WEST PALM BEACH, Fla., Oct. 11, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) announced today that it now offers 24-hour mortgage loan processing and closing services to mortgage lenders and brokers who want to shorten the closing cycle, reduce expense, and improve accuracy. Ocwen's loan processing services include all back-office activities, including loan opening, processing, underwriting, closing and interim servicing.
"We're leveraging our 24-hour global workforce, along with our processing expertise as a highly rated subprime and special servicer and our strong financial base, to raise the bar on loan processing services. Lenders and brokers can reduce the time from application to close by a week or more using our loan processing solution. We believe this is a significant breakthrough from the offerings that exist in the marketplace today," said W. Michael Linn, Ocwen Executive Vice President.
Mr. Linn explained that Ocwen's leading edge document imaging technology is key to delivering clean loan packages and faster turn times. "Because we also perform due diligence services, we understand how important it is to produce clean loan files. After the lender or broker supplies the mortgage application, we image all supporting loan documents. This allows Ocwen personnel across multiple time zones to multi-task on a single file eliminating bottlenecks and speeding the entire process," he said.
According to Mr. Linn, Ocwen's loan processing services were designed to enable lenders and brokers to spend more time originating loans and less time tracking down credit reports, appraisals and title insurance reports.
"Our solution reduces or eliminates the hassles and expense of in-house processing, including the high cost of hiring, training, retaining, and paying in-house staff. In addition, by using our services, lenders or brokers will be positioned to meet fluctuating market conditions with rapid scalability," Mr. Linn added.
Ocwen Financial Corporation (Ocwen) is a diversified financial services holding company with headquarters in West Palm Beach, Florida, offices in Orlando, Florida, and Chicago, Illinois and global operations in Canada, Germany, India, Japan and Taiwan. Ocwen is principally engaged in servicing and origination processing services for the loan industry. Ocwen is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information is available at www.ocwen.com.