Ocwen Patents Online Remittance Process
West Palm Beach, FL-Ocwen Financial Corp., a servicer of subprime mortgage loans, has received a patent for an e-commerce invoicing system it uses to streamline the complex task of managing real estate-owned properties.
Ocwen's REALRemit electronic invoice management system was granted a patent from the U.S. Patent and Trademark office in August.
The system manages the invoicing and expenses, sometimes issued by hundreds of third-party vendors for an REO portfolio, that are generated when a foreclosed or vacant property is put up for sale.
It allows Ocwen and third-party licensees of REALRemit to manage expenses, track costs and generate the best possible outcome for mortgage lenders and investors. While the system is designed for real estate management, Ocwen says it could also be used for other e-commerce settings where parties need to coordinate billing from multiple vendors.
Ocwen currently manages 350,000 mortgages with an aggregate unpaid balance of $44 billion. The company has pioneered software and systems to identify and contact at-risk borrowers, structure payment plans and loan modifications, and preserve income for investors.