Electronic real estate settlement technology debuts

June 9, 2005

Ocwen's Web-based system automates selection of products Wednesday, June 08, 2005

Inman News

A new electronic real estate settlement product promises to slash settlement-processing costs and improve employee productivity.

Ocwen Financial Corp. this week launched Product Optimizer, which works with Ocwen's Web-based REALTrans, a system that automates certain manual mortgage settlement processes. Product Optimizer uses lender-defined rules, criteria and technology to "intelligently" select the proper settlement product, for example appraisals or title services.

Product Optimizer also automatically redirects declined and cancelled orders to a new vendor from a predetermined vendor pool.

In addition, the technology automates certain steps in the origination process while directing other steps to the appropriate people at the right time, allowing the originator to reduce processing time. The technology also aims to reduce errors and ensure tasks are being preformed on schedule and according to the lender's policies and procedures.

REALTrans provides a single platform that enables mortgage lenders to automate and simplify the ordering, tracking and fulfilling of real estate transaction products and services, including loan servicing set-up, appraisal services, automated valuation models (AVM), credit bureau reports, escrow and closing services, FEMA flood hazard determination reports, mortgage insurance, public data repository information, VOE/VOI and title services.

West Palm Beach, Fla.-based Ocwen Financial Corp. is a diversified financial services holding company engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and the marketing and sales of technology solutions to third parties.

Copyright 2005 Inman News

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