WEST PALM BEACH, Fla., June 7, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) today announced the launch of a new electronic tool designed to enable mortgage originators to reduce settlement processing costs and improve employee productivity.
The new function -- Product Optimizer -- works with Ocwen's Web-based REALTrans(R), which automates certain manual mortgage settlement processes, including selecting the most cost-effective products. Product Optimizer uses lender-defined rules and criteria as well as advanced decisioning and bump-logic technology to "intelligently" select the proper settlement product, for example appraisals or title services. Product Optimizer also automatically redirects declined and cancelled orders to a new vendor from a predetermined vendor pool.
"Mortgage originators need more flexible control over settlement services. At the same time, they are under increasing competitive pressure to cut costs and reduce rework from improperly ordered products, as well as close more loans and close them faster. Ocwen's REALTrans Product Optimizer can help lenders significantly improve processing productivity, standardize the order management platform and reduce turn time and the cost per loan processed," according to Ocwen's Executive Vice President, W. Michael "Mickey" Linn.
In addition, Product Optimizer automates certain steps in the origination process while directing other steps to the appropriate people at the right time. This allows the originator to reduce processing time by decreasing manual intervention and by having multiple tasks processed concurrently, when possible. Product Optimizer can cut costs by reducing errors and ensuring tasks are being performed on schedule and according to the lender's policies and procedures. "Ultimately, all of this allows the originator's staff to focus on the more important tasks, such as customer service and closing loans," Mr. Linn added.
REALTrans provides a single platform that enables mortgage lenders to automate and simplify the ordering, tracking and fulfilling of real estate transaction products and services, including loan servicing set-up, appraisal services, automated valuation models (AVM), credit bureau reports, escrow and closing services, FEMA flood hazard determination reports, mortgage insurance, public data repository information, VOE/VOI and title services.
Lenders may sign up to use REALTrans or purchase one of its modules 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, FL, 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