Fraud Prevention Now Provided Through REALTrans

WEST PALM BEACH, Florida, UNITED STATES


WEST PALM BEACH, Fla. and ST. CHARLES, Mo., Oct. 9, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN) and a leading mortgage technology organization, announced today an alliance with AppIntell, a leading provider of loan application and appraisal fraud services. The alliance will provide fraud prevention services to the users of OTX's REALTrans(r) transaction and vendor management platform.

REALTrans enables lenders to order, track and fulfill mortgage products and services from a network of more than 4,000 service providers. AppIntell's fraud prevention products, DISSCO (Data Integrity Search & SCOre) and FRADAR (FRAud Desktop Appraisal Review), identify fraud, input errors and quality compliance issues on mortgage applications and appraisals. These fraud detection tools provide lenders, insurers and investors with "a second look" at possible data manipulation or input errors that could have a dramatic effect on their loan underwriting models, impacting their final decisions regarding the credit and collateral quality of the loan.

"REALTrans grants broader access to AppIntell's existing and targeted client base," said AppIntell CEO Steve Halper. "DISSCO and FRADAR customers prefer to run the fraud detection systems on an automated download basis as early in the origination process as possible. Early detection decreases origination costs expended on fraudulent loans that will end up a costly reject or an even more costly default or repurchase. Due to the accelerated consolidation in the industry, many of our larger clients' IT operations are buried with multiple LOS (Loan Origination System) integration issues. OTX's relationships with the leading LOS providers gains us immediate access to REALTrans' impressive list of clients."

"We are pleased to add the DISSCO and FRADAR fraud prevention products to REALTrans," said Thomas K. McCarthy, OTX's senior vice president and chief financial officer. "These products should help our clients improve the quality of the loans that they originate, while simultaneously lowering their origination costs."

AppIntell, Inc. is a leading provider of fraud investigative services including fraud detection systems, file review processes, training, quality control, due diligence, claim mitigation and property valuations, and is the first mortgage services provider to offer Web-based real-time data integrity (fraud) filter systems. During the past five years, AppIntell's fraud detection systems and personnel have reviewed some of the largest fraud cases in mortgage lending history. The company has provided fraud training for the FBI, Secret Service, investor agencies and numerous lenders. For more information, visit www.appintell.com.

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.



        

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