WEST PALM BEACH, Fla., July 28, 2004 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) today announced a significant enhancement to its REALTrans(r) application, the Company's e-commerce solution that automates and simplifies ordering, tracking, and fulfilling real estate products and services. REALTrans(r) Quality Inspector (QI) is a new module that will allow lenders to specify pre-set data evaluation criteria for online real estate products, ensuring receipt of accurate and fully compliant reports based on the lender's pre-determined requirements. QI can improve quality by ensuring complete, finished reports with substantially fewer data input errors.
"We're very excited about the launch of our newest technological advance for REALTrans. Quality Inspector will offer substantially improved functionality for REALTrans users, allowing lenders to finally receive the exact information and reports they are requesting. With QI, the lender will no longer receive reports with incomplete data," said William C. Erbey, Chairman and CEO of Ocwen.
A unique function of Quality Inspector is the user's ability to extract information and use it in a database or another application. Initially, QI is being launched for appraisals, but it will be rolling out to other products soon. Lenders can avoid rework resulting from vendors submitting erroneous or incomplete reports. "Quality Inspector can help reduce rework time and allow clients to better allocate their staffs. One of the best aspects of QI is its ease of use and functional reliability. For example, if an appraisal comes in, it will be complete and in the required format, because the system won't allow it to be submitted without the information requested. And vendors will benefit from immediate acknowledgement that their reports were received and accepted," said Mickey Linn, Executive Vice President.
When lenders use Quality Inspector to set predetermined parameters, such as limiting distance of comparable properties or barring the use of abbreviations in descriptions, they will ensure the reports received will contain the exact information they desire. Vendors will also benefit from the enhanced functionality. Since the full requirements must be met in order to submit the documents, vendors will enjoy improved real-time communication and will receive immediate notification that the report was accepted and approved. In addition to QI's various advantages, including the reduction of rework necessary to meet closing company requirements, its use can also free up quality control staffs to work on higher value issues.
Ocwen Financial Corporation (NYSE:OCN) is a diversified financial services holding company with headquarters in West Palm Beach, FL, and a presence in Canada, China, Germany, India, Japan, and Taiwan. Ocwen Financial Corporation is engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and the marketing and sales of technology solutions to third parties. Ocwen Financial Corporation is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.