WEST PALM BEACH, Fla., Feb. 25, 2003 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced that it will offer the industry's first truly integrated default management system. Called REALResolution(tm), the system is designed for use by prime and subprime mortgage loan servicers and is an end-to-end default system that does not require additional investment in hardware and software.
"While many of our competitors have focused purely on default management, our system empowers servicers to take positive steps to help borrowers stay in their homes," said Arthur D. Ringwald, President, OTX. "This is usually a win for both the servicer and the homeowner since it is more cost-effective to avoid foreclosure than to proceed with it. And we all know the advantages of helping a homeowner keep his or her home," Ringwald commented.
REALResolution gives credit counselors real time information about a customer's payment patterns and, when necessary, helps with restructuring alternatives before the loan goes into default. The obvious advantage is that the customer is more likely to keep the home. The less obvious advantage is that the mitigation effort has taken less time and costs less money. The unique advantage offered by REALResolution is that these services are provided through a single, integrated platform.
REALResolution was developed first for use by Ocwen Federal Bank and has been field-tested by a major subprime servicer with outstanding results. Although it has a very robust default mitigation tool, it supports all default functions including collections, loss mitigation, foreclosure, referral, bankruptcy, claims management and REO. Having these functions interconnected ensures timely updates to each process in the default management queue.
Because REALResolution consolidates all default functions in one application, servicers will need just a single, comprehensive data feed from their legacy systems. The consolidation also provides common functionality across all components and reduces the cost of multiple data feeds.
Another important advantage of REALResolution is that it uses data from a company's existing legacy servicing system and requires no additional server space, hardware or software upgrades. It operates in a single user sign-on environment and is deployed as an ASP using an existing, secure Internet connection.
"REALResolution is a laudable step forward in the default management arena. It transmits data synchronously to and from host systems in a truly bi-directional, real time manner. This allows the servicer to take early action to mitigate default, and we feel that this is truly a step in the right direction for both servicer and customer. Coupled with our REALTrans system, REALResolution provides the ultimate efficiency in managing a servicing portfolio," said Terry Klein, Executive Vice President, Sales and Marketing, OTX.
About OTX
Ocwen Technology Xchange, Inc. provides customer focused business solutions for the real estate finance industry on a global basis by providing superior business process expertise supported by technology. OTX offers products designed to reduce costs and improve customer satisfaction in residential mortgage origination and servicing and in commercial loan construction lending and servicing. 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 business is the servicing and special servicing of nonconforming, subperforming and nonperforming residential and commercial mortgage loans. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.