WEST PALM BEACH, Fla., Feb. 23, 2005 (PRIMEZONE) -- Global Servicing Solutions Canada Corp. (GSS Canada), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), has received its Commercial Mortgage Servicer Rating placing them on Standard & Poor's Rating Services' Select Servicer List.
The January 19 S&P announcement cites GSS Canada's adequate procedures, sufficient level of internal controls and satisfactory systems environment and notes that GSS Canada's senior management team includes seasoned industry veterans. In addition, S&P cites that Ocwen has established a solid track record with its U.S.-based commercial servicing operations.
Specifically, GSS Canada was assigned an AVERAGE Commercial Mortgage Servicer ranking with a STABLE outlook from Standard & Poor's for all three servicer rankings: Primary, Master and Special. According to the report, S&P expects that as portfolio volume increases, GSS Canada will continue to demonstrate solid capabilities as a commercial mortgage primary, master and special servicer.
GSS Canada is headquartered in Toronto. Local contacts are Jacklyn Kendrick, Co-General Manager at 416-361-6451 and Bob Clarke, Co-General Manager at 416-361-9568.
Global Servicing Solutions LLC (GSS) is a servicing and asset management joint venture formed in 2002 between Ocwen Financial Corp. (Ocwen) and Merrill Lynch & Co., of which Ocwen is the managing partner. GSS, which in addition to Canada has offices in Japan, Taiwan and Germany, provides third-party servicing of commercial and residential performing and nonperforming loans and real estate. GSS has 70 employees worldwide who currently manage more than 8,500 loans with an unpaid principal balance of approximately US$11.6 billion.
Ocwen Financial Corporation (NYSE:OCN) is a diversified financial services holding company with headquarters in West Palm Beach, Florida and a presence in Canada, Germany, India, Japan and Taiwan. Ocwen Financial Corporation is engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and the marketing and sales of technology solutions to third parties. Ocwen Financial Corporation is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.