WEST PALM BEACH, Fla., March 24, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) today unveiled Vendor Assurance, a Web-based vendor management tool that will make it easier, quicker and more profitable for mortgage originators to electronically manage the settlement process.
Vendor Assurance is used in conjunction with REALTrans(r), Ocwen's Web-based solution that automates and simplifies ordering, tracking and fulfilling real estate products and services. With Vendor Assurance, lenders can simply, easily and centrally control the real-time selection and management of vendors.
Vendor Assurance enables lenders to establish automatic vendor selections for each specific settlement product or service -- such as appraisals, title services or mortgage insurance -- based on criteria established by the lender. The lender may choose to base the criteria on a variety of vendor factors, including geographic area, quality of fulfillment, volume, or even a field from the lender's own loan origination system (LOS).
The new tool speeds time to closing for lenders and their borrowers by eliminating the potential problem of assigning more orders to a vendor than can be fulfilled in a reasonable amount of time. It also helps to clearly communicate to vendors the lender's order requirements and expectations for product quality and delivery time.
"REALTrans(r) Vendor Assurance dramatically improves lender efficiency and allows much easier, centralized control over vendor purchases. This enhancement will give originators the capability to significantly reduce information processing and purchasing costs. Lenders who tested the module gave high marks to its easy set up, flexibility in meeting their customized preferences and online accessibility anytime, anywhere," said W. Michael "Mickey" Linn, Ocwen Executive Vice President.
REALTrans provides mortgage lenders with a single, end-to-end solution to meet their order fulfillment, vendor management, and product quality needs. Because it is Web-based, it is quick and easy to adopt and a cost-effective means to streamline and improve the origination process.
REALTrans is vendor-neutral, has the largest network of products and suppliers available and ensures that the user chooses the right product every time. Lenders may add their vendors to REALTrans or choose from one of the 10,000 vendors in the system. Lenders may sign up to use REALTrans by calling 1-888-255-1791. Vendors may sign up online at www.REALTrans.com.
Ocwen Financial Corporation (NYSE:OCN) is a diversified financial services holding company with headquarters in West Palm Beach, Florida, and a presence in Canada, 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.