Eastern Software, OTX Form Strategic Alliance

WEST PALM BEACH, Florida, UNITED STATES


SHARON, Pa. and WEST PALM BEACH, Fla., Oct. 9, 2001 (PRIMEZONE) -- Recognizing that technology partnerships are the key to success in the mortgage industry, Eastern Software Corporation and Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced that they have formed an alliance where Eastern Software will use OTX's Internet-based REALTrans(r) transaction and vendor management platform in Eastern's Empower!(tm) application.

Eastern Software will incorporate the REALTrans platform into its Empower! suite of n-tier client/server mortgage automation products. This integration will make the ordering, tracking and fulfilling of the third-party products and services required to process and close a mortgage a seamless part of the Empower! application. Empower! users will have electronic access to a selection of outside service providers via a single connection. With REALTrans' rules-based vendor management functionality, Empower! users will be able to facilitate automated product ordering. The REALTrans application is Internet-based, so there is no need to maintain separate and costly links or interfaces between trading partners.

"The REALTrans platform gives Empower! a significant boost in functionality and improves the operating efficiency of our users," commented Joseph Delaney, President & CEO of Eastern Software Corporation. "It will be incorporated into our enterprise-wide loan origination system (LOS) Empower!, which is marketed to both mortgage brokers and lenders."

"Eastern is an industry leader in loan origination technology solutions," said Art Ringwald, President and Chief Executive Officer for OTX. "This alliance will enable clients of Eastern to access and order a wide range of products and services, including mortgage insurance, flood determinations, credit reports, employment verification, appraisals and other valuation products via a single Internet connection. Since REALTrans delivers both data as well as images, this seamless, bi-directional integration will eliminate the need for processors to re-key data from third-party reports into Empower!. It will also provide Eastern clients with a robust and easily accessible data warehouse to facilitate the cross sale of other products and the due diligence associated with the sale of whole loans or securitizations."

Founded in 1983, Eastern Software Corporation is a privately held, Sharon-based provider of enterprise-wide loan origination systems. The company's flagship product, Empower!, provides users sophisticated tools to compete in today's rapidly evolving market. Built from the ground up as a 32-bit n-tier client/server application, Empower! offers lenders open architecture with comprehensive design tools, multiple database connectivity, and thin-client technology. The system also offers a multidimensional workflow design engine, an artificial intelligence (AI) engine, and is Internet enabled.

For more information about Eastern Software, visit the company's Web site at www.easternsoftware.com; or call (800) 441-0830.

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, 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.

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 "will." 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, 2000.

Note to Editors: Eastern Software and Empower!(tm) are registered trademarks of Eastern Software Corporation. REALTrans is a registered trademark and OTX and Ocwen Technology Xchange are trademarks of Ocwen Technology Xchange, Inc.



        

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