WEST PALM BEACH, Flor., Dec. 19, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced today a new paradigm in mortgage loan due diligence with the addition of bulk order management functionality to the REALTrans(SM) platform.
"This enhancement to the platform's already extensive vendor management functionality enables a potential buyer or investor to easily order real estate products and services for an entire loan portfolio as part of pre or post purchase due diligence," said John Erbey, OTX Chairman and CEO. Mr. Erbey continues, "loan investors may bulk order any of the more than sixty products and services available, in real-time, from more than 3,200 service providers plus their subcontractors and local offices so as to streamline portfolio acquisitions."
Operating completely in real time, the REALTrans platform enables users to order products and services from their desktop, for individual loans or entire portfolios, receive confirmation of all orders, view the status of all orders and provide virtual document imaging and task-based management. The REALTrans platform captures the results of an order in XML data format. This permits the acceptance of processable data and creates the foundation for the application of automated loan decisioning. This will allow investors to maximize the benefits of their due diligence investment while reducing bid and execution times. For example, investors can now order an Automated Valuation Model (AVM) for every loan within a portfolio. For those loans in which the AVM value does not support the appraised value of the collateral, the REALTrans platform can automatically place an order for an alternative valuation product, such as a Broker Price Opinion (BPO) based on predetermined rules. Similarly, if the BPO does not support the appraised value, a full appraisal or desk review may be ordered without human intervention.
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 "permits," "will" and "may". 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.