Ocwen Touts 24-Hour MBS Due Diligence

Ocwen Financial Corp., West Palm Beach, Fla., has announced the introduction of 24-hour due diligence services to mortgage-backed securities investors on a loan-by-loan, mini-bulk, bulk, and portfolio basis.Ocwen's due diligence facility receives physical files from mortgage originators and uses high-speed scanners to image all documents. "The combination of Ocwen's 24-hour global workforce, document imaging capabilities, and advanced workflow management technology enables us to complete the due diligence processes in record time with less expense and greater accuracy," said Ocwen president Ron Faris. "This shaves days -- if not weeks -- off the traditional paper due diligence process and raises the bar on customer service." Mr. Faris said Ocwen's imaging capabilities, workflow management, and Six Sigma process design "allow us to multi-task on a single file, eliminating bottlenecks and speeding the entire process."