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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 25, 2003
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OCWEN FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 1-13219 65-0039856
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
The Forum, Suite 1000
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1675 Palm Beach Lakes Boulevard, West Palm Beach, Florida 33401
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(Address of principal executive office)(Zip Code)
Registrant's telephone number, including area code: (561) 682-8000
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
The news release of the Registrant dated April 25, 2003, announcing the decision
in the Admiral Home Loan Arbitration 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 a press release dated April 25, 2003.
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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
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(Registrant)
By: /s/ MARK S. ZEIDMAN
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Mark S. Zeidman
Senior Vice President and
Chief Financial Officer
Date: April 25, 2003
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EXHIBIT INDEX
Exhibit No. Description Page
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99.1 News release of Ocwen Financial Corporation, dated 5
April 25, 2003, announcing the decision in the
Admiral Home Loan Arbitration
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[GRAPHIC LOGO OMITTED]
OCWEN
Ocwen Financial Corporation(R)
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
Paul A. Koches
Sr. V.P. & General Counsel
T: (561) 682-8256
E: pkoches@ocwen.com
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Ocwen Financial Corporation Announces
Result of Admiral Home Loan Arbitration
West Palm Beach, FL, April 25, 2003 --- Ocwen Financial Corporation (NYSE:OCN)
today announced the result of an arbitration proceeding involving the former
owners of Admiral Home Loan ("Claimants"). Claimants had filed a Demand for
Arbitration with the American Arbitration Association claiming damages in an
amount exceeding $75 million arising out of a 1997 acquisition agreement
pursuant to which Ocwen Financial Services, Inc. ("OFS"), a subsidiary of the
Company, acquired all of the assets of Admiral Home Loan. OFS ceased operations
in 1999. An evidentiary hearing was concluded before a three-person arbitration
panel on February 24, 2003. In a 2 to 1 decision issued today, the panel awarded
the Claimants $6 million plus interest and costs.
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.
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