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                 Ocwen: VIRTUAL LOAN FILE UNVEILED BY OTX


FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION, CONTACT:
Ralph Behmoiras 
T: (561) 682-8229
E: rbehmoiras@otx.com


VIRTUAL LOAN FILE UNVEILED BY OCWEN TECHNOLOGY XCHANGE
New Version of REALTrans(SM) introduces Advanced Functionality and
Extensibility


April 25, 2000 - West Palm Beach, FL - Ocwen Technology Xchange,
Inc.("OTX"), a wholly-owned subsidiary of Ocwen Financial Corporation
(NYSE: OCN), has unveiled version 1.3 of its Internet-based REALTrans(SM)
transaction management platform. This new version provides users with
increased benefits in the areas of enhanced speed, scalability and
flexibility, along with advanced functional capabilities in data and report
formatting, navigation, administration, maintenance, order placement, data
integration, error handling and data validation. 

"The new release creates a true shared transaction management platform for
the mortgage and real estate industries," said Chris Skeadas, OTX President
and Chief Operating Officer. "Our vision of delivering an automated and
seamless flow of processable data through the mortgage loan supply chain is
available to all mortgage lenders, brokers, and service providers.  The
REALTrans platform delivers the strategic advantage of a true 'Virtual Loan
File' to all parties involved in the mortgage lending process. The use of
REALTrans 1.3 architecture and XML (extensible markup language)
technologies allows seamless integration among lenders, brokers, and
service providers back office systems for instantaneous ordering and
fulfillment of products and services required in the Virtual Loan File."

"The version 1.3 release also applies XML technology to handle non-real
estate file types, which means this application is fully extensible.  With
a customizable, rules-based workflow, the REALTrans platform is now a full
order request and fulfillment transaction management technology," said
Sandy Hanna, REALTrans Group Executive.

The OTX(TM) REALTrans(SM) technology provides a fully implemented web-based
e-commerce transaction management platform, with dynamic vendor management,
real-time order tracking, electronic product delivery, virtual document
imaging and task-based management.  Using the REALTrans application, all
parties to the transaction can share information; access, track, confirm
and retain 16,000 data elements; fulfill and receive mortgage related
products and services online, real-time via the Internet.  The delivery of
processable data not only eliminates redundant data entry and the attendant
errors, but also enables electronic due diligence for the secondary market,
thus increasing the value of the loans.

According to Skeadas, online ordering and delivery can reduce the time from
application to closing by more than 50%.  More than 1,100 service
providers, plus their agents and suppliers, are currently accessible via
the REALTrans platform.  In addition, the REALTrans platform provides an
information highway that supports the relationships between and among
lenders and service providers.  

Users can deliver accurate and timely status reports, and can confirm order
receipt of any product or service, for improved customer satisfaction.  The
elimination of fax or overnight delivery media means no transmissions are
lost, while elimination of duplicate data entry improves data integrity.  
Altogether, the REALTrans platform has generated dramatic improvements in a
lender's operational performance as well as vastly improved customer
satisfaction and significantly reduced operating costs.

Ocwen Technology Xchange, Inc. provides business-to-business e-commerce
solutions via the Internet for the mortgage and real estate industries,
designs software solutions for mortgage and real estate transactions, and
also provides implementation, integration and consulting services related
to its software and Internet products.  

Ocwen Financial Corporation is a financial services company headquartered
in West Palm Beach, Florida. The Company's primary businesses are the
acquisition, servicing and resolution of subperforming and nonperforming
residential and commercial mortgage loans. Additional information about
Ocwen Technology Xchange is available at www.otx.com and Ocwen Financial
Corporation at www.ocwen.com.

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