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For Immediate Release: October 22,2015

Contact: Hannah Harrill

919-508-7821

Monitor reports Ocwen failed four metrics in the second half of 2014 Joseph A. Smith, Jr. releases first report on Ocwen’s entire loan portfolio

Joseph A. Smith, Jr. releases first report on Ocwen’s entire loan portfolio

Raleigh, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS or Settlement), today filed a report with the United States District Court for the District of Columbia providing the results of his testing of Ocwen Financial Corporation’s compliance with the NMS. The report addresses Ocwen’s compliance with the Settlement’s rules on the company’s entire loan portfolio for the third and fourth quarters of 2014.

In the second half of 2014, Ocwen failed four metrics (Metrics 7, 8, 23 and 31). In addition, the Monitor and Ocwen agreed that several metrics with timeline requirements would be deemed failures. These deemed failures are part of Ocwen’s Global Corrective Action Plan (Global CAP) to address previously reported issues with incorrect dates on correspondence to borrowers. The Monitor provided an overview of the Global CAP in his previous report. In all, 10 metrics are subject to corrective action plans after the fourth quarter 2014. “Ocwen still has work to do,” Smith said. “I anticipate that Ocwen will complete its corrective actions later this year or in early 2016. I will report the results of my reviews in my next report, which will also cover compliance for the first and second quarters of 2015.” The following metrics were either fails in the second half of 2014, deemed a fail under the Global CAP, or both:

 
*Metric 19 was a testing fail and deemed fail **Metric 23 was a testing fail and deemed fail About the office of Mortgage Settlement Oversight More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at

**Metric 23 was a testing fail and deemed fail About the office of Mortgage Settlement Oversight More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at

About the office of Mortgage Settlement Oversight More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com

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