WEST PALM BEACH, Flor., Nov. 30, 2000 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced that Principal Residential Mortgage, Inc. has committed to using the REALTrans(tm) platform to automate the management of vendor relationships.
The REALTrans application is the leading shared transaction management platform for the mortgage and real estate industries. The web-based application facilitates, in real time, the electronic ordering, confirmation, tracking and fulfillment of real estate and mortgage products and is designed to save time and money for mortgage originators as well as vendors and service providers. "OTX considers Principal Residential Mortgage to be a valuable addition to our client list. Principal Residential Mortgage is a leader in mortgage banking - their utilization of the REALTrans platform should allow them to save time and achieve increased profitability," said Tom McCarthy, Senior Vice President for OTX.
"Using the REALTrans platform will allow us to centralize the management of our current vendor alliances," says Jeanine Wilken, Assistant Operations Manager for Principal Residential Mortgage. "By capitalizing on the vendor management administration component of the REALTrans platform, we will bring a new level of customer service to our company. Initializing the REALTrans platform is just one of the many tools in our arsenal as we seek to improve and streamline our loan origination and processing capabilities."
Principal Residential Mortgage, Inc. is a full-service mortgage banking company currently servicing more than $55 billion in residential mortgage loans for homeowners across the country. Offering loans for more than 64 years, it is a member of the Principal Financial Group. Established in 1879 and a member of the Fortune 500, the Principal Financial Group (www.principal.com) is a leading provider of a wide range of financial products and services for businesses and individuals globally. Offerings include retirement and investment services, life and health insurance and mortgage banking. Its flagship and largest member, Principal Life Insurance Company (The Principal(R)) is the ninth largest U.S. life insurance company based on 1999 statutory assets. More employers choose The Principal for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States. The Principal Financial Group has more than $117 billion in assets under management and serves more than 11 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.
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 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 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 "should" and "will." 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 the 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, 1999.