OTX CEO Named to MBA Technology Steering Committee


WEST PALM BEACH, Fla., Dec. 13, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced that its President and CEO Arthur (Art) D. Ringwald has been named to the Mortgage Bankers Association of America's 2002 Board of Directors Technology Steering Committee. This oversight committee manages the Mortgage Industry Standards Maintenance Organization (MISMO) & Real Estate Finance Security Management Organization (REFSMO) organizations and reports to the MBA Board of Directors.

The primary focus of the Technology Steering Committee for 2002 will be the strategic direction and oversight of the standardization of electronic data standards for eCommerce, and standardization of Public Key Infrastructure (PKI) for secure eCommerce transactions. "We are pleased to have someone with Art's broad experience on both the business side, as well as the technology side of the mortgage business serve on this very important committee," said MBA Chairman James Murphy.

Mr. Ringwald joins other industry leaders on the Committee: Rob Couch, President and CEO, New South Federal Savings Bank (Chairman), Shekar Narasimhan, Managing Director of Agency and Funds Management, Prudential Mortgage Capital Committee (Vice Chairman), Gulshan Greg, Chief Information Officer, IndyMac Bank, Joseph B. Rubin, Partner, E&Y Kenneth Leventhal Real Estate Group, Julie Ryan, Vice President & CIO, Principal Residential Mortgage, Inc., and John T. Super, Information Systems Officer, Edward T. Byrd & Company.

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 mortgage 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.