WEST PALM BEACH, Fla., Sept. 14, 2000 (PRIMEZONE) -- West Palm Beach, FL--Ocwen Financial Corporation (NYSE:OCN) announces that Ocwen Realty Advisors (ORA), a division of Ocwen Federal Bank FSB, offering collateral risk management solutions to the mortgage and real estate industry with a full range of residential real estate advisory products, including appraisals, broker price opinions, automated valuation modeling and vendor management services, has released www.ocwenrealtyadvisors.com, an interactive web-site that manages vendor relations via the Internet.
David J. Babbitt, Director of Business Development said, "When providing valuation services, the performance of your vendor in the field is paramount to your success. Our new web-site and Internet-based approach to vendor management enable ORA to enhance service levels to our clients by providing our vendors an efficient means by which to administer their day to day business."
ORA's web-site allows vendors to conduct all their business on-line. Vendors can accept, track, and complete orders through a link with Ocwen Technology Xchange, Inc.'s REALTrans(SM) application. Phone calls, faxes, and e-mails are replaced by on-line, interactive correspondence. Vendors can also track their payment status in a private domain that provides access to their current and completed order pipelines and performance report card. Future enhancements will include direct deposit payments to vendors, on-line vendor training and wireless communication.
"Our goal is to provide our clients the best service in the industry by leveraging technology to enhance the business to vendor relationship", says Babbitt. "ORA's use of technology creates a highly efficient order and receipt process, enabling more resources to be invested in the quality review of valuation products by our state certified appraisers. The e-commerce efficiency, in conjunction with our quality review process, distinguishes ORA in the market place and enables us to provide our clients a superior product at a reduced cost."
ORA is a division of Ocwen Federal Bank FSB which is a subsidiary of Ocwen Financial Corporation, a financial services company headquartered in West Palm Beach, Florida. Ocwen Financial Corporation's primary businesses are the acquisition, servicing and resolution of subperforming and nonperforming residential and commercial mortgage loans. Ocwen also specializes in the related development of loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.
Certain statements contained herein are "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements may be identified by reference to a future period(s) or by the use of forward-looking terminology including "goal" and "future". Actual results could differ materially from those indicated due to changes in a variety of factors, including, but not limited to, unexpected changes in national, state and local laws and policies, , government fiscal and monetary policies, currency exchange rates, currency hedging effectiveness, foreign laws, competitive products, pricing and conditions, loan servicing effectiveness, software integration or development effectiveness, financial and securities markets in general, damage to the Company's computer equipment and the information stored in its data centers, the ability to locate, engage and provide adequate server and network capacity at reasonable rates, other factors generally understood to affect the real estate acquisition, leasing and mortgage markets and the technology industry, and other risks detailed from time to time in OCN's reports and filings with the U.S. Securities and Exchange Commission, including Exhibit 99.1 to OCN's Form 10-K for the year ended December 31, 1999.