Few companies attacked the financial-crisis fueled boom in distressed servicing as aggressively as Ocwen Financial Corp., and not many have survived as abrupt a reversal of fortune as the company has faced.

Now, with new leadership at the helm, Ocwen once again will serve as the poster child for the niche it occupies. That leadership team's next test: Retool an operation built for scale at a time when need for its core services are in decline. To accomplish that goal, Ocwen will need to reinvent itself from the inside out because the primary path to growth it pursued in the past — acquisition of servicing portfolios — remains closed to it for the time being.

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