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                 Ocwen: Establishes Ocwen Realty Advisors




Ocwen Financial Corporation(R)

FOR IMMEDIATE RELEASE               
FOR FURTHER INFORMATION CONTACT:
William M. Krueger          David J. Babbitt
T: (561) 682-8616           T: (561) 682-8266
E: wkrueger@ocwen.com       E: dbabbitt@ocwen.com



Ocwen Financial Corporation Establishes Ocwen Realty Advisors to Make
Risk Management/Property Valuation Available to Industry


May 8, 2000 - West Palm Beach, FL-Ocwen Financial Corporation (NYSE:OCN),
one of the leading mortgage acquisition, servicing and resolution companies
in the United States, announces that it has established a new division,
Ocwen Realty Advisors (ORA), offering collateral risk management services
to the mortgage and real estate industries.

Ocwen Chairman and Chief Executive Officer, William C. Erbey said, "there
is rising demand for increased quality control in the valuation of
mortgages purchased in the secondary market.  We feel our quality assurance
process better meets the current risk management needs of this market,"
said Erbey.  "Our process focuses resources and attention on the riskiest
parts of the portfolio and is an effective way to reduce cost without
increasing risk."

Ocwen has earned some of the highest designations from the major ratings
agencies for the valuation and servicing of residential and commercial
assets.  ORA is an integral component to Ocwen's success and has valued
over $20 billion of real estate for Ocwen over the past five years.  

In addition, ORA offers a full range of residential real estate advisory
products and services, such as appraisals, broker price opinions, value
verifications, property inspections, automated valuation modeling and
management and review of third party engagements.  You can get more
information about ORA by visiting our website at
www.ocwenrealtyadvisors.com.  

Ocwen Financial Corporation is a financial services company 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.  Ocwen also specializes in the
related development of loan servicing technology and software for the
mortgage and real estate industries.  Additional information about Ocwen
Financial Corporation is available at www.ocwen.com.

Certain statements contained herein are "forward-looking statements" within
the meaning of the U.S. federal securities laws.  These statements may be
identified by reference to a future period(s) or by the use of
forward-looking terminology.  Actual results could differ materially from
those indicated due to changes in a variety of factors, including, but not
limited to, international economic environments, government fiscal and
monetary policies, currency exchange rates, currency hedging effectiveness,
foreign laws, competitive products, pricing and conditions, loan servicing
effectiveness, software integration or development effectiveness, financial
and securities markets in general, other factors generally understood to
affect the real estate mortgage market, and other risks detailed from time
to time in OCN's reports and filings with the U.S. Securities and Exchange
Commission, including Exhibit 99.1 to OCN's Form 10-K for the year ended
December 31, 1999.

End