First American VMS and OTX Announce Alliance To Provide Complete Vendor Management Solution
—Announcement Made at MBA Annual Conference—
October 21, 2002, CHICAGO
Two leaders in the vendor management industry, First American Vendor Management Services, Inc. (VMS), and Ocwen Technology Xchange (OTX), have formed a strategic technology alliance to develop a new vendor management platform. The new platform integrates the best features of each company’s proprietary systems to deliver the real estate industry’s most complete solution to electronically order, track and receive real estate-related products and services.
The new vendor management and fulfillment platform will incorporate unique features of both companies’ systems by integrating OTX’s vendor-rich, workflow-enabled scalable platform with VMS’ custom client integration solutions, real-time transaction exception handling and premier vendor procurement services. Through the resulting system, VMS will offer clients a customizable technology platform that allows users to enter specific criteria to select from more than 4,000 vendors. VMS will also support customers with its complete suite of outsourced transaction management services and revenue sharing opportunities.
“First American is pleased to be able to offer a new vendor management platform that will incorporate the best of OTX technology with the proven outsourced vendor management functions of First American’s VMS operations,” said Parker S. Kennedy, president of The First American Corporation, the parent company of VMS. “By introducing this new platform, we will help lenders close loans more quickly and give them the opportunity to eliminate significant internal processing costs.”
Arthur D. Ringwald, president and chief executive officer of Ocwen Technology Xchange said: “We are pleased that First American has entered into a strategic technology alliance with OTX to provide a new transaction management platform. This new platform, which combines key components of the VMS technology platform and the REALTrans® vendor management engine, will be ‘Powered by REALTrans.’ We are proud of our industry-leading technologies and we are pleased that REALTrans is an integral part of this new offering with First American VMS. OTX will continue to offer our stand-alone solution for those customers who prefer that option.”
Roger S. Hull, president of First American VMS, stated: “We will integrate a robust set of capabilities into the new platform that will track and measure vendor performance and help customers hold vendors accountable to deliver agreed upon service levels, which in turn will lead to enhanced customer satisfaction levels. We are excited about the opportunity to combine OTX’s strengths with ours on the new platform.”
First American VMS and Ocwen Technology Xchange plan to introduce the new vendor management technology platform during the first quarter of 2003.
First American Vendor Management Services, Inc., a wholly owned subsidiary of The First American Corporation (NYSE: FAF), is a market leader in real estate transaction fulfillment solutions and full service vendor management. VMS allows lenders, builders, and Realtors® to electronically order, track, receive and pay for real estate-related products and services through a single Web- and XML-based technology solution. As a full service vendor management company, VMS offers its customers a suite of vendor selection and performance management tools and services.
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation’s leading, diversified provider of business information, the company supplies businesses and consumers with the information resources that affect the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $3.75 billion in 2001, First American has more than 22,500 employees in approximately 1,300 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
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. OTX offers products designed to reduce costs and improve customer satisfaction in residential mortgage origination and servicing and in commercial mortgage servicing. Additional information about OTX is available at www.otx.com.
Ocwen Financial Corporation (NYSE: OCN) is a financial services company headquartered in West Palm Beach, Fla. 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. Addition information about Ocwen Financial Corporation is available at www.ocwen.com.