Ocwen Financial: Pre-Releases 2nd Qtr Results

FOR IMMEDIATE RELEASE

                               FOR FURTHER INFORMATION, CONTACT:
                               A. Richard Hurwitz
                               VP, Corporate Communications & Marketing
                               T: (561) 682-8575
                               E-mail: rhurwitz@ocwen.com

                OCWEN FINANCIAL CORPORATION PRE-RELEASES
                     ITS 1999 SECOND QUARTER RESULTS
                                    
West Palm Beach, FL - (July 15, 1999) Ocwen Financial Corporation (NYSE:
OCN) announced today that it anticipates that its second quarter net
income, prior to impairment charges and losses on equity investments,
will range between $18.0 million, or $0.30 per share, to $22.5 million,
or $0.37 per share. For the three months ended March 31, 1999, Ocwen had
net income of $9.5 million, or $0.16 per diluted share. Current analysts'
estimates range from $0.30 to $0.32 per share.

The Company currently estimates that pre-tax charges for the 1999 second
quarter, related to impairment charges on its domestic residential
mortgage-backed securities portfolio and losses on its investment in
Ocwen Asset Investment Corp. (NYSE: OAC), will range between $33.0
million to $35.0 million.  Assuming charges of $34.0 million, net losses
for the 1999 second quarter will range between $(8.9) million, or $(0.15)
per share, to $ (4.6) million, or $(0.07) per share.

William C. Erbey, Chairman and CEO, commented, "We believe that our
Company is making progress in its strategic transition from capital-
intensive  business lines to greater fee-based income streams.  In
addition, we anticipate improvement in our cash earnings in the just
completed quarter. (Cash earnings are defined as net income excluding non-
cash gains on securitizations, less impairment charges, and losses
related to the investment in OAC.) We estimate that Ocwen's 1999 second
quarter cash earnings will range between $7.3 million to $11.8 million,
compared to cash earnings of $4.3 million in the 1998 second quarter and
$4.4 million in the 1999 first quarter."

The Company expects to announce its 1999 second quarter results the week
of August 2nd and will hold an analysts' conference call at that time to
discuss its results and ongoing operations.

Ocwen Financial Corporation is a $3.13 billion financial institution
headquartered in West Palm Beach, Florida.  The Company's primary
businesses are the acquisition, servicing, and resolution  of
subperforming and nonperforming residential and commercial  mortgage
loans.  Additional information about Ocwen  Financial  Corporation  is
available at www.ocwen.com.

Certain statements contained herein are not based on historical facts and
are "forward-looking  statements" within the meaning of the federal
securities laws. These forward-looking statements may be identified by
reference to a future period(s) or by the use of  forward-looking
terminology such as "anticipate," "believe," "estimate,"  "expect,"
"progress," "will," or future or conditional verb tenses. Actual  results
could differ materially from those indicated in such statements due to
risks, uncertainties and changes with respect to a variety of factors,
including,  but not limited to, economic environments, government  fiscal
and monetary policies, interest or currency exchange rates, laws and
regulations affecting financial institutions, real estate and foreign
ownership, competitive products, pricing and conditions, credit,
prepayment, basis, default, subordination and asset/liability risks, loan
servicing  effectiveness, allowances for loan losses, investment
opportunities meeting OCN's investment requirements, acquisitions  and
integration of acquired businesses, software integration, development,
licensing and compliance, financial markets (including  discount loan,
mortgage and securitization  markets),  deteriorating  asset values,
availability of adequate and timely sources of liquidity, ability to
repay or refinance indebtedness at maturity, other factors generally
understood to affect the real estate and mortgage markets and securities
investments, and other risks detailed from time to time in OCN's  reports
and filings  with the Securities and Exchange Commission, including its
Registration Statements on Forms S-1 and S-3, periodic reports on Forms
10-Q, 8-K and 10-K and Exhibit 99.1 to OCN's Form 10-K for the year ended
December 31, 1998.  Given these uncertainties, readers are cautioned not
to place undue reliance on such statements.

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