Item 8.01 Other Events.

As previously reported, Ocwen Financial Corporationformed a new subsidiary, Ocwen Mortgage Servicing, Inc. (OMS), in the United States Virgin Islands (USVI) as part of an initiative to consolidate our global servicing assets and operations under a single entity and to cost-effectively expand our United States-based servicing activities. OMS is located in a federally recognized economic development zone where qualified entities are eligible for certain benefits. OMS has been approved as a "Category IIA service business" and is therefore entitled to receive such benefits. Among other benefits, this will have a favorable impact on our effective tax rate. On September 26, 2012,OMS submitted a regulatory filing in the USVI designating October 1, 2012, as the effective date for the commencement of benefits.

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