WEST PALM BEACH, Fla., June 26, 2002 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced today that Regions Mortgage, Incorporated has selected the REALTrans(r) platform as its enterprise-wide vendor management and transaction system. REALTrans provides a single Internet-based platform from which to order, confirm, manage and fulfill third party mortgage-related products and services.
Regions Mortgage, Inc. (RMI), a top national lender with a large presence in the Southern United States, which recently went with Eastern Software's Empower loan origination system, required one interface with all of their many vendors -- both local and national. After evaluating several alternatives, REALTrans was chosen as their vendor management platform. "We needed to create efficiencies in our loan origination process and improved vendor management was identified as a critical success factor," said Phyllis Beavers, Senior Vice President and Production Administration Manager at RMI. "REALTrans gives us the single interface and real-time vendor management we have been looking for."
The REALTrans application is Web-based, so there is no need to maintain multiple, costly and inefficient interfaces with service providers. "We are extremely pleased that REALTrans was selected by a top-tier and well-respected lender like Regions Mortgage," said Jack Timpe, Executive Vice President of Sales and Marketing for Ocwen Technology Xchange. "OTX is committed to helping Regions create the operating efficiencies that will enhance their long-term competitive position."
About Regions Mortgage
Founded as Real Estate Financing, Inc. in 1946 to originate mortgages for local servicemen returning home at the end of World War II, the company is now known as Regions Mortgage, Inc. RMI has relied upon its core values of financial strength, product innovation and long-term relationships to grow into what has become one of the nations top 50 mortgage originators, top 20 retail lenders, as well as the 32nd largest servicer as of 12/31/01.
Today Regions Mortgage originates mortgage loans in 21 states, with representatives in approximately 125 locations, and employs over 750 associates. Offering FHA, VA and conventional mortgage loans, its servicing portfolio currently tops $19 billion.
The primary business of Regions Mortgage, Inc. is the origination, marketing and servicing of long-term mortgage loans, while offering a wide range of mortgage products to the public. Our staff of experienced mortgage professionals use the latest technology to meet with clients at a time and place convenient to their schedule. The RMI Web site, www.regionsmortgage.com, enables customers to apply online, continue through the loan process and reference information on their existing RMI loan.
RMI offers several niche products, which provide customers with a wide menu of choices. Products such as fixed and adjustable terms, 100% financing programs, Jumbo loans, FHA/VA loans and Second Home loans, as well as loans for Investment Property make it possible to assist customers at every stage and need in their life. RMI believes in delivering fast, friendly service to customers and ensuring that they feel the warmth of home every time.
About Regions Financial Corporation
RMI's parent company, Regions Financial Corporation, has $44.2 billion in assets and ranks among the 25 largest financial services companies in the nation. Serving customers throughout the South, it provides traditional commercial and retail banking services and other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance, leasing and mortgage banking. Regions' banking affiliates offer banking services from more than 680 banking offices in Alabama, Arkansas, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. Regions provides investment and brokerage services from more than 140 offices of Morgan Keegan & Company, Inc., one of the South's largest investment firms. Regions ranks on both the Forbes 500 and the Fortune 500 listing of America's largest companies; its common stock is currently traded on the New York Stock Exchange under the symbol RF.
About OTX
Ocwen Technology Xchange, Inc. provides customer-focused business solutions for the real estate finance industry on a global basis by providing superior business process expertise supported by technology. OTX offers products designed to reduce costs and improve customer satisfaction in residential mortgage origination and servicing and in commercial mortgage servicing. Additional information about OTX is available at www.otx.com.
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. 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.