WEST PALM BEACH, Fla., July 15, 2005 (PRIMEZONE) -- SSJ Servicer Co. Ltd. (SSJ), a Japan-based subsidiary of Ocwen Financial Corporation (NYSE:OCN), has received its Commercial Mortgage Servicer Rating placing them on Standard & Poor's Ratings Services' Select Servicer List.
Specifically, SSJ was assigned AVERAGE Primary and Special Servicer Evaluation Rankings with a STABLE outlook from Standard & Poor's. According to the July 1st S&P announcement, S&P assigned the rankings based on SSJ's track record as a primary servicer and a special servicer, experience in the servicing business, methodologies for establishing collection strategies, cash management methods and financial profile, among other factors.
Standard & Poor's servicer evaluations are based on an objective and comprehensive assessment of a servicer's operational capabilities for servicing various types of receivables and obligatory rights. The assessment is described in five rankings: STRONG, ABOVE AVERAGE, AVERAGE, BELOW AVERAGE and WEAK.
SSJ began operations in July 2003. Local contact: Miyuki Tani, Tokyo, (81) 3-5157-2161 mtani@jp.gss-o.com.
SSJ Servicer Co. Ltd. is the Tokyo, Japan-based office of Global Servicing Solutions LLC (GSS). Ocwen is the managing member of GSS, a servicing and asset management joint venture formed in 2002 between Ocwen Financial Corporation (Ocwen) and ML IBK Positions Inc. GSS, which in addition to Japan has offices in Canada, Taiwan and Germany, provides third-party servicing of commercial and residential performing and non-performing loans and real estate.
Ocwen Financial Corporation (NYSE:OCN) is a diversified financial services holding company with headquarters in West Palm Beach, Florida and a presence in Canada, Germany, India, Japan and Taiwan. Ocwen Financial Corporation is engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and the marketing and sales of technology solutions to third parties. Ocwen Financial Corporation is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.