EXHIBIT 12.1

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES

COMPUTATION OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	2017			2016			2015			2014			2013
Earnings:
Income (loss) from before income taxes (1)	$	(143,973	)	$	(206,361	)	$	(129,861	)	$	(443,226	)	$	350,956
Add:
Interest expensed and capitalized and amortization of capitalized debt expenses	363,238			412,583			482,373			541,757			395,586
Interest component of rental expense	5,971			6,650			7,883			6,283			9,102
Total fixed charges (2)	369,209			419,233			490,256			548,040			404,688
Earnings for computation purposes	$	225,236		$	212,872		$	360,395		$	104,814		$	755,644
Preferred dividend requirements	$	—		$	—		$	—		$	2,802		$	12,020
Ratio of pretax income to net income	1.12			1.04			0.53			0.94			1.14
Preferred dividend factor	—			—			—			2,634			13,703
Total fixed charges	369,209			419,233			490,256			548,040			404,688
Combined fixed charges and preferred dividends	$	369,209		$	419,233		$	490,256		$	550,674		$	418,391
Ratio of earnings to combined fixed charges and preferred dividends (3)(4)	(4)			(4)			(4)			(4)			1.81

(1) Excludes income or loss from equity investees but includes any distributions received representing a return on capital.

(2) Fixed charges represent total interest expensed and capitalized, including interest on deposits, amortization of capitalized debt expenses as well as the interest component of rental expense.

(3) The ratios of earnings to combined fixed charges and preferred dividends were computed by dividing (x) income before income taxes plus fixed charges by (y) combined fixed charges and preferred dividends.

(4) Due to our losses in 2017, 2016, 2015 and 2014 the ratio of earnings to fixed charges was less than 1:1. We would have had to generate additional earnings of $144.0 million, $206.4 million, $129.9 million and $445.9 million respectively, to achieve coverage of 1:1.