WEST PALM BEACH, Fla., August 22, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced an agreement with Level 3 Communications, Inc. (Nasdaq:LVLT) to collocate its Internet-based REALTrans(TM) application at Level 3's secure gateway facility in San Diego. Level 3's network is the first international communications network using Internet Protocol (IP) technology end-to-end to provide a full range of communications services. Through 25 gateways around the U.S. and 6 international gateways, Level 3 will now support complete telecom redundancy and backup for all REALTrans(TM) services.
The REALTrans application is the leading shared transaction management platform designed to save time and money for mortgage originators as well as vendors and service providers. Delivering fully processable data, REALTrans is a key component in what has become known as the `virtual loan file.' IP technology enables the REALTrans application to achieve specified levels of quality of service and security to meet the needs of its customers. Additionally, OTX will realize complete telecom redundancy resulting in increased system reliability and improved service quality to its users nationwide.
"Our REALTrans product provides a fully enabled Web-based e-commerce transaction management system," said Chris Skeadas, OTX President. "In delivering an automated and seamless flow of processable data through the mortgage loan supply chain, cost and speed are always a factor. But even more critical is our ability to ensure levels of service quality and to protect the `virtual loan file' for all parties involved in the mortgage origination process. We feel Level 3, as the pace-setting industry leader in communications services, is the best choice to help us deliver on all counts."
Ocwen Financial Corporation (NYSE:OCN) is a financial services company headquartered in West Palm Beach, Florida. The Company's primary businesses are the acquisition, servicing and resolution of subperforming and nonperforming residential and commercial mortgage loans. Ocwen Technology Xchange, Inc. designs software solutions for mortgage and real estate transactions, provides business-to-business e-commerce solutions via the Internet for the mortgage and real estate industries and also provides implementation, integration and consulting services related to its software and Internet products. Additional information about Ocwen Technology Xchange is available at www.otx.com and Ocwen Financial Corporation 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 future performance or by the use of forward-looking terminology such as "feel", "resulting" and future or conditional verb tenses. 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, 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 and real estate industries generally, 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 periodic reports on Forms 10-Q, 8-K and 10-K, including Exhibit 99.1 attached to OCN's Form 10-K for the year ended December 31, 1999.