WEST PALM BEACH, Fla., Nov. 7, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced today the implementation of four additional Fannie Mae appraisal products on REALTrans.com(sm) The products further expand the comprehensive array of loan service products already available online through the REALTrans(sm) platform.
The additional products include the FNMA 1073, which will allow users of the REALTrans platform to obtain individual condominium unit appraisal order reports, both interior and exterior, and the coinciding order forms. Also part of this enhancement is the FNMA 216 -- operating income statements; FNMA 442 -- certification of completion and value and the coinciding order forms; and FNMA 1007 for single family comparable rent schedules. Already available on the REALTrans platform are the FNMA 2065, 2055 and 2075. These appraisal forms are among the required documentation for use of Fannie Mae's Desktop Underwriter.
Operating completely in real time, the REALTrans platform enables users to order products and services from their desktop, receive e-mail notification of all orders, view the status of all orders, access borrower and seller information and provide virtual document imaging and task-based management. "The addition of the Fannie Mae suite of appraisal products to our product offering provides enormous value by affording our customers the widest range of product offerings and vendor selection," said Ralph Behmoiras, Vice President of OTX. "These product enhancements reflect our dedication to providing the most convenient, cost-effective and productive means to originate a loan online. By continuing to provide our customers with this kind of product breadth and depth, it is our goal to eliminate the need to go outside of the REALTrans platform to order products."
Since the program's inception in 1998, the REALTrans platform has seen significant growth in the number of vendors utilizing the application. "The growth of the product is a testament to its versatility and operational success. As our client base grows, vendors will also benefit from the additional business opportunities that exist in this information highway," added Behmoiras.
Ocwen Technology Xchange, Inc. provides business-to-business e-commerce solutions via the Internet for the mortgage and real estate industries, designs software solutions for mortgage loan origination and servicing and also provides implementation, integration and consulting services related to its software and Internet products. Additional information about OTX is available at www.otx.com.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. In addition to OTX, the Company's primary businesses include the servicing and resolution of subperforming and nonperforming residential and commercial mortgage loans. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of the U.S. federal securities laws. These forward-looking statements may be identified by reference to a future period(s) or by the use of forward-looking terminology such as "further," "continue," "goal" and "will". Although OCN believes the anticipated results or other expectations reflected in such forward-looking statements are based on reasonable assumptions, actual results could differ materially from those indicated due to risks, uncertainties and changes with respect to a variety of factors, including, but not limited to, unexpected changes in international, national, regional or local economic environments and laws and regulations (including regulatory fees, capital requirements and income and property taxation), competitive products, pricing and conditions (including from competitors that have significantly greater resources than OCN), fulfillment of agreed upon terms and conditions of closing or performance, timing of transaction closings, software integration, development and licensing effectiveness, 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 software and technology industries and the real estate acquisition, mortgage and leasing markets, and other risks detailed from time to time in OCN's reports and filings with the SEC, including periodic reports on Forms 10-Q, 8-K and 10-K and Exhibit 99.1 attached to OCN's Form 10-K for the year ended December 31, 1999.