WEST PALM BEACH, Fla., Jan. 22, 2004 (PRIMEZONE) -- Ocwen Technology Xchange, Inc.(tm) ("OTX"), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), and ACI, a leading mortgage technology provider, today announced that OTX has embedded ACI's Forms Server(tm) into the REALTrans(r) platform. The integration of these two systems provides REALTrans vendors with an Internet-based forms engine for numerous products and improved online publication to its mortgage lending customers.
OTX delivers process driven technology solutions to the real estate and mortgage banking industries, enabling both vendors and lenders to increase operating efficiencies, reduce overall costs and enhance revenue streams. OTX's web-based e-Commerce application, REALTrans, facilitates the electronic fulfillment of real estate products and services necessary to expeditiously process, approve and close residential first and second mortgages as well as home equity lines of credit.
ACI's Forms Server is an advanced Internet-based forms engine for the mortgage industry, which provides appraisal companies, financial institutions and other service providers with data entry, real time calculations and rules-based processing for valuation and title products. Integration with wireless devices and online services including flood, mapping and AVM's is also available. The Forms Server utilizes a data exchange toolkit, which supports XML, MISMO-XML, SQL, TXT, Lighthouse, ACI, ZOO and PDF data formats. Currently over 250 mortgage forms are available online.
"ACI's Forms Server technology provides OTX a significant opportunity to offer REALTrans customers a uniform and balanced user experience," said Arthur J. Castner, Vice President, REALTrans. "With its advanced forms engine providing rules-based decisioning and simplified data entry, ACI has developed a process that strengthens the information delivery between vendors and customers. OTX is pleased to be working with ACI in offering the mortgage lending industry another opportunity to improve efficiencies while maintaining quality and reduced turn times."
"Seasoned and established electronic partner networks like REALTrans provide an ideal environment for our Forms Server technology," said Dave Roberts, President of ACI. "The REALTrans implementation brings forth an exciting vision that leverages the web and two technology leaders to provide a resourceful, integrated platform that enables vendors to receive, complete and deliver information to their customers with increased confidence."
About ACI
ACI is a leading provider of digital solutions under the ACI, MCS, CRAL, Lighthouse, and ZOOware brands. ACI solves mobile workflow management challenges with well-crafted, sustainable enterprise solutions built on digital, Internet, and wireless technologies, targeted to the mortgage, insurance, and hospitality industries. These solutions, encompassing electronic forms, digital photo imaging, and workflow automation are custom-configured, highly scalable, and flexible to fit the unique characteristics of each corporation, while offering reliability and interoperability. The ACI client base features many of North America's premier lenders, national appraisal companies, and technology providers. Additional information is available on the Internet at www.aciweb.com. ACI is a division of ISO Claims Services, Inc.
Trademark Information
Any product names listed of ACI are trademarks of ISO Claims Services, Inc. Other product and company names herein may be trademarks of their respective owners.
Copyright (c) 2003 ISO Claims Services, Inc.
About Ocwen Technology Xchange, Inc.
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 loan construction lending and 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.