UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED): JULY 30, 1998
OCWEN FINANCIAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0-21341 65-0039856
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
THE FORUM, SUITE 1000
1675 PALM BEACH LAKES BOULEVARD, WEST PALM BEACH, FLORIDA 33401
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (561) 681-8000
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
PAGE 1 OF 5
EXHIBIT INDEX ON PAGE 4
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ITEM 5. OTHER EVENTS
The news release of Ocwen Financial Corporation dated July 30, 1998 expanding on
strategic alliance rationale is attached hereto and filed herewith as Exhibit
99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed as part of this report:
(99) News release of Ocwen Financial Corporation dated July 30, 1998.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
OCWEN FINANCIAL CORPORATION
(Registrant)
By: /s/ Mark S. Zeidman
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Mark S. Zeidman
Senior Vice President
and Chief Financial Officer
Date: July 31, 1998
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<PAGE>
INDEX TO EXHIBIT
EXHIBIT NO. DESCRIPTION PAGE
99 News release of Ocwen Financial Corporation 5
dated July 30, 1998 expanding on strategic
alliance rationale.
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Ocwen Financial Corporation Exhibit 99
1675 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401
NYSE symbol: OCN
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NEWS RELEASE: IMMEDIATE July 30, 1998
OCWEN FINANCIAL CORPORATION EXPANDS ON STRATEGIC ALLIANCE RATIONALE
WEST PALM BEACH, FL - - Ocwen Financial Corporation (NYSE: OCN) ("Ocwen" or the
"Company") today expanded on its announcement of July 28, 1998, that it was
exploring strategic alliances, in response to investor inquiries.
"Our capital and businesses have never been stronger," stated William C. Erbey,
Chairman and Chief Executive Officer. "We see vast opportunities to further
deploy our services in new and untapped markets. It is for this reason, and this
reason only, that we are considering strategic alliances to complement our
strengths."
Mr. Erbey went on to clarify, "Affiliations could take on many different forms
only one of which is a merger. However, a merger would only occur if the
transaction was clearly in the best interest of Ocwen's employees, customers and
shareholders."
Ocwen Financial Corporation is a $3.5 billion financial institution
headquartered in West Palm Beach, Florida. Ocwen's primary businesses are the
acquisition, servicing and resolution of subperforming and nonperforming
residential and commercial mortgage loans.
CERTAIN STATEMENTS CONTAINED HEREIN ARE "FORWARD-LOOKING STATEMENTS" WITHIN THE
MEANING OF THE FEDERAL SECURITIES LAWS. THESE STATEMENTS MAY BE IDENTIFIED BY
THE USE OF FORWARD-LOOKING TERMINOLOGY. ACTUAL RESULTS COULD DIFFER MATERIALLY
FROM THOSE STATEMENTS DUE TO FACTORS SUCH AS THE ECONOMIC ENVIRONMENT,
GOVERNMENT FISCAL AND MONETARY POLICIES, PREVAILING INTEREST OR CURRENCY
EXCHANGE RATES, THE SECONDARY MARKET FOR MORTGAGE LOANS AND SECURITIZATIONS,
OTHER FACTORS GENERALLY UNDERSTOOD TO AFFECT THE REAL ESTATE ACQUISITION,
MORTGAGE AND LEASING MARKETS, AND OTHER RISKS DETAILED FROM TIME TO TIME IN THE
COMPANY'S SECURITIES FILINGS, INCLUDING ITS REGISTRATION STATEMENTS ON FORM S-1
AND PERIODIC REPORTS ON FORMS 10-Q, 8-K AND 10-K.
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Contacts William C. Erbey (561) 682-8520
Christine A. Reich (561) 682-8569
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