WEST PALM BEACH, Fla., Jan. 13, 2004 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), announced today a program to market bundled services with strategic partners who are residential mortgage originators, mortgage brokers and real estate brokers. Ocwen's Bundled Service offering includes all, or any portion, of the products and services required to close a mortgage loan. The products and services are being offered to originators in the State of Florida for a firm price. Originators will have the option to order the bundles and have them delivered electronically through REALTrans(R), Ocwen's browser-based technology, the standard for the loan origination industry.
The Ocwen pilot offering allows for custom-developed bundles or predetermined bundles. The bundles include origination and settlement services required by mortgage lenders to originate mortgages including: credit reporting, flood certification, property valuation, survey, pest inspection, title search and examination, title insurance, verification products, document preparation and closing services.
"We are excited to offer a solution that will help real estate professionals drive down costs by streamlining the mortgage process and eliminating all of the hassle of vendor management," said Bill Erbey, Chairman and CEO of Ocwen Financial Corporation. "Purchasing bundled services from Ocwen will create economies of scale reflected in better pricing and higher service levels. In addition, we are very excited about the opportunity to offer certainty to consumers about the costs of closing a real estate transaction."
The Bundled Service offering is built upon Ocwen's mortgage industry knowledge, process management and workflow expertise and its proprietary vendor management technology. By utilizing these capabilities, Ocwen is able to deliver bundled services for "one set fee" and eliminate all of the originator's vendor management work resulting in reduced costs.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary businesses include the servicing and special servicing on nonconforming, subperforming and nonperforming residential and commercial mortgage loans and providing process management solutions to the mortgage and real estate industries. Ocwen also specializes in the development of related vendor management technology and software for those industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.