Ocwen unveils new tool for mortgage lenders
By siliconindia   |   Wednesday, 06 April 2005, 19:30 IST
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BANGALORE: Ocwen Financial Corporation has unveiled Vendor Assurance, a web-based vendor management tool which the company claims will make it easier, quicker and more profitable for mortgage originators to electronically manage the settlement process. Vendor Assurance is used in conjunction with REALTrans, that automates and simplifies ordering, tracking and fulfilling real estate products and services. With Vendor Assurance, lenders can control the real-time selection and management of vendors, a company release said. Vendor Assurance enables lenders to establish automatic vendor selections for each specific settlement product or service such as appraisals, title services or mortgage insurance based on criteria established by the lender. The lender may choose to base the criteria on a variety of vendor factors, including geographic area, quality of fulfillment, volume, or even a field from the lender's own loan origination system. The new tool speeds time to closing for lenders and their borrowers by eliminating the potential problem of assigning more orders to a vendor than can be fulfilled in a reasonable amount of time. It also helps to clearly communicate to vendors the lender's order requirements and expectations for product quality and delivery time.

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