WEST PALM BEACH, Fla., March 19, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN) announced today that the Washington Mutual Home Loans and Insurance Services group will utilize its REALTrans(sm) platform to order many of the real estate settlement services necessary to close a mortgage transaction.
The REALTrans platform is a component within Washington Mutual's end-to-end mortgage origination and approval system known as Optis(tm) and allows WaMu's loan consultants to order various settlement services such as mortgage insurance, title insurance, flood determination reports and tax services. The REALTrans platform will help change the loan origination process by moving the ordering of many real estate settlement services to the point-of-sale.
"Optis is designed to automate many of the mortgage origination back-end processes allowing our loan consultants to focus more fully on our customers' needs," said Stacey Arens, executive vice president, Operations for the Washington Mutual Home Loans and Insurance Services group. "As part of Optis, the automation provided through the REALTrans platform assists Washington Mutual in reducing operating expenses while at the same time allowing us to provide better service for our customers, business partners and employees."
"We are very pleased that Washington Mutual has decided to utilize the REALTrans platform. We are proud to be involved with such a prestigious leader in the mortgage industry," said John Erbey, Chairman and CEO for OTX. He added, "We share Washington Mutual's vision to create operational efficiency and increase originations through technology innovation."
OTX 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. Additional information about OTX is available at www.otx.com.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach. 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.