Ocwen Releases New Vendor Management Tool
Ocwen Financial Corp. here has released Vendor Assurance, a Web-based vendor management tool designed to make it easier, quicker and more profitable for mortgage lenders to electronically manage the settlement process.
Vendor Assurance is used in conjunction with REALTrans, Ocwen's Web-based solution that automates and simplifies ordering, tracking and fulfilling real estate products and services. With Vendor Assurance, lenders can centrally control the real-time selection and management of vendors.
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 was designed in order to speed up the 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 communicate to vendors the lender's order requirements and expectations for product quality and delivery time.
"REALTrans Vendor Assurance dramatically improves lender efficiency and allows much easier, centralized control over vendor purchases," said W. Michael Linn, executive vice president at Ocwen. "This enhancement will give originators the capability to significantly reduce information processing and purchasing costs. Lenders who tested the module gave high marks to its easy setup, flexibility in meeting their customized preferences and online accessibility anytime, anywhere."
REALTrans provides mortgage lenders with a single, end-to-end solution to meet their order fulfillment, vendor management and product quality needs, according to Ocwen. REALTrans is vendor-neutral, has a vast network of products and suppliers available.
In addition, lenders may add their vendors to REALTrans or choose from one of the 10,000 vendors in the system.
Ocwen is a diversified financial services holding company. The company is engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and marketing.
Number of Vendors 10,000+
New Tool Vendor Assurance
Purpose vendor management/selection
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