Ocwen Financial Corporation Automates End-to-End Loan Origination and Underwriting Services by Implementing Commerce Velocitys Underwriter Workbench
Ocwen Personnel and Partners Reap the Benefits of a More Seamless Workflow
IRVINE, Calif. - August 25, 2006 - Commerce Velocity (CV), a leading provider of Web-based business automation solutions to the mortgage and consumer lending market, today announced that Ocwen Financial Corporation (NYSE:OCN) (Ocwen) has integrated CV's Portal, Underwriter Workbench and Admin Module with Ocwen's existing system, enabling it to automate loan processing, underwriting and fulfillment services. This will be accomplished by implementing the CQ BrokerPortal, CQ Underwriter with eUnderwriting Workbench and integrating Ocwen's REALTrans® technology for third party services and fulfillment. The first client utilizing the end-to-end outsourcing solution is Funding America. REALTrans is an e-commerce solution that makes ordering, confirming, tracking and fulfilling real estate products and services as simple as connecting to the Internet. CV's integration with REALTrans will provide a complete, seamless workflow environment for Ocwen's fulfillment processing center, enabling its fulfillment client base to benefit from shortened loan-cycles, streamlined automation and increased efficiency all through one connection.
"Shortened loan-cycles, quick underwriting decisions and process efficiencies, while maintaining a high degree of production quality, serve as fundamental elements in creating an originator-friendly platform to the lending community. Integrating CV's systems within our REALTrans architecture underscores our commitment to providing cutting-edge technology to the mortgage industry leveraging our fulfillment services," said Christopher Kennedy, Director of REALTrans at Ocwen.
"Ocwen's integrated solution with CV sets the bar in providing a robust end-to-end platform that utilizes Business Rules, Automated Workflow and third party integration from origination through servicing to address today's market drivers for faster origination and processing at a lower cost," said Veeps Piravi, Chief Operating Officer at Commerce Velocity.
About Commerce Velocity
Founded in 2000 and headquartered in Irvine, California, Commerce Velocity Inc., provides Web-based business automation solutions to the mortgage lending industry. Commerce Velocity's suite of solution software increases productivity, profitability and risk management via automation of the lending process. The suite includes intelligent lead distribution and management, pricing and pre-qualifications, application processing, credit management, automated underwriting and fulfillment. For more information, visit www.cvelocity.com or call 714-338-7140.
About Ocwen:
Ocwen Financial Corporation is a leading provider of servicing and origination processing solutions to the loan industry with headquarters in West Palm Beach, Florida, offices in Orlando, Florida, Downers Grove, Illinois and Atlanta, Georgia and global operations in Canada, Germany, India and Taiwan. We make our clients' loans worth more by leveraging our superior processes, innovative technology and high-quality, cost-effective global human resources. Additional information is available at www.ocwen.com.
