WEST PALM BEACH, Fla., July 18, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a wholly-owned subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced the release of the REALSynergy(TM) Loan Servicing System. Developed by the Synergy subsidiary of OTX in Nashville, TN, REALSynergy replaces its DOS-based AMICUS product. AMICUS is currently one of the most widely used commercial and multifamily loan servicing systems in the industry. While REALSynergy is a new system, it builds upon the success of AMICUS -- adding a graphical user interface and a 32-bit Windows-based system. Therefore, REALSynergy offers multi-tasking, system stability and additional functionality. Utilizing multi-tier architecture, the system is designed to provide scalability for any size organization and can operate as a thin-client, thick-client -- or as a standalone system. The application can run on multiple servers in order to handle user processing as demands increase.
The initial release of the REALSynergy system offers several unique capabilities such as: maintenance of multiple escrow accounts for a single loan; combinations of multiple loans, borrowers and properties; and robust custodial banking and cash management including full ACH. Features included in this release are task and contact management systems, customizable drop down lists and extensive use of wizards simplifying the setup process. The system also offers user defined forms and reports as well as powerful ad hoc reporting capabilities through the use of Crystal Reports(TM).
OTX is treating the new product as an enhancement, providing REALSynergy to existing AMICUS users for a modest conversion fee rather than the cost of a new system. According to REALSynergy Group Executive, Steve Wood, Jr., that decision not only made good business sense by keeping the existing client base of AMICUS users, but it is also a reflection of the company's commitment to the commercial and multifamily loan servicing industry.
"Our software was built around three principles -- ease of use, affordability, and our in-depth understanding of the commercial loan serving industry," said Wood. "When it comes to keeping up with the changes in technology for this industry, we see ourselves in a leadership role, looking ahead for the next change and providing the features and functionality that the market needs."
In addition to the REALSynergy loan servicing system, OTX is creating additional products for the commercial loan industry including an ASP model commercial/multifamily loan origination management platform, a life insurance company investment accounting system and a construction lending system.
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 (NYSE:OCN) is a financial services company headquartered in West Palm Beach, Florida. In addition to Ocwen Technology Xchange, Inc., the Company's primary businesses are the acquisition, 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. These forward-looking statements may be identified by reference to a future period(s) or by the use of forward-looking terminology such as "looking ahead". 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, international, national, regional or local economic environments laws and regulations affecting financial institutions, real estate investment trusts and real estate (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), software integration, development and licensing, other factors generally understood to affect the software industry and 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 its Registration Statements on Forms S-3 and S-4 and periodic reports on Forms 10-Q, 8-K and 10-K, including Exhibit 99.1 attached to OCN's Form 10-Q for the quarter ended March 31, 2000.