Ocwen was founded in 1988 and is headquartered in West Palm Beach, Florida, with additional offices in Mount Laurel, NJ, Rancho Cordova, California, and St. Croix, U.S. Virgin Islands.

[3] As of December 31, 2011, Ocwen had serviced 671,623 residential loans with an aggregate unpaid principal balance (UPB) of $102.2 billion.

[11] In October 2012, Ocwen announced plans to buy Homeward Residential Holdings, Inc. from WL Ross & Co. for $750 million.

[14] In October 2012, Ocwen also partnered with Walter Investment Management Corp. to place the winning $3 billion bid for Residential Capital's mortgage-servicing and origination assets at a bankruptcy auction.

Ocwen early on posted relative success in converting trial loan modifications to permanent ones, in part because it relied on verified income statements from borrowers rather than stated ones.

Ocwen claimed that the Separation has allowed it to focus on its core servicing business and to respond better to initiatives and market challenges.

With the exception of interests in GSS and BMS Holdings, Inc., Ocwen distributed the assets, liabilities, and operations of OS in the spinoff.

[24] As of September 30, 2018, Ocwen reported as having 6,400 employees worldwide, of which approximately 4,300 are employed in their India operations centers, and 500 in the Philippines.

The 123-page lawsuit in Hanson v. Ocwen Federal Bank outlined a six-year running battle over late charges and fees.

The lawsuit sought $1.5 billion in punitive and exemplary damages but was settled out of court for an undisclosed sum.

"OCWEN took advantage of borrowers at every stage of the process", said Richard Cordray, Director of the Consumer Financial Protection Bureau.

[28] As part of the agreement, founder William Erbey resigned from the company's board over conflicts of interest, though Ocwen paid him $1.2 million in the process.