WEST PALM BEACH, Fla., March 8, 2001 (PRIMEZONE) -- Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced today that it has enhanced the REALTrans(SM) platform with the addition of the MORNETPlus Data Formats Table 6, known as MDF6.
The REALTrans application is a web-based e-commerce application that facilitates the electronic ordering of real estate products and services. Operating completely in real time, REALTrans enables users to order products and services from their desktop for individual loans or entire portfolios, receive confirmation of all orders, view the status of all orders and provide virtual document imaging and task-based management.
The MDF6 enhancement provides a virtual interface to nearly every loan origination system on the market. This allows REALTrans to upload Fannie Mae files and eliminates the re-keying of information and protects the integrity of data during the point-of-sale stage of the loan. While many REALTrans users have direct interfaces that automatically populate data fields, other users now experience the same speed and efficiency. "The addition of the Fannie Mae upload capabilities to REALTrans marks an important step in the evolution of the REALTrans platform and continues our vision by providing effortless procurement of third-party services via the internet," said Sandy Hanna, REALTrans Group Executive.
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. 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.