WEST PALM BEACH, Fla., June 19, 2006 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) announced today a strategic alliance with NYLX, Inc., the leading provider of "on-demand" point-of-sale product eligibility and pricing technology systems for the mortgage industry. Engaged in a variety of businesses including mortgage servicing, mortgage fulfillment and technology, Ocwen continues its pursuit of being an industry-leader in the residential mortgage fulfillment arena. By capitalizing on its global workforce and infrastructure, round-the-clock capabilities and streamlined technology platform, Ocwen is able to provide its clients with a seamless, comprehensive solution to their fulfillment needs.
The Ocwen and NYLX joint offering provides an enterprise lending solution to the mortgage industry integrating a best execution pricing engine, web portal and automated underwriting system. This sophisticated integration coupled with Ocwen's proprietary business rules management system and highly-skilled team of professionals creates a comprehensive wholesale and correspondent due diligence platform.
Ronald M. Faris, President of Ocwen stated, "Today's mortgage industry demands best execution practices, service-oriented architecture, state-of-the-art compliance and seamless straight through processing. With this offering, lenders can establish the best possible relationships to reduce their origination costs and process loans more rapidly and efficiently, thereby increasing profitability. This integrated solution will help our existing and new fulfillment clients make better and faster decisions."
John Alexander, President of NYLX affirmed, "We are very pleased with the results of our joint product offering and the value it provides to the market. Ocwen has a very strong value proposition and a proven track record of providing quality services to its customers. Teaming together, we are able to proactively address the growing demand for technology solutions which offer processing improvements, critical compliance tools and accuracy."
About NYLX:
NYLX, Inc., a wholly-owned subsidiary of LendingArt, Inc., is a leading provider of "on-demand" point-of-sale product eligibility and pricing technology systems for the mortgage industry. NYLX's proprietary BestX(tm) (Best Execution) pricing models eliminate the complex and labor-intensive task of product decisioning and provide BestX(tm) pricing to maximize profits on every transaction. NYLX's solution qualifies loan scenarios against lender guidelines and risk-based adjusters to display fully-adjusted rates and prices, and ranks the results for maximum returns. NYLX is the only system available which provides extensive Conventional, Subprime, Alt A and FHA/VA pre-qualification and BestX pricing. For more information about NYLX, Inc. call 1.866.557.6959 or visit www.nylx.com.
About Ocwen:
Ocwen Financial Corporation 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, Downers Grove, Illinois and Atlanta, Georgia 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.