ATLANTA, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Ocwen Loan Servicing, LLC (the "Company"), a wholly owned subsidiary of Ocwen Financial Corporation, (NYSE:OCN), a leading financial services holding company, today announced that it has priced the offering of the Ocwen Asset Servicing Income Series ("OASIS") program. The securities, OASIS Series 2014-1 (the "Notes"), are secured by the Company's mortgage servicing rights relating to $11.8 billion in unpaid principal balance of Freddie Mac 30-Year fixed rate mortgages (the "Reference Pool"). The Company estimates that the gross proceeds from the Notes offering will be approximately $123.5 million. OASIS is an agency MSR financing program whereby the Company issues notes backed by individual closed-end pools of agency MSRs that are owned by the Company. Noteholders of this first OASIS issuance will be entitled to receive monthly payments from the Company in an amount equal to 21 basis points per annum on the stated principal balance of the Reference Pool and a final payment on the stated maturity date in February 2028 that is also based on the then stated principal balance of the Reference Pool. The average servicing fee for the Reference Pool at the closing date is 31 basis points per annum. Through the OASIS program, the Company achieves match funded financing of the related agency MSRs for fourteen years and limits its exposure to prepayment volatility. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act. The Notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act.