Managing Director and Managing Director and Secretary of OFC
The Forum, Building A Secretary
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Christine A. Reich Managing Director Managing Director of OFC
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
John R. Barnes Senior Vice President Senior Vice President of OFC
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Joseph A. Dlutowski Senior Vice President and Senior Vice President of OFC
The Forum, Building A Assistant Secretary
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Mark S. Zeidman Senior Vice President and Senior Vice President and Chief
The Forum, Building A Chief Financial Officer Financial Officer of OFC
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
-13-
OCWEN CAPITAL CORPORATION
PRINCIPAL OCCUPATION
NAME TITLE IF DIFFERENT FROM TITLE
---- ----- -----------------------
William C. Erbey President, Chief Executive Chairman, President and Chief
The Forum, Building A Officer and Sole Director Executive Officer of OFC
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
John R. Erbey Managing Director and Managing Director and Secretary of OFC
The Forum, Building A Secretary
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Christine A. Reich Managing Director and Managing Director of OFC
The Forum, Building A Chief Financial Officer
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
John R. Barnes Senior Vice President Senior Vice President of OFC
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Joseph A. Dlutowski Senior Vice President Senior Vice President of OFC
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Jordan C. Paul Senior Vice President Senior Vice President of Ocwen
The Forum, Building A Federal Bank, FSB
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
-14-
OCWEN FINANCIAL CORPORATION
PRINCIPAL OCCUPATION
NAME TITLE IF DIFFERENT FROM TITLE
---- ----- -----------------------
William C. Erbey Chairman, President and Chief ___
Ocwen Financial Corporation Executive Officer
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Hon. Thomas F. Lewis Director Principal of Lewis
Ocwen Financial Corporation Properties and Vice
The Forum, Building A President of Marian v.
1675 Palm Beach Lakes Blvd. Lewis Real Estate and
West Palm Beach, FL 33401 Investments
W.C. Martin Director President and Chief
Ocwen Financial Corporation Executive Officer of
The Forum, Building A Silitron Vector
1675 Palm Beach Lakes Blvd. Microwave Products,
West Palm Beach, FL 33401 Inc.
Howard H. Simon Director Managing Director of
Ocwen Financial Corporation Simon, Master and
The Forum, Building A Sidlow, P.A.
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Barry N. Wish Director ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
John R. Erbey Managing Director and Secretary ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
John R. Barnes Senior Vice President ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Robert E. Koe Managing Director ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
-15-
PRINCIPAL OCCUPATION
NAME TITLE IF DIFFERENT FROM TITLE
---- ----- -----------------------
Christine A. Reich Managing Director ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Joseph A. Dlutowski Senior Vice President ___
Ocwen Financial Corporation
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
Mark S. Zeidman Senior Vice President and Chief ___
Ocwen Financial Corporation Financial Office
The Forum, Building A
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
-16-
