Filing Details

CUSIP No. 675746309

Page 2 of 11 Pages

 

1	NAMES OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
	DEER PARK ROAD MANAGEMENT COMPANY, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☐
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			7,078,655
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			7,078,655
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	7,078,655
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	5.7%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	IA, PN

 

SCHEDULE 13G
	Page 6 of 11 Pages

 

Item 1(a).

Name of Issuer:

Ocwen Financial Corporation (the “Issuer”)

Item 1(b).

Address of Issuer’s Principal Executive Offices:

1661 Worthington Road, Suite 100, West Palm Beach, Florida 33409

Item 2(a).

Name of Person Filing

This Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”)

i)

Deer Park Road Management Company, LP (“Deer Park”);

ii)

Deer Park Road Management GP, LLC (“DPRM”);

iii)

Deer Park Road Corporation (“DPRC”); and

iv)

Michael David Craig-Scheckman (“Mr. Craig-Scheckman”).

This Statement relates to Shares (as defined herein) held for the accounts of STS Master Fund, Ltd. (the “STS Master Fund”) and SBF Opportunities Master Fund Limited (the “SBF Master Fund”), each of which is an exempted company organized under the laws of the Cayman Islands. Deer Park serves as investment adviser to each of the STS Master Fund and SBF Master Fund and, in such capacity, exercises voting and investment power over the Shares held in the accounts for each of the STS Master Fund and the SBF Master Fund. DPRM is the general partner of Deer Park. DPRC is the managing member of DPRM. Mr. Craig-Scheckman is the Chief Executive Officer of each of Dear Park and DPRC and the sole owner of DPRC.

Item 2(b).

Address of Principal Business Office or, if None, Residence:

The address of the principal business office of each of the Reporting Persons is 1195 Bangtail Way, Steamboat Springs, Colorado 80487.

Item 2(c).

Citizenship:

i)

Deer Park is a limited partnership incorporated in Delaware;

ii)

DPRM is a limited liability company incorporated in Delaware;

iii)

DPRC is a Delaware corporation; and

iv)

Mr. Craig-Scheckman is a citizen of the United States of America.

Item 2(d).

Title of Class of Securities:

Common Stock, par value $0.01 per share (the “Shares”)

Item 2(e).

CUSIP Number:

675746309

SCHEDULE 13G
	Page 7 of 11 Pages

 

Item 3.

If This Statement is Filed Pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c),Check Whether the Person Filing is a:

(e)

T

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(g)

T

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

Item 4.

Ownership:

 

Item 4(a)

Amount Beneficially Owned:

As of December 31, 2016, each of the Reporting Persons may be deemed the beneficial owner of 7,078,655 Shares. This amount consists of: (A) 7,028,655 Shares held for the account of the STS Master Fund; and (B) 50,000 Shares held for the account of the SBF Master Fund.

Item 4(b)

Percent of Class:

As of December 31, 2016, each of the Reporting Persons may be deemed the beneficial owner of approximately 5.7% of Shares outstanding (based on 123,989,954 Shares outstanding as of October 25, 2016, according to the Issuer’s quarterly report on Form 10-Q, filed October 27, 2016).

Item 4(c)

Number of Shares as to which such person has:

Item 5.

Ownership of Five Percent or Less of a Class:

This Item 5 is not applicable.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

See disclosure in Items 2 and 4 hereof.  STS Master Fund has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:

See disclosure in Item 2 hereof.

Item 8.

Identification and Classification of Members of the Group:

This Item 8 is not applicable.

Item 9.

Notice of Dissolution of Group:

SCHEDULE 13G
	Page 8 of 11 Pages

 

This Item 9 is not applicable.

Item 10.

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

SCHEDULE 13G
	Page 9 of 11 Pages

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

	DEER PARK ROAD MANAGEMENT, LP
	By:	/s/ Brad Craig
		Name: Brad Craig
		Title:   Chief Operating Officer

 

 

 

January 30, 2017

 

 

SCHEDULE 13G
	Page 10 of 11 Pages

 

EXHIBIT INDEX

 

SCHEDULE 13G
	Page 11 of 11 Pages

EXHIBIT A

JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock Shares of Ocwen Financial Corporation dated as of January 30, 2017 is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

	DEER PARK ROAD MANAGEMENT, LP
	By:	/s/ Brad Craig
		Name: Brad Craig
		Title:   Chief Operating Officer

 

 

 

January 30, 2017