Ocwen Financial Corporation
May 7, 2009

Ocwen Financial Corporation Announces First Quarter Financial Results

WEST PALM BEACH, Fla., May 7, 2009 -- Ocwen Financial Corporation ("Ocwen" or the "Company") (NYSE:OCN) today reported net income of $15.1 million or $0.24 per share for the first quarter of 2009 despite a $4.6 million net unrealized loss on loans held for resale. This compares to net income of $5.3 million or $0.08 per share for the first quarter of 2008. This increase in net income reflects significantly lower operating and interest expenses. Income from continuing operations before income taxes was $23.3 million for the first quarter of 2009 as compared to $8.4 million for the first quarter of 2008.

BUSINESS PERFORMANCE HIGHLIGHTS

 * Income from operations of $42.3 million represents a 5.4%
   improvement over the first quarter of 2008 reflecting an 18%
   decline in operating expenses.

 * Net income of $15.1 million reflects increased process management
   revenues, significantly lower operating expenses, significantly
   lower interest expense and reduced write-offs from non-core assets.

 * During the quarter, Ocwen strengthened its balance sheet through a
   new term advance financing of $67 million, renewing a $200 million
   advance facility and using strong operating cash flow to repurchase
   $25.9 million face value of convertible notes outstanding and
   paying down financings associated with mortgage servicing and
   auction rate securities. Subsequent to quarter-end, we raised $49
   million, net, in a common equity private placement, upsized and
   renewed a $300 million advance facility to $500 million and renewed
   the Investment Line financing auction rate securities until
   June 30, 2010.

 * Ocwen completed 20,651 loan modifications despite a slowdown in
   late March as additional details and specific guidance related to
   the Home Affordable Modification Plan (HMP) emerged.

Chairman and CEO William Erbey stated, "Our operations teams continue to produce strong earnings despite an extremely challenging economic environment. Furthermore, we are proud to be at the forefront of the effort to keep borrowers in their homes and increase value for investors through our participation in the HMP. Beginning in the third quarter, we expect to receive significant revenues from this program.

To prosper in this environment, we have implemented a strategic plan centered on four initiatives:

 1. Maintaining our strong liquidity position and continuing to
    strengthen our balance sheet;
 2. Pursuing revenue opportunities;
 3. Extending our quality and cost structure leadership; and
 4. Completing the spin-off of Ocwen Solutions as a separate company.

"First, our unused borrowing capacity at quarter end increased 64% from December 31, 2008 to $438.7 million. With the financing activities completed since quarter-end, our unused borrowing capacity exceeds $640 million. Therefore, our focus has shifted to extending the term of our borrowings. The inclusion of servicer advances in TALF has greatly increased the prospect of additional term financing.

"Second, during the first quarter of 2009, Ocwen Asset Management initiated a special servicing arrangement with Freddie Mac, and we are encouraged by our performance on this trial portfolio. Combining this special servicing with a servicing purchase during this quarter, our portfolio grew for the first time since the third quarter of 2007. We are not satisfied, however, and are actively pursuing several initiatives to provide us with an increased supply of servicing.

"Revenue growth at Ocwen Solutions will be driven by diversifying our product offering across the mortgage lifecycle (i.e., default products) and selectively expanding our geographic footprint considering the market opportunities in each state.

"Third, our first quarter performance speaks to our quality and cost initiatives. We kept more people in their homes and returned more loans to performing status than in any prior quarter in our history while reducing operating costs by 18%. We have three programs to continuously improve quality while reducing cost by automating processes, reducing variability and improving supervisory effectiveness.

"Fourth, we anticipate filing the documents to effectuate the separation of Ocwen Solutions with the SEC in the second quarter with the expectation of completing the separation during the third quarter, subject to regulatory review."

Ocwen Asset Management

Ocwen Asset Management generated income from operations of $39.7 million, 9.8% lower than the first quarter of 2008. Income from continuing operations before income taxes for the first quarter of 2009 improved 25.7% to $20.5 million from $16.3 million in the first quarter of 2008 reflecting a $7.7 million (32.4%) decline in interest expense.

Income from continuing operations before income taxes for Servicing increased 17.6%, a $3.8 million increase over the first quarter of 2008. Servicing realized operating expense savings of 18.4%, or $7.7 million, from reduced staffing levels, lower amortization and lower compensating interest compared to the first quarter of 2008. Unpaid principal balances were lower than the first quarter of 2008, leading to a 19.1% decline in servicing and subservicing fees.

Losses from continuing operations before income taxes for Loans and Residuals increased to $4.1 million as compared to a loss of $3.7 million in the first quarter of 2008. A significant factor leading to the loss was a decline in interest income received from residual securities in the first quarter of 2009 as compared to 2008.

Asset Management Vehicles incurred a $0.5 million loss from continuing operations before income taxes, an improvement over a $1.4 million loss from continuing operations in the first quarter of 2008. This improvement was primarily due to lower unrealized losses at unconsolidated subsidiaries associated with declines in the estimated market value of loans, real estate and residual securities.

Ocwen Solutions

Income from operations at Ocwen Solutions increased 25.6% to $6.7 million compared to the first quarter of 2008 due to cost reductions of 5.3% principally associated with reduced staffing levels in Financial Services. Income from continuing operations before income taxes declined to $6.2 million in the first quarter of 2009 from $12.8 million primarily due to $7.9 million in unrealized earnings at BMS Holdings, Inc., an affiliate, in the first quarter of 2008.

Mortgage Services benefited from new lines of business and higher order volumes in existing businesses as revenues increased 7.5% to $18.0 million compared to $16.8 million in the first quarter of 2008. Income from continuing operations before income taxes increased significantly to $5.1 million reflecting total operating expense reductions of 4.6%.

Revenues at Financial Services declined 11.2% to $17.3 million, compared to $19.5 million in 2008. This was primarily due to lower collection rates on contingency collections. A 4.5% decline in total operating expenses, compared to the first quarter of 2008, offset the decline in revenues resulting in a $1.3 million loss from continuing operations before income taxes.

Technology Products increased income from operations 49.8% to $2.4 million compared to the first quarter of 2008. This growth came from an 8.0% reduction in total operating expenses and a 0.9% increase in total revenues compared to the first quarter of 2008.

Corporate

Total corporate operating expenses of $4.0 million were significantly lower than the first quarter of 2008 primarily due to professional expenses incurred in relation to the terminated "go private" transaction in the first quarter of 2008. Total consolidated assets declined 9.3% from December 31, 2008 to $2,029.5 million at March 31, 2009 primarily due to a $148.9 million decrease in total advances. Total consolidated liabilities decreased 13.8% from December 31, 2008 to $1,402.8 million at March 31, 2009 primarily due to lower match funded and servicer liabilities.

Prior periods were adjusted to give effect to the required retrospective adoption of new accounting guidance which caused us to recognize additional non-cash interest expense related to the convertible notes outstanding.

Ocwen Financial Corporation is a leading asset manager and business process solutions provider specializing in loan servicing, special servicing and mortgage services. Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, the District of Columbia, Florida, Georgia and New York and global operations in Canada, Germany, India and Uruguay. Utilizing our state of the art technology, world-class training and six sigma processes, we provide solutions that make our clients' loans worth more. Additional information is available at www.ocwen.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the securitization market and our plans to securitize loans and expectations as to the impact of rising interest rates and cost-effective resources in India. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: general economic and market conditions, prevailing interest or currency exchange rates, governmental regulations and policies, international political and economic uncertainty, availability of adequate and timely sources of liquidity, federal income tax rates, real estate market conditions and trends and the outcome of ongoing litigation as well as other risks detailed in OCN's reports and filings with the Securities and Exchange Commission, including its periodic report on Form 10-K for the year ended December 31, 2008 and Form 10-Q for the quarters ended March 31, June 30 and September 30, 2008 and our Forms 8-K filed during 2008. The forward-looking statements speak only as of the date they are made and should not be relied upon. OCN undertakes no obligation to update or revise the forward-looking statements.

 Residential Servicing Statistics (Dollars in thousands)

                         At or for the three months ended
           -----------------------------------------------------------
            March 31,    Dec. 31,   Sept. 30,    June 30,   March 31,
              2009        2008        2008        2008        2008
           ----------- ----------- ----------- ----------- -----------
 Total
  unpaid
  principal
  balance
  of loans
  and REO
  serviced
  (1)      $40,789,135 $40,171,532 $41,754,368 $44,831,875 $49,319,762
 Non-
  per-
  forming
  loans and
  REO
  serviced
  as a % of
  total
  UPB (1)
  (2)           25.1%       24.3%       22.7%       22.4%       21.8%
 Prepayment
  speed
  (average
  CPR)           22%         25%         26%         26%         23%

 (1) Excluding REO serviced pursuant to our contract with the U.S.
     Department of Veterans Affairs, which we elected not to renew
     in July 2008.  Transition  of the  remaining  properties to the
     new service provider was completed in October.

 (2) Loans for which borrowers are making scheduled payments under
     forbearance or bankruptcy plans are considered performing loans.
     Non-performing loans exclude those serviced under special
     servicing agreements where we have no obligation to advance.

 Segment Results (In thousands)
 For the three months ended March 31,              2009       2008
 ----------------------------------------------- --------   --------
                                                         (As adjusted)
 Ocwen Asset Management
  Servicing
   Revenue                                       $ 74,694   $ 86,512
   Operating expenses                              34,218     41,952
                                                 --------   --------
    Income from operations                         40,476     44,560
   Other expense, net                             (15,280)   (23,131)
                                                 --------   --------
    Income from continuing operations before
     income taxes                                  25,196     21,429
                                                 --------   --------
 Loans and Residuals
  Revenue                                              --         --
  Operating expenses                                  561        917
                                                 --------   --------
   Loss from operations                              (561)      (917)
 Other expense, net                                (3,577)    (2,741)
                                                 --------   --------
   Loss from continuing operations before income
    taxes                                          (4,138)    (3,658)
                                                 --------   --------
 Asset Management
  Revenue                                             537      1,051
  Operating expenses                                  762        690
                                                 --------   --------
   Income (loss) from operations                     (225)       361
 Other expense, net                                  (302)    (1,807)
                                                 --------   --------
   Loss from continuing operations before income
    taxes                                            (527)    (1,446)
                                                 --------   --------
 Income from continuing operations before income
  taxes                                            20,531     16,325
                                                 --------   --------

 Ocwen Solutions
  Mortgage Services
   Revenue                                         18,017     16,755
   Operating expenses                              12,892     13,519
                                                 --------   --------
    Income from operations                          5,125      3,236
   Other (income) expense, net                         23        (83)
                                                 --------   --------
    Income from continuing operations before
     income taxes                                   5,148      3,153
                                                 --------   --------
 Financial Services
  Revenue                                          17,318     19,499
  Operating expenses                               18,151     19,008
                                                 --------   --------
   Income (loss) from operations                     (833)       491
  Other expense, net                                 (468)      (468)
                                                 --------   --------
   Income (loss) from continuing operations
    before income taxes                            (1,301)        23
                                                 --------   --------
 Technology Products
  Revenue                                          10,573     10,484
  Operating expenses                                8,173      8,882
                                                 --------   --------
   Income from operations                           2,400      1,602
  Other income (expense), net                         (76)     8,009
                                                 --------   --------
   Income from continuing operations before
    income taxes                                    2,324      9,611
                                                 --------   --------
 Income from continuing operations before income
  taxes                                             6,171     12,787
                                                 --------   --------
 Corporate Items and Other
  Revenue                                             253          5
  Operating expenses                                3,982      8,636
                                                 --------   --------
   Loss from operations                            (3,729)    (8,631)
  Other income (expense), net                         291    (12,064)
                                                 --------   --------
   Loss from continuing operations before income
    taxes                                          (3,438)   (20,695)
                                                 --------   --------

 Corporate Eliminations
  Revenue                                          (6,802)    (6,055)
  Operating expenses                               (6,473)    (5,529)
                                                 --------   --------
   Loss from operations                              (329)      (526)
  Other expense, net                                  329        526
                                                 --------   --------
    Income (loss) from continuing operations
     before income taxes                               --         --
                                                 --------   --------
 Consolidated income from continuing operations
  before income taxes                            $ 23,264   $  8,417
                                                 ========   ========

                   OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (Dollars in thousands, except share data)

 For the three months ended March 31,            2009         2008
 ------------------------------------------  -----------  -----------
                                                         (As Adjusted)
 Revenue
  Servicing and subservicing fees            $    78,810  $    98,214
  Process management fees                         33,692       26,950
  Other revenues                                   2,088        3,087
                                             -----------  -----------
   Total revenue                                 114,590      128,251
                                             -----------  -----------

 Operating expenses
  Compensation and benefits                       28,545       30,086
  Amortization of servicing rights                10,041       14,014
  Servicing and origination                       12,638       14,411
  Technology and communications                    4,808        5,270
  Professional services                            7,186       14,749
  Occupancy and equipment                          6,046        6,533
  Other operating expenses                         3,002        3,012
                                             -----------  -----------
   Total operating expenses                       72,266       88,075
                                             -----------  -----------

 Income from operations                           42,324       40,176
                                             -----------  -----------

 Other income (expense)
  Interest income                                  2,165        4,813
  Interest expense                               (16,663)     (26,070)
  Loss on trading securities                        (380)     (12,023)
  Gain on debt repurchases                           534           --
  Loss on loans held for resale, net              (4,554)      (4,509)
  Equity in earnings of unconsolidated
   entities                                           27        6,955
  Other, net                                        (189)        (925)
                                             -----------  -----------
   Other expense, net                            (19,060)     (31,759)
                                             -----------  -----------

 Income from continuing operations before
  income taxes                                    23,264        8,417
 Income tax expense                                8,037        2,939
                                             -----------  -----------
  Income from continuing operations               15,227        5,478
 Loss from discontinued operations, net of
  income taxes                                      (188)        (204)
                                             -----------  -----------
   Net income                                     15,039        5,274
    Net loss (income) attributable to
     minority interest in subsidiaries                70           (2)
                                             -----------  -----------
   Net income attributable to Ocwen
    Financial Corporation (OCN)              $    15,109  $     5,272
                                             ===========  ===========
 Basic earnings per share
  Income from continuing operations
   attributable to OCN common shareholders   $      0.24  $      0.09
  Loss from discontinued operations
   attributable OCN common shareholders               --        (0.01)
                                             -----------  -----------
   Net income attributable to OCN common
    shareholders                             $      0.24  $      0.08
                                             ===========  ===========

 Diluted earnings per share
   Income from continuing operations
    attributable to OCN common shareholders  $      0.24  $      0.09
   Loss from discontinued operations
    attributable to OCN common shareholders           --        (0.01)
                                             -----------  -----------
   Net income attributable to OCN common
    shareholders                             $      0.24  $      0.08
                                             ===========  ===========

 Weighted average common shares outstanding
     Basic                                    62,750,010   62,567,972
     Diluted                                  67,871,466   62,814,449

                  OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                    (Dollars in thousands, except share data)

                                               March 31,  December 31,
                                                 2009        2008
                                              ----------  ----------
                                                         (As Adjusted)
 Assets
  Cash                                        $  158,855  $  201,025
  Trading securities, at fair value
   Investment grade auction rate                 238,161     239,301
   Subordinates and residuals                      4,028       4,369
  Loans held for resale, at lower of cost or
   fair value                                     44,670      49,918
  Advances                                       172,459     102,085
  Match funded advances                          881,244   1,100,555
  Mortgage servicing rights                      140,603     139,500
  Receivables                                     49,433      42,798
  Deferred tax assets, net                       167,913     175,145
  Intangibles, including goodwill of $9,836       45,589      46,227
  Premises and equipment, net                     11,799      12,926
  Investments in unconsolidated entities          22,115      25,663
  Other assets                                    92,647      97,588
                                              ----------  ----------
   Total assets                               $2,029,516  $2,237,100
                                              ==========  ==========

 Liabilities and Stockholders' Equity
  Liabilities
   Match funded liabilities                   $  790,300  $  961,939
   Lines of credit and other secured
    borrowings                                   144,065     116,870
   Investment line                               186,568     200,719
   Servicer liabilities                           90,365     135,751
   Debt securities                               108,843     133,367
   Other liabilities                              82,697      78,813
                                              ----------  ----------
    Total liabilities                          1,402,838   1,627,459
                                              ----------  ----------

  Stockholders' Equity
   Ocwen Financial Corporation stockholders'
    equity
    Common stock, $.01 par value; 200,000,000
     shares authorized; 62,963,498 and
     62,716,530 shares issued and outstanding
     at March 31, 2009 and December 31, 2008,
     respectively                                    630         627
   Additional paid-in capital                    205,262     203,195
   Retained earnings                             418,646     403,537
   Accumulated other comprehensive income, net
    of income taxes                                1,836       1,876
                                              ----------  ----------
   Total Ocwen Financial Corporation
    stockholders' equity                         626,374     609,235
    Minority interest in subsidiaries                304         406
                                              ----------  ----------
   Total stockholders' equity                    626,678     609,641
                                              ----------  ----------
     Total liabilities and stockholders'
      equity                                  $2,029,516  $2,237,100
                                              ==========  ==========
CONTACT:  Ocwen Financial Corporation
          David J. Gunter, Executive Vice President & Chief Financial 
           Officer
          (561) 682-8367
          David.Gunter@Ocwen.com