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Ocwen Financial Corporation Appoints New Member to Board of Directors

WEST PALM BEACH, Fla., July 28, 2005 (PRIMEZONE) -- Ocwen Financial Corporation announced today that Martha Clark Goss was appointed as a member of the Board of Directors of the Company.

Ms. Goss currently serves as Chief Operating and Financial Officer of Amwell Holdings, LLC. She previously served as Chief Financial Officer for The Capital Markets Company, a provider of e-based solutions to the global financial services and capital markets industry; and Booz Allen & Hamilton Inc., a management consulting firm. Ms. Goss also held various senior executive positions with Prudential Insurance Company of America and Chase Manhattan Bank, N.A.

Ms. Goss serves on the Boards of Claire's Stores, Inc. and American Water and previously served on the Boards of Foster Wheeler Ltd., Dexter Corporation, the Metropolitan Regional Board of The Chase Manhattan Bank, IBJ Whitehall Business Credit Corporation and the boards of various subsidiaries of The Prudential Insurance Company of America. She is a frequent speaker on corporate governance, enterprise risk management and audit committee topics for the Conference Board and other organizations.

Ms. Goss has an MBA from Harvard Graduate School of Business and has a BA in Biography from Brown University. She is a Trustee/Trustee Emeritus of Brown University and President Elect and a Board member of the Financial Women's Association of New York. In addition, she was selected as co-honoree with Lady Margaret Thatcher for Brown University's Independent Man Award, was invited to participate as one of the 326 delegates to President Clinton's Economic Summit in 1992, is a member of the Committee of 200 and a recipient of the Distinguished Alumni Award of Brown University.

Ocwen Financial Corporation is a diversified financial services holding company with headquarters in West Palm Beach, Florida and operations in Canada, China, Germany, India, Japan and Taiwan. Ocwen Financial Corporation is principally engaged in servicing and origination processing services for the loan industry. Ocwen Financial Corporation is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.

CONTACT:  Ocwen Financial Corporation
          William C. Erbey
          T: (561) 682-8520
          E: William.Erbey@Ocwen.com