WEST PALM BEACH, Fla., Dec. 18, 2000 - (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), one of the leading mortgage servicing and resolution companies, announced today that one of its subsidiaries has purchased the servicing rights for more than $1.1 billion in HLTV and Title 1 mortgages from City National Bank of West Virginia. The servicing rights to approximately 40,000 loans will be transferred in this transaction. City Holding Company will be retaining the related residual securities.
"The opportunity of adding more than $1.1 billion in loan servicing to our existing portfolio was very attractive," said Ocwen Chairman and Chief Executive Officer, William C. Erbey. "But more than that, the deal is a reflection of our capacity as a loan servicer and our ability to customize our offerings to fit the needs of our clients. Not every servicer has the expertise, technology or resources to board 40,000 loans seamlessly." Currently, Ocwen services approximately $12 billion in loans for residential and commercial investors.
"We are pleased with the transaction with Ocwen," said Robert A. Henson, Acting Chief Executive Officer and Chief Financial Officer of City Holding. "Selling the servicing rights to the HLTV and Title 1 mortgages is part of our strategic business plan as we continue to refocus on our core banking franchise."
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary businesses are the 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.
City Holding Company is a financial services company headquartered in Charleston, West Virginia.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of the Federal securities laws. These statements may be identified by reference to a future period(s) or by the use of forward-looking terminology such as "will," future or conditional verb tenses, similar terms, variations on such terms or negatives of such terms. Actual results could differ materially from those indicated in such statements due to risks, uncertainties and changes with respect to a variety of factors, including international, national, regional or local economic environments, government fiscal and monetary policies, prevailing interest or currency exchange rates, competitive pricing and conditions, securities and real estate markets in general, satisfaction or fulfillment of agreed upon terms and conditions of closing or performance, loan servicing effectiveness and other risks detailed from time to time in the Company's or its subsidiaries' reports and filings with the Securities and Exchange Commission, including periodic reports on Forms 10-Q, 8-K and 10-K, including Exhibit 99.1 attached to the Company's Form 10-K for the year ended December 31, 1999.