WEST PALM BEACH, Fla., March 27, 2002 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) is pleased to announce the formation of Global Servicing Solutions, LLC, with Merrill Lynch. This joint venture, of which Ocwen is the majority owner, will be responsible for establishing, licensing and operating distressed asset management servicing companies in various countries around the world to service both Merrill Lynch assets and assets owned by third parties. The first asset management servicing company, Servicing Solutions Japan, Inc., will be formed with the advice and assistance of Tokyo Servicer Inc. ("TSI"), a local Japanese loan servicer.
"Our new relationship with Merrill Lynch provides Ocwen with access to a potentially large asset base and will allow us to seed and significantly grow and expand our loan servicing and technology business in many new and exciting markets," said William C. Erbey, Chairman of the Board and CEO, Ocwen Financial Corporation.
"As we expand our Principal Investment business globally, we must maintain our commitment to superior asset resolution and loan servicing. Our joint venture relationship with Ocwen increases our ability to further achieve such a commitment," said Robert Fitzpatrick, Head of Asset Management for the Global Principal Investment at Merrill Lynch.
"Ocwen has developed various processes and technologies to service and maximize the value of loans and real estate. We are all very excited to now be able to work with Merrill Lynch to deploy these products and services on a worldwide stage," said Thomas Meyer, Senior Vice President, Ocwen Financial Corporation.
"Asset management is a critical part of our platform. Ocwen's capabilities and technology in this area coupled with Merrill Lynch's local market presence and investment expertise leave us better positioned to work with clients to provide liquidity to their troubled loan and real estate portfolios in Japan," said Shinji Yoshikawa, Regional Head of Global Principal Investment at Merrill Lynch Japan.
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 mortgage 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 "tremendous," "potential," "significantly," "grow," "expand," "many," "exciting" and "achieve." There is no assurance of value or amount of business to be referred. 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.