Business Editors

NEW YORK--(BUSINESS WIRE)--July 25, 2003

Standard & Poor's Ratings Services today affirmed its ratings on 15 classes of seven RMBS certificates related to OCWEN Financial Corp. and its subsidiary OCWEN Federal Bank FSB (see list).

The affirmations on Ocwen Mortgage Loan Asset Backed Certificates series 1998-OFS3 reflect improved credit support percentages and rapid prepayments. However, upgrades are not warranted at this time because credit support has not improved to the requisite level. Furthermore, losses have exceeded excess interest three times within the past 12 months, including in May and June 2003. If this trend continues, credit support in the form of overcollateralization may be eroded.

Credit support for all of the transactions is provided by subordination. Series 1998-OFS3 is also supported by overcollateralization and excess interest. All of the transactions other than series 1998-OFS3 are also insured by policies issued by MBIA Insurance Corp. or Financial Security Assurance Inc.; the ratings on these certificates are affirmed based on the financial strength of the underlying insurance provider.

As of June 2003, the pools have total delinquencies ranging from 5.75% (series 1998-OAC1) to 32.04% (series 1998-OFS3). Serious delinquencies ranged from 4.69% (series 1998-OAC1) to 25.74% (series 1998-OFS3), and cumulative losses ranged from 0.66% (series 1998-OAC1) to 8.80% (series 1998-OFS4).

The pools initially consisted of 15- and 30-year fixed- and adjustable-rate subprime home equity mortgage loans secured by first liens on owner occupied, one- to four-family dwellings.

RATINGS AFFIRMED

Transactions                             Class       Rating
Ocwen Home Equity Loan Trust 1998-OFS4   A           AAA
Ocwen Home Equity Loan Trust 1999-OFS1   A-F, A-V    AAA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1998-OFS2                       A-4, A-6    AAA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1997-1                          A-1, A-2    AAA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1997-OFS3                       A           AAA
Ocwen Mort. Ln. Asset Bkd. Notes,
  Series 1998-OAC1                       A-1, A-2    AAA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1998-OFS3                       A, R        AAA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1998-OFS3                       M-1         AA
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1998-OFS3                       M-2         A
Ocwen Mort. Ln. Asset Bkd. Certs,
  Series 1998-OFS3                       B           BBB

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