WEST PALM BEACH, Fla., Oct. 21, 2005 (PRIMEZONE) -- Global Servicing Solutions Canada Corp. (GSS Canada), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), has grown its commercial mortgage servicing portfolio to $1 billion (CAD).
GSS Canada began providing third-party commercial mortgage loan servicing to the Canadian marketplace in October 2004 and presently services conventional loans, interim loans and Commercial Mortgage Backed Securities (CMBS) primary loans. The company also acts as a limited subservicer for a major CMBS master servicer. GSS Canada is not in the business of mortgage origination but has chosen to develop the company by focusing on providing servicing excellence to lender and investor clients.
GSS Canada administers loans on behalf of life insurance, pension fund, master servicer and commercial conduit clients. The company is on Standard and Poor's select servicer list as a "rated" Primary, Master and Special Servicer.
GSS Canada is headquartered in Toronto. Local contacts are Jacklyn Kendrick, Co-General Manager at jkendrick@gss-o.com (Tel: 416-361-6451) and Bob Clarke, Co-General Manager at rclarke@gss-o.com (Tel: 416-361-9568).
Ocwen is the managing member of Global Servicing Solutions LLC (GSS), a servicing and asset management joint venture formed in 2002 between Ocwen Financial Corporation and ML IBK Positions, Inc. GSS has offices in Canada, Germany, Japan and Taiwan, providing third-party servicing of commercial and residential performing and nonperforming loans and real estate with an unpaid principal balance of approximately US$12 billion.
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.