WEST PALM BEACH, Fla., Oct. 15, 2001 (PRIMEZONE) -- Proclaiming a new era in residential mortgage servicing technology at the Mortgage Bankers Association of America's 88th Annual Convention & Expo, Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced the new name for its residential mortgage servicing platform, REALServicing(tm).
REALServicing, formerly known as REAL-e(tm), has been used in a production environment at Ocwen Federal Bank FSB (OFB) since January 1st of this year. Since implementation, the platform has been proven and has optimized the performance of OFB's portfolio of "high touch" mortgage loans.
"OFB has realized significant benefits from the REALServicing platform," said Ronald Faris, President for OFB. Art Ringwald, President and Chief Executive Officer for OTX added, "The platform's new name better depicts its comprehensive and robust functionality."
"REALServicing's advance technology architecture solves the challenges that have historically been inherent in competing platforms," said Jack Timpe, Executive Vice President and National Sales Manager for OTX. "REALServicing's scalability has been designed to support the industry's rapid consolidation. Furthermore, the platform's revolutionary integrated modular structure for core servicing, default management/loss mitigation and REO management functionality facilitates a lower overall loan servicing cost. This integrated approach coupled with real-time data availability, rules-based workflow and expansive data capability signals a new era in residential loan servicing technology."
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.