WEST PALM BEACH, Fla., Jan. 25, 2006 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), the largest global outsourcing provider of transaction processing solutions for the mortgage industry, has formed a strategic relationship with Parson Consulting, part of Management Consulting Group PLC (LSE:MMC), the twelfth largest operational consultancy firm in the world, to bring customized outsourcing solutions to the financial services market.
Highly rated by Fitch, Moody's and Standard & Poor's and regulated by 55 entities in the U.S. and Europe, Ocwen is the proven solution for outsourcing financial transactions, providing outsourced services to 9 of the 10 largest investment banks since 1988. Parson specializes in Strategic Finance, Accounting & Finance Operations, Governance & Risk Management, Sarbanes-Oxley and Corporate Transactions (M&A).
"Together, Parson and Ocwen provide a unique solution that de-risks the outsourcing decision for our clients," said Pat Neeley, Parson Global Service Line Leader. "Ocwen's proven, world-class outsourcing solutions will increase value to our financial services clients by enabling them to achieve competitive advantages from superior processes, capital efficiencies and reduced operational expenses. Our clients will gain practical methods for reducing costs 25-45 percent."
According to Michael Linn, Ocwen Executive Vice President, "Parson Consulting is a world leader in assessing, designing, building and sustaining superior processes for its clients. By leveraging Ocwen's global labor pool, process expertise and globalization technology, Parson can offer clients a complete, end-to-end outsourcing solution that builds upon their exceptional process design capabilities."
Parson Senior Vice President, Practices, Toni Hicks said, "Today's complex business world is changing at an astounding pace and companies need to incorporate cutting-edge solutions in order to remain competitive. Through this relationship, we're offering clients an innovative business model to help them attain faster turnaround, higher quality, better control and reduced cost per transaction."
Ocwen is the largest third-party mortgage processing outsourcer in India with more than 2,500 India-based employees, representing a compounded annual growth rate of 142% over the past five years. The existing third-party mortgage processing outsourcing market in India employs about 7,500, according to an April 2005 industry study.
Parson Consulting is a no-conflict financial management consultancy focused on helping senior finance executives improve the efficiency and effectiveness of finance and other support functions. Headquartered in Chicago, Parson Consulting has 15 offices across North America, Europe and Australia. For more information, go to www.parsonconsulting.com.
Ocwen Financial is a leading provider of servicing and origination processing solutions to the loan industry with headquarters in West Palm Beach, Florida, offices in Orlando, Florida and Chicago, Illinois and global operations in Canada, Germany, India and Taiwan. We make our clients' loans worth more by leveraging our superior processes, innovative technology and high-quality, cost-effective global human resources. Additional information is available at www.ocwen.com.