WEST PALM BEACH, Fla., Nov. 11, 2002 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), has named Walter C. (Terry) Klein, Jr., as its Executive Vice President and National Sales Manager.
Mr. Klein has served as the President and Chief Executive Officer of First Nationwide Mortgage Corporation since 1996. He has more than 30 years of experience in the banking and mortgage industries and formerly served as the Chairman and Chief Executive Officer for both Sears Mortgage Corporation and PNC Mortgage Corporation. A Harvard graduate and former Sergeant in the U.S. Marines, Mr. Klein began his career at Citibank and has held a variety of senior positions in production and servicing after becoming a mortgage banker in 1973.
Mr. Klein has also been very active in the Mortgage Bankers Association (MBA) and is currently chairing the New Markets Task Force and is a member of the Treble Damage Repeal Task Force. He has been a faculty member of the MBA Mortgage Banking School for over 25 years. Mr. Klein received the Distinguished Service Award from the Mortgage Bankers Association in October 2000.
In his new role, Mr. Klein will be responsible for leading OTX's sales initiatives for its customer-focused business solutions, including REALTrans(R), REALServicing(TM) and REALSynergy(TM). "OTX has successfully developed some of the most comprehensive and exciting business solutions that I have encountered in my career in the industry. I am delighted to be joining this world class organization and to be helping transform the industry's current dependence on dated and non-scalable technology," said Mr. Klein recently.
Arthur Ringwald, OTX's President and Chief Executive Officer stated that "we are very excited to have an individual with Mr. Klein's experience and stature in the mortgage industry assume this critical leadership role. Mr. Klein's mortgage servicing experience rounds out the mortgage origination, default management and special servicing experiences of the OTX senior management team. Having someone of his caliber join OTX obviously speaks very positively about the quality of our products and the prospects for our future."
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, 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.