WEST PALM BEACH, Fla., Feb. 15, 2001 (PRIMEZONE) -- Ocwen Federal Bank, a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced that it has successfully implemented REAL-e(TM), a new residential loan servicing system.
The REAL-e system, developed by Ocwen Technology Xchange, Inc. (OTX), also an Ocwen subsidiary, is a state-of-the-art servicing platform designed to service the entire lifecycle of single-family loans. The system consists of a suite of fully integrated modules including Loan Servicing, Collections, Loss Mitigation, Default Loan Management, REO Management, Construction Loan Servicing and Single Family Bond Series Tracking.
"We needed a system that would focus on high-touch assets such as defaulted loans," said William C. Erbey, Chairman and CEO of Ocwen Financial Corporation. "There was really no commercially available system that delivered the level of functionality that we require. Consequently, we utilized OTX to build one for us. The result is a system based on Ocwen's extensive experience in loan servicing."
"The benefits of the new system are numerous," said Ron Faris, Executive Vice President of Ocwen Federal Bank. "REAL-e is table-driven and modular. This allows our users to make changes without the expense or time delays of utilizing programmers. Further, the system is windows-based and easy to use. Training time and expense have already been reduced significantly."
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach. The Company's primary business is the servicing and resolution of subperforming and nonperforming residential and commercial mortgage loans. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.
Ocwen Technology Xchange, Inc. provides business-to-business e-commerce solutions via the Internet for the mortgage and real estate industries, designs software solutions for mortgage loan origination and servicing and also provides implementation, integration and consulting services related to its software and Internet products. OTX offers REAL-e commercially in two business models, one as an on-premise implementation at the customer's location and the other hosted as an Application Service Provider (ASP).