Ocwen Financial Corporation Expands Overseas Business to Jamaica

WEST PALM BEACH, Florida, UNITED STATES


WEST PALM BEACH, Fla., Jan. 30, 2001 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), one of the leading mortgage servicing and resolution companies in the United States, announced today that it has been hired as the advisor to Jamaica's Financial Sector Adjustment Company (FINSAC) to resolve or liquidate approximately $1 billion in non-performing loans and real estate assets. Since 1997, FINSAC has assumed over 15,000 assets as a result of bank insolvencies within the Jamaican financial sector.

The FINSAC portfolio includes everything from unsecured consumer loans to complex commercial real estate and business loans. OCN Chairman and Chief Executive Officer, William C. Erbey, said, "Jamaica represents an exciting business opportunity for Ocwen. We are confident that our business platform can be easily implemented into the management of the Jamaican loan crisis." As an advisor with a special servicer rating, Ocwen offers servicing, underwriting, and "high touch" asset resolution expertise to the management of distressed debt. The company uses proprietary technology and its expertise to maximize asset recovery.

In addition to Jamaica, in December 1999, Ocwen announced its servicing expansion into Italy where Ocwen joined forces with FBS SpA to service performing and non-performing loans. Ocwen is currently exploring other opportunities in Latin America, Europe and Asia.

Ocwen anticipates that marketing of the Jamaican portfolio will begin within the next few weeks and intends to distribute information at the Mortgage Bankers Association's CREF conference in San Diego beginning February 4, 2001. For more information regarding the transaction, please visit Ocwen's website www.ocwen.com/international or contact Derek Johnson, Ocwen's Project Manager, at (561) 682-8607, or at djohnson@ocwen.com.

Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary businesses are the servicing and resolution of sub-performing and non-performing residential and commercial mortgage loans. Ocwen also specializes in the related development of loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of the Federal securities laws. These statements may be identified by reference to a future period(s) or by the use of forward-looking terminology such as "anticipate," "intends" or conditional verb tenses, similar terms, variations on such terms or negatives of such terms. Actual results could differ materially from those indicated in such statements due to risks, uncertainties and changes with respect to a variety of factors, including risks detailed from time to time in the Company's or its subsidiaries' reports and filings with the Securities and Exchange Commission, including periodic reports on Forms 10-Q, 8-K and 10-K, including Exhibit 99.1 attached to the Company's Form 10-K for the year ended December 31, 1999.



        

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