WEST PALM BEACH, Fla., April 9, 2002 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), a residential mortgage loan servicer, launched its revolutionary investor reporting Website today which can be accessed from the Company's home page at www.ocwen.com under Investor Loan Reporting. The investor reporting Website provides Ocwen's servicing clients and investors in public securities serviced by Ocwen with online access to loan portfolio performance information. The Website allows users to access traditional standard reports and create customized reports in order to stratify portfolios and analyze trends. The Website is equipped with a user-friendly "online assistance" feature allowing users to maximize the Website benefits.
"By utilizing advanced technology, we are able to provide this powerful, online loan reporting system to our clients and investors. Ocwen has always looked for new ways to set standards in loan servicing quality and with the implementation of this Website, we are able to deliver valuable loan information and provide a level of servicing nonexistent in today's loan servicing industry," said William C. Erbey, Chairman of the Board and CEO, Ocwen Financial Corporation.
After a recent demonstration of the investor reporting Website, Stephen C. Rudner, Executive Director of Morgan Stanley, commented: "It is a powerful tool that enhances the reporting transparency required by today's investors."
Ocwen's Senior Vice President, Residential Assets, Scott Anderson, was the team leader in the design and implementation of the investor reporting Website. "The robust capabilities of this tool include the ability to create portfolio comparisons, track performance data down to the loan level, tailor reports by changing analysis criteria and create graphs to illustrate trends and compare performance to relevant market indices," said Anderson.
The Website provides interested parties data on more than 165 public securities serviced by Ocwen. Standard reports include historical CPR, delinquency and loss reports, loss severity reports, roll rate reports, collateral value change reports along with LTV, FICO and product type stratification reports. Also available are trustee reports and monthly cash remittance reports. The Website also allows for ad hoc reporting and data downloads.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary business is the servicing and special servicing of nonconforming, subperforming and nonperforming residential and commercial mortgage loans. Ocwen also specializes in the development of related loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.