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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SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.