WEST PALM BEACH, Fla., Sept. 28, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) announced today that its REALTrans(r) interface connecting vendors with originators is now MISMO compliant, enabling REALTrans(r) to provide access to Genworth Financial (NYSE:GNW) mortgage insurance products. Assuring the highest electronic commerce standards for the mortgage industry, the interface also will make REALTrans access possible for other vendors who require MISMO standards be in place.
"Ocwen continually works to improve its products and services to help clients become more efficient, effective and profitable. Applying Mortgage Industry Standards Maintenance Organization -- or MISMO -- standards to Ocwen's Web-based vendor supply chain management platform assures vendors and originators that REALTrans conforms to mortgage industry e-commerce ideals. Recent Mortgage Bankers Association studies also have indicated that using MISMO-compliant solutions in the processing of loans increases efficiency and may mean higher profitability than those processed without the standards," said W. Michael "Mickey" Linn, Ocwen Executive Vice President.
REALTrans automates and simplifies ordering, tracking and fulfilling real estate products and services, making it easier, quicker and more profitable for mortgage originators to electronically manage the settlement process. It is vendor-neutral and connects originators with more than 10,000 local and national vendors across the country.
"REALTrans further enhances our ability to serve our lender customers with state-of-the-art e-business technology," said Kevin Schneider, President of Genworth's U.S. mortgage insurance business. "By increasing their productivity, we can help them meet the needs of homebuyers who want fast, responsive service when looking for a loan."
Genworth is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 24 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit http://www.genworth.com.
Ocwen Financial Corporation (Ocwen) is a diversified financial services holding company with headquarters in West Palm Beach, Florida, offices in Orlando, Florida and Chicago, Illinois and global operations in Canada, Germany, India, Japan and Taiwan. Ocwen is principally engaged in servicing and origination processing services for the loan industry. Ocwen is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information is available at www.ocwen.com.