WEST PALM BEACH, Fla., Sept. 16, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) now offers 24-hour loan-by-loan, mini-bulk, bulk and portfolio due diligence services to mortgage backed securities investors who want to speed the mortgage due diligence process at a lower cost for greater accuracy.
"The combination of Ocwen's 24-hour global workforce, document imaging capabilities and advanced workflow management technology enables us to complete the due diligence processes in record time with less expense and greater accuracy. This shaves days -- if not weeks -- off the traditional paper due diligence process and raises the bar on customer service," said Ron Faris, Ocwen President.
Ocwen's due diligence facility in the U.S. receives physical files from mortgage originators and uses high-speed scanners to image all documents. "Our advanced imaging capabilities combined with workflow management and Six Sigma process design allow us to multi-task on a single file eliminating bottlenecks and speeding the entire process. This gives Ocwen the ability to leverage our 24-hour global workforce to simultaneously perform all due diligence exercises, eliminating delays and increased expenses of step-by-step, sequential processing from hard copies," Mr. Faris said.
"In addition, our years of experience handling complex financial transactions have allowed us to develop a superior global management and employee base built using advanced recruiting, selection, testing and training. These well-honed resources help us to dramatically increase the speed with which Ocwen completes the due diligence process, thereby enabling clients to get to securitization faster and more reliably," Mr. Faris added.
According to Mr. Faris, the company's due diligence services can reduce expenses providing lower overall unit costs. "Plus, due to Ocwen's global advantages, we can provide a wider sample rate where desired at more competitive rates while retaining established turn times," he said.
Ocwen Financial Corporation is a diversified financial services holding company with headquarters in West Palm Beach, Florida and operations in Canada, Germany, India, Japan and Taiwan. Ocwen Financial Corporation is principally engaged in servicing and origination processing services for the loan industry. 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.