JACKSONVILLE, Fla./WEST PALM BEACH, Fla., May 1, 2001 (PRIMEZONE) -- Proclaiming that technology partnerships are the key to success in the mortgage industry, MortgageFlex(r) Systems and Ocwen Technology Xchange, Inc. (OTX), a subsidiary of Ocwen Financial Corporation (NYSE:OCN), today announced that they have formed an alliance where MortgageFlex Systems will use OTX's Internet-based REALTrans(SM) vendor management system.
MortgageFlex Systems will incorporate the REALTrans platform into their LoanQuest suite of client/server and web-based mortgage automation products. This integration will make the ordering, tracking and fulfilling of real estate products and services as simple as connecting to the Internet. LoanQuest clients will have electronic access to a complete selection of outside service providers via a single connection. Because the application is located on the Internet, there is no need to maintain separate and costly links or interfaces between trading partners.
"The REALTrans platform gives our LoanQuest product suite a significant boost in functionality," commented Lester Dominick, President, MortgageFlex Systems. "It will first be incorporated into our new, web-based LoanQuest origination system, which is marketed to both mortgage brokers and lenders. In the near future, REALTrans will be accessible via the upcoming release of our new, web-based LoanQuest Production system."
"MortgageFlex is an industry leader in loan origination technology solutions," said Art Ringwald, Chief Executive Officer for OTX. "This alliance will enable clients of MortgageFlex to access and order a wide range of products and services including mortgage insurance, flood determinations, credit reports, appraisals and other valuation products via a single Internet connection. It will also provide MortgageFlex clients with a robust and easily accessible data warehouse to facilitate the cross sale of other products and the due diligence associated with the sale of whole loans or securitizations."
"Technology Partnerships ... Bridging the Gap"
The two firms also hosted a "Technology Forum" dinner in conjunction with the MBA Technology show in San Francisco. The theme for the event was "Technology, Partnerships ... Bridging the Gap." The format included a reception followed by dinner and presentations from five representatives who are leaders in their respective fields. The list of speakers includes Rob Hall, Senior Vice President, Marketing & Industries, Sun Microsystems; William Erbey, Chairman, Ocwen Financial Corporation; Julie Ryan, Vice President, CIO, Principal Residential Mortgages; Peter Paul, Vice Chairman, GreenPoint Bank; and Lester Dominick, President, MortgageFlex Systems.
About OTX
Ocwen Technology Xchange, Inc. provides customer focused business solutions for the real estate finance industry on a global basis by providing superior business process expertise supported by technology. The Company offers products designed to reduce costs and improve customer satisfaction in residential mortgage origination and servicing and in commercial loan construction lending and servicing. 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.
About MortgageFlex Systems
MortgageFlex Systems, Inc., founded in 1980, is a leading supplier of Windows(r)- and Web-based mortgage automation software systems to mortgage companies, banks, credit unions, thrifts and other lending institutions. To date, more than $1 trillion in mortgage loans have been originated using MortgageFlex Systems' products.
The LoanQuest system is offered for both client/server and Internet environments and can be deployed via ASP or Remote Web Host services. The client/server offerings are high performance, 32-bit applications, which utilize a Microsoft Windows graphical user interface and an Oracle database. The Internet product offerings are developed using a variety of technology tools including Dynamic HTML and Java(tm) technology. LoanQuest is the only complete integrated turnkey mortgage automation solution available. It is comprised of the following modules:
* LoanQuest Internet * LoanQuest Production * LoanQuest Point-of-Sale * LoanQuest Secondary Marketing * LoanQuest Scoring Engine
LoanQuest is a flexible, open system whose key features include Workflow Manager, Product/Pricing Manager, Customization Manager, Gateway Manager, complete document tools, artificial intelligence, automated underwriting and thin client architecture. Visit their Web site at www.mortgageflex.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 "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, unexpected changes in international, national, regional or local economic environments and laws and regulations (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), 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, 2000.
Note to Editors: MortgageFlex Systems and LoanQuest are registered trademarks of MortgageFlex Systems, Inc. Other brand and products names may be trademarks or registered trademarks of their respective owners.