WEST PALM BEACH, Fla., July 3, 2002 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced that Harris Trust has begun using the REALTrans(r) platform to automate the management of vendor relationships.
The REALTrans application is the leading vendor management platform for the mortgage banking and real estate industries. REALTrans 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.
"Harris' Residential Mortgage Division implemented the REALTrans solution as part of our ongoing `best practices' initiative, the primary goal of which is to enhance the customer experience by optimizing the efficiency of internal operations," said Gary Whitworth, Harris' Vice President and Director of Mortgage Operations. "Since the Phase I introduction, we have begun to see material improvements in turn-time and accuracy, as well as in our ability to manage vendor relationships and performance. In Phase II, we plan to further automate the data-transfer process through integration of our loan origination system with the REALTrans platform."
"We're extremely pleased to have been selected by such a well-known and highly respected institution as Harris Trust and Savings Bank," said Jack Timpe, Executive Vice President for Ocwen Technology Xchange. "We look forward to helping Harris achieve greater processing efficiency through enhanced vendor management delivered by the REALTrans platform."
With $29 billion in assets, Harris Bank is one of the largest community Bank networks in Illinois, a nationally recognized provider of private client and personal trust services, and a premier Midwest mid-market, investment and corporate bank. Harris has nearly 150 locations throughout Chicagoland with 14 additional offices in Arizona, Florida, Minnesota and Washington. Harris' affiliates include Harrisdirect, for self-directed investors, and Harris AdvantEdge Investing, a fee-based, full-service business.
As a member of the Bank of Montreal Group of Companies, Harris offers its clients the range of services and depth of expertise of one of the largest financial institutions in North America.
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.
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.
Certain statements contained herein may not be based on historical facts. There is no assurance of the value or amount of business to which the technology will be applied. Although OCN believes the anticipated results or other expectations are based on reasonable assumptions, actual results could differ materially from those indicated due to risks, uncertainties and changes with respect to a variety of factors, including, but not limited to, unexpected changes in international, national, regional or local economic environments, market conditions as they exist on the date hereof, government fiscal and monetary policies, prevailing interest rates, laws and regulations, the ability to execute this applications strategy and efficiently manage a growing operation, fulfillment of agreed upon terms and conditions of performance, effectiveness of efforts, damage to computer equipment and the information stored therein and other factors generally understood to affect the business of OCN and the real estate mortgage market, and other risks detailed from time to time in OCN's reports and filings with the Securities and Exchange Commission, including its periodic reports on Forms 8-K, 10-Q and 10-K, including Exhibit 99.1 attached to OCN's Form 10-K for the year ended December 31, 2001.