WEST PALM BEACH, Fla., June 6, 2002 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) responds to inquiries from a few investors regarding its operations in India in light of the current conflict between India and Pakistan.
-- Less than 15% of Ocwen's servicing activity is performed in India;
-- All collections, customer service, loss mitigation and REO
functions performed in U.S.;
-- All data, documents and computer systems are located in the U.S.;
and
-- Able to ramp up staff in U.S. to manage additional work, if
necessary.
Management continually plans for business continuity and disaster recovery for all of its operations. A guiding principle for the disaster recovery strategy has been redundancy and multiple locations. As a part of the disaster recovery plan for India, excess space is available in each of the two facilities in India to make up for the loss of any one facility. Furthermore, Ocwen operates two fully redundant communications networks to India.
The primary India facility, located in Bangalore, is approximately 1650 miles from Kashmir. Currently, less than 15% of Ocwen's servicing activity is performed in India. All collections, customer service, loss mitigation and REO functions are performed in the U.S. All functions performed in India are also performed in the U.S. and are performing as usual. Ocwen operates two fully redundant data centers, and all data, documents and computer systems are located in the U.S.
If Ocwen's entire India operation were to experience an extended interruption of service, Ocwen has the facilities and technical capabilities to handle the ramp up in staff in the U.S. to manage the additional work at its Orlando Service Center and West Palm Beach facility.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary business is the servicing and special servicing of nonconforming, subperforming and nonperforming residential and commercial mortgage loans. Ocwen also specializes in the development of related loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.