Ocwen Technology Xchange and DataQuick Streamline the Loan Process

WEST PALM BEACH, Florida, UNITED STATES


WEST PALM BEACH, Fla., Oct. 9, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), has signed an agreement with DataQuick(r), a subsidiary of MacDonald Dettwiler and a premier provider of real property solutions.

The agreement adds DataQuick's Property Profiles, Property Histories, Comps and Freddie Mac(r)'s Home Value Explorer (HVE) Reports to OTX's REALTrans(r) transaction and vendor management platform. With this information, users will be able to verify ownership, market value and check liens on properties online.

The seamless exchange of data between DataQuick and REALTrans is achieved with DataQuick's XML-formatted real property data, which adds a new dimension of flexibility for lenders.

"Many of the nation's leading lenders use REALTrans to help manage the loan origination process," said Art Ringwald, OTX President and Chief Executive Officer. "By adding DataQuick Reports and Home Value Explorer to REALTrans, OTX covers new ground in offering a comprehensive data and data service resource. We are pleased to be able to provide our clients with DataQuick's premier real property data products. These products should help our clients further reduce their processing costs and turn times."

"This strategic partnership allies DataQuick with a key player in the real estate software development and lending arenas and further expands our customer base," said Mike Ela, DataQuick's President. "And it's particularly exciting because it leverages the value and flexibility of XML-formatted data and gives DataQuick access to REALTrans' vast customer base."

DataQuick is a provider of U.S. property information, combining timely, in-depth national real estate data with more than 20 years of product leadership, technological innovation and quality. DataQuick was the first company in its field to offer real property data online and to align with third party vendors to increase geographic and value-added scope. DataQuick draws information from a real property repository containing data on close to 80 million properties across the nation. Key clients include Realtors(r), title insurers, mortgage lenders, investigators, appraisers, and insurance providers. For more information about DataQuick, visit www.dataquick.com.

MacDonald Dettwiler and Associates (MDA) is an information company that provides essential information from anywhere in the world, for decision-making in the workplace. The Company operates its business through two principal groups. The Information Products Group delivers essential land information products and services that encompass legal, asset and geographical information; the Information Systems Group provides mission-critical information systems for monitoring activities on the planet, managing mobile assets and enabling mobile workforces. The Company employs more than 1,800 people around the world. For more information about MacDonald Dettwiler, visit www.mda.ca.

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, Fla. In addition to OTX, Ocwen'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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