 WEST PALM BEACH, Fla., Aug. 03, 2020 GLOBE NEWSWIRE -- Ocwen Financial Corporation NYSE: OCN Ocwen or the Company, a leading non-bank mortgage servicer and originator, today announced that its Board of Directors approved a reverse stock split of authorized and outstanding shares of the Companys common stock at a ratio of one-for-15. As previously disclosed, on July 15, 2020, the Board approved a reverse stock split of the Companys common stock at a ratio of one-for-25. Based on subsequent developments, including a significant increase in the trading price of the Companys common stock, on July 28, 2020, Ocwens Board and management determined to move forward with a reverse stock split at a ratio of one-for-15.The reverse stock split is expected to be effective at 5:00 p.m. EST on August 13, 2020 the Effective Time. The Companys common stock is expected to begin trading on a split-adjusted basis on the New York Stock Exchange NYSE at market open on August 14, 2020 under the new CUSIP number: 675746 606. The trading symbol for the Companys common stock will remain OCN.At the Effective Time, every fifteen 15 shares of issued common stock will be combined and converted into one 1 issued share of common stock. No fractional shares will be issued as a result of the reverse stock split. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 130.0 million to approximately 8.7 million and will reduce the number of authorized shares from 200.0 million to approximately 13.3 million.Stockholders who would otherwise be entitled to a fractional share of common stock will be entitled to one 1 whole share in lieu of such fractional share. Holders of the Companys common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from the Companys transfer agent, American Stock Transfer Trust Company, LLC, regarding their common stock ownership post-split. The reverse stock split will not modify any rights or preferences of the Companys common stock.The Company believes a reverse stock split may facilitate investment in its stock by potentially broadening the range of eligible institutional investors, increasing analyst and broker-dealer interest, and decreasing stock price volatility. The Company also believes that increased interest in the Company and its common stock may lead to an increase in the dollar trading volume and liquidity of its common stock. Additionally, as previously described in the Companys filings with the Securities and Exchange Commission, the Company was notified on April 8, 2020 by the NYSE that the average trading price per share of its common stock was below the NYSEs continued listing standard rule relating to minimum average share price, and the Company must regain compliance with the NYSEs share price standard by December 17, 2020. While Ocwens share price is currently above the minimum threshold price, by increasing the market price per share of the Companys common stock, the reverse stock split may assist the Company in regaining and maintaining compliance with the NYSEs minimum average share price requirement.The Company sought advisory approval of a reverse stock split at its 2020 Annual Meeting of Shareholders on May 27, 2020 and the reverse stock split was approved by over 97 of the votes cast on the proposal.About Ocwen Financial CorporationOcwen Financial Corporation NYSE: OCN is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nations largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices in the United States and the U.S. Virgin Islands and operations in India and the Philippines, and have been serving our customers since 1988. For additional information, please visit our website StatementsThis press 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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as expect, believe, foresee, anticipate, intend, estimate, goal, strategy, plan target and project or conditional verbs such as will, may, should, could or would or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. We are in the midst of a period of capital markets volatility and experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. 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 impact of our planned reverse split on the price and trading market for our common stock; our ability to regain and maintain compliance with the continued listing standards of the NYSE; uncertainty relating to the impacts of the COVID-19 pandemic, including with respect to the response of the U.S. 