WEST PALM BEACH, Fla., March 14, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced that Northern Trust has committed to using the Internet-based REALTrans(SM) platform to automate the management of vendor relationships.
REALTrans is the leading shared transaction management platform for the mortgage and real estate industries. The web-based application facilitates, in real time, the electronic ordering, confirmation, tracking and fulfillment of real estate and mortgage products and is designed to save time and money for mortgage originators as well as vendors and service providers. "Northern Trust is a leader in mortgage banking -- OTX considers them a valuable addition to our client list. Their utilization of REALTrans should allow them to save time in their vendor management initiative," said Tom McCarthy, Senior Vice President for OTX.
"Northern plans to utilize the REALTrans platform to streamline the ordering, tracking and receipt of the many services related to loan origination," said Robert Stine, Northern Trust's Vice President and Director of Residential Lending Operations. "In addition, the reporting features will allow us to better identify the vendor partners who provide the best quality products in the most timely manner. In the end, our clients will be the beneficiaries though improved service and reduced time frames."
Ocwen Technology Xchange, Inc. provides business-to-business e-commerce solutions via the Internet for the mortgage and real estate industries, designs software solutions for mortgage loan origination and servicing and also provides implementation, integration and consulting services related to its software and Internet products. Additional information about OTX is available at www.otx.com.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach. In addition to OTX, the Company's primary business is the servicing and special servicing of nonconforming, subperforming and nonperforming residential and commercial mortgage loans. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.
Northern Trust is a multi-bank holding company with headquarters in Chicago, a growing network of offices in 12 states, international offices in 5 countries and more than 9,300 employees. The bank is a leading provider of personal fiduciary, asset management, personal and private banking, master trust/custody, global custody and treasury management services. Northern (www.northerntrust.com) had more than $30 billion in assets with assets under administration exceeding $1.7 trillion at the end of the 3rd quarter.