<TABLE>
<CAPTION>
FORM 4
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[ ] CHECK THIS BOX IF NO LONGER OMB APPROVAL
SUBJECT TO SECTION 16. FORM 4 OR --------------------------------
FORM 5 OBLIGATIONS MAY CONTINUE. OMB NUMBER: 3235-0287
SEE INSTRUCTION 1(B). EXPIRES: SEPTEMBER 30, 1998
(PRINT OR TYPE RESPONSES) ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE..........0.5
--------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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<S> <C> <C>
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting
Person to Issuer
Erbey, William Charles Ocwen Financial Corporation (OCN) (Check all applicable)
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(Last) (First) (Middle) 3. IRS or Social 4. Statement for Month/Year [X] Director [X] 10% Owner
Security Number [X] Officer [ ] Other
of Reporting 8/98 (give title (specify title
1675 Palm Beach Lakes Boulevard Person below) below)
- --------------------------------------- (Voluntary)
(Street) Chairman and Chief Executive Officer
------------------------------------
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West Palm Beach, Florida 33401 5. If Amendment, 7. Individual or Joint/Group Filing
- --------------------------------------- Date of Original (Check Applicable Line)
(City) (State) (Zip) (Month/Year)
[ ] Form filed by One Reporting Person
N/A [X] Form filed by More than One Reporting Person
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TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership Form: 7. Nature of
(Instr.3) action action Code or Disposed of (D) Securities Direct (D) or Indirect
Date (Instr. 8) (Instr. 3,4 and 5) Beneficially Indirect (I) Beneficial
Owned at End of (Instr. 4) Ownership
(Month/ Month (Instr. 4)
Day/Year)-------------------------------------------------
Code V Amount (A) or (D) Price (Instr. 3 and 4)
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Common Stock 08/12/98 P 2,300 A $19.875 I By FF Plaza
Partners (1)
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Common Stock 08/12/98 P 2,000 A $19.75 I By FF Plaza
Partners (1)
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Common Stock 08/13/98 P 1,000 A $19.75 I By FF Plaza
Partners (1)
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Common Stock 08/13/98 P 1,000 A $19.375 I By FF Plaza
Partners (1)
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Common Stock 08/13/98 P 1,000 A $19.00 I By FF Plaza
Partners (1)
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Common Stock 08/13/98 P 3,000 A $18.875 I By FF Plaza
Partners (1)
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Common Stock 08/13/98 P 2,000 A $18.5625 I By FF Plaza
Partners (1)
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Common Stock 08/14/98 P 3,000 A $18.75 I By FF Plaza
Partners (1)
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Common Stock 08/14/98 P 5,700 A $18.3125 I By FF Plaza
Partners (1)
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<PAGE>
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Common Stock 08/14/98 P 5,100 A $18.25 I By FF Plaza
Partners (1)
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Common Stock 08/17/98 P 600 A $18.375 I By FF Plaza
Partners (1)
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Common Stock 08/17/98 P 2,300 A $18.50 I By FF Plaza
Partners (1)
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Common Stock 08/17/98 P 2,000 A $18.75 I By FF Plaza
Partners (1)
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Common Stock 08/18/98 P 4,000 A $19.00 I By FF Plaza
Partners (1)
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Common Stock 08/18/98 P 500 A $19.9375 I By FF Plaza
Partners (1)
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Common Stock 08/18/98 P 4,500 A $20.00 13,737,580 I By FF Plaza
Partners (1)
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5,409,704 I By Erbey Holding
Corporation (2)
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2,406 D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, SEE Instruction 4(b)(v). SEC 1474 (7/96)
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(E.G., puts, calls, warrants, options, convertible securities)
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<S> <C> <C> <C> <C>
1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of
Derivative or Exercise Date Code Derivative
Security Price of (Month/Day/Year) (Instr. 8) Securities
(Instr. 3) Derivative Acquired (A)
Security or Disposed
of (D)
---------------------------------
Code V (A) (D)
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- ---------------------------------------------------------------------------------
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(E.G., puts, calls, warrants, options, convertible securities)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6. Date 7. Title and Amount 8. Price of 9. Number of 10. Ownership 11. Nature of
Exercisable of Underlying Derivative Derivative Form of Indirect
and Expiration Securities Security Securities Derivative Beneficial
Date (Instr. 3 and 4) Beneficially Security: Ownership
(Month/Day/Year) Owned at Direct (D) or (Instr. 4)
End of Indirect (I)
Month (Instr. 4)
(Instr. 4)
------------------------------------------
Amount
Date Expir- or
Exer- ation Number
cisable Date Title of Shares
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Explanation of Responses:
(1) Shares are held by FF Plaza Partners, a partnership of which Mr. Erbey, E. Elaine Erbey, his spouse,
and Delaware Permanent Corporation, a corporation wholly owned by Mr. Erbey, are general partners. The
reporting persons disclaim beneficial ownership as to these shares to the extent they do not have a
pecuniary interest therein.
(2) Shares are held by Erbey Holding Corporation, a corporation wholly owned by Mr. Erbey. The reporting
persons disclaim beneficial ownership as to these shares to the extent they do not have a pecuniary
interest therein.
/s/ WILLIAM C. ERBEY August 21, 1998
------------------------------------ ------------------
** Signature of Reporting Person Date
Intentional misstatements or omissions of facts constitute Federal Criminal
Violations
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
ie: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, SEE Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 3
SEC 1474 (7/96)
</TABLE>
<PAGE>
JOINT INFORMATION
NAME: Erbey Holding Corporation
ADDRESS: 1350 Sixteenth Street
Fort Lee, NJ 07024
DESIGNATED FILER: William C. Erbey
ISSUER AND TRADING SYMBOL: Ocwen Financial Corporation (OCN)
DATE OF EVENT REQUIRING
STATEMENT: August, 1998
SIGNATURE: Erbey Holding Corporation
By: /s/ WILLIAM C. ERBEY
----------------------
William C. Erbey
President
Page 4
<PAGE>
NAME: FF Plaza Partners
ADDRESS: 1350 Sixteenth Street
Fort Lee, NJ 07024
DESIGNATED FILER: William C. Erbey
ISSUER AND TRADING SYMBOL: Ocwen Financial Corporation (OCN)
DATE OF EVENT REQUIRING
STATEMENT: August, 1998
SIGNATURE: FF Plaza Partners
By: /s/ WILLIAM C. ERBEY
----------------------
William C. Erbey
Partner
Page 5
<PAGE>
NAME: Delaware Permanent Corporation
ADDRESS: 1350 Sixteenth Street
Fort Lee, NJ 07024
DESIGNATED FILER: William C. Erbey
ISSUER AND TRADING SYMBOL: Ocwen Financial Corporation (OCN)
DATE OF EVENT REQUIRING
STATEMENT: August, 1998
SIGNATURE: Delaware Permanent Corporation
By: /s/ WILLIAM C. ERBEY
----------------------
William C. Erbey
President
Page 6
<PAGE>
NAME: E. Elaine Erbey
ADDRESS: 1675 Palm Beach Lakes Boulevard
West Palm Beach, FL 33401
DESIGNATED FILER: E. Elaine Erbey
ISSUER AND TRADING SYMBOL: Ocwen Financial Corporation (OCN)
DATE OF EVENT REQUIRING
STATEMENT: August, 1998
SIGNATURE: WILLIAM C. ERBEY, Attorney-in-fact
for E. Elaine Erbey
By: /s/ WILLIAM C. ERBEY
----------------------
Attorney-in-fact for
E. Elaine Erbey
Page 7
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature appears
below constitutes and appoints William C. Erbey his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for her and in her name, place and stead, in any and all capacities, to sign any
and all forms pursuant to Section 16 of the Securities Exchange Act of 1934, as
amended, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent full power and authority to do and perform each
and every act and thing requisite and necessary to be done in accordance
therewith, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact, agent,
or their substitutes may lawfully do or cause to be done by virtue hereof.
August 21, 1998 /s/ E. ELAINE ERBEY
-------------------
E. Elaine Erbey
Page 8
