WEST PALM BEACH, Fla., Nov. 14, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced the commitment of several top mortgage banking servicers to convert to OTX's recently released REALSynergy (tm) 1.1 commercial and multifamily loan servicing system. The REALSynergy system is a highly automated, full-service platform that services commercial and multifamily loans, handling virtually any loan structure including complex remittance requirements.
Among the companies that are in the process of converting to the REALSynergy software system are: Kinghorn, Driver, Hough & Company - Houston; Live Oak Capital, LTD - Dallas; Newmark Realty Capital, Inc. - San Francisco; Poole Financial Services, LLC - Newark, N.J.; Spectrum Financial Corporation - Waltham, Mass.; Suntrust Mortgage, Inc. - Atlanta; Triad Mortgage & Realty Funding Corporation - Kansas City, Mo.; and Vista Commercial Mortgage Group, LLC - Brentwood, Tenn.
These servicers, currently on the DOS-based AMICUS software system, will be afforded several unique capabilities not available in their current system. These features include user-defined operating statements, user-defined property inspection forms, a task management system to improve workflow and process management and optional Web-enabled borrower and investor inquiry capabilities. As a replacement to the AMICUS software, the REALSynergy system offers a new 32-bit Windows-based system that employs scalable multi-tier architecture. "We are finding that servicers are very eager to convert to the REALSynergy system because of its new features as well as its technical superiority," said Tom McCarthy, Senior Vice President for OTX.
The REALSynergy system is designed to operate under Windows 95, Windows 98 and Windows NT. The only requirements for AMICUS users to implement the REALSynergy servicing system are Microsoft or Sybase database software and to schedule training.
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.
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 resolution of 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. 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, 1999.