Exhibit 12.1

                  OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS TO FIXED CHARGES
                             (DOLLARS IN THOUSANDS)



                                                              2003          2002          2001          2000          1999
                                                           -----------   -----------   -----------   -----------   -----------
                                                                                                    
Earnings:
   (Loss) income from continuing operations before
    income taxes and effect of change in accounting
    principle............................................  $     5,028   $   (82,057)  $   (41,782)  $    21,139   $    23,293

Less:
  (Losses) and undistributed income of equity investees..           --            --            --        (5,280)       (9,154)

Add:
  Interest expensed and capitalized, except interest on
    deposits, and amortization of capitalized debt
    expenses.............................................       24,650        35,681        42,738        84,897        72,765
  Interest on deposits...................................       17,546        27,455        59,967        98,224        98,370
  Interest component of rental expense...................        1,169         1,108         1,176         1,124         2,032
                                                           -----------   -----------   -----------   -----------   -----------
  Total fixed charges (1)................................       43,365        64,244       103,881       184,245       173,167
                                                           -----------   -----------   -----------   -----------   -----------
Earnings for computation purposes........................  $    48,393   $   (17,813)  $    62,099   $   210,664   $   205,614
                                                           ===========   ============  ===========   ===========   ===========

Ratio of earnings to fixed charges:
  Including interest on deposits (2).....................         1.12         (3)           (3)            1.14          1.19
  Excluding interest on deposits (2).....................         1.19         (3)           (3)            1.31          1.43


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

(2)     The ratios of earnings to fixed charges were computed by dividing (x)
        income from continuing operations before income taxes and effect of
        change in accounting principal, adjusted for losses and undistributed
        income of equity investees plus fixed charges by (y) fixed charges.

(3)     Due to our losses in 2002 and 2001, the ratio of earnings to fixed
        charges was less than 1:1. We would have had to generate additional
        earnings of $82,057 and $41,782, respectively, to achieve coverage of
        1:1.