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Ocwen Financial Corporation Purchases Liberty Home Equity Solutions

Stocks in this article: OCN

ATLANTA, April 3, 2013 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE:OCN) ("Ocwen"), a leading financial services holding company, announced today that it has completed the purchase of Liberty Home Equity Solutions ("Liberty") from Genworth Financial (NYSE:GNW). Liberty will continue to offer reverse mortgages through direct, wholesale and correspondent channels.

"Liberty is the industry leader in helping seniors secure their retirement with strong customer-service and superior quality. We believe this promising market offers enormous long-term growth potential, and this purchase positions Ocwen to capture that growth," said Ronald M. Faris, Chief Executive Officer of Ocwen.

"We are very excited to complete this transaction and become a part of one of the largest mortgage servicing and origination companies in the industry. Together we will be able to help even more seniors with home equity retirement income solutions, including FHA and proprietary products," said Pete Engelken, President of Liberty.

Liberty is based in Sacramento, CA.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company which, through its subsidiaries, is engaged in the servicing and origination of mortgage loans. Ocwen is headquartered in Atlanta, Georgia, and has additional offices and operations in California, Florida, Iowa, New Jersey, Pennsylvania, Texas, the United States Virgin Islands, Washington, DC, India and Uruguay. Utilizing proprietary technology, global infrastructure and world-class training and processes, we provide solutions that help homeowners and make our clients' loans worth more. Additional information is available at www.Ocwen.com .

CONTACT: Susan Fitzpatrick
         Ocwen Financial Corporation
         Director, Communications
         T: (215) 734-4400
         E: susan.fitzpatrick@ocwen1.com

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