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                 Ocwen: OTX Acquires Synergy Software, LLC




Ocwen Technology XchangeTM 

FOR IMMEDIATE RELEASE          
FOR FURTHER INFORMATION, CONTACT:
Richard Hurwitz, VP, Corporate Communications
T: (561) 682-8575     F: (561) 682-8177  
E-mail: rhurwitz@ocwen.com

                                                       

OCWEN TECHNOLOGY XCHANGE 
ACQUIRES ASSETS OF SYNERGY SOFTWARE, 
A DEVELOPER OF COMMERCIAL MORTGAGE SERVICING SYSTEMS

West Palm Beach, FL (June 8, 1999) - Ocwen Technology Xchange, Inc. ("OTX")
announces the acquisition of the assets of Synergy Software, LLC
("Synergy"), a developer of commercial and multifamily mortgage servicing
systems located in Nashville, Tennessee.  Founded in 1990, Synergy licenses
mortgage servicing products to nearly 100 firms in over thirty states.  
One-third of the 150 largest commercial mortgage-banking firms, as listed
by the Mortgage Bankers Association, use Synergy's current mortgage
servicing system.  Stephen F. Wood, Jr., CEO of Synergy, will continue to
head the subsidiary's operations as Vice President of OTX. 

Synergy is in the final stages of developing its SynergyOPEN(TM) software,
an advanced commercial and multifamily mortgage servicing system.  The
32-bit, Windows-based system employs, multi-tier architecture to allow
distributed computing.  This design represents the next generation of
client-server computing and allows the SynergyOPEN(TM) system to scale
easily from small companies to the largest multiple-office enterprises.

The SynergyOPEN(TM) system provides a high level of automation for
administering complex commercial and multifamily mortgage loans in a format
that is easy to learn and use.  Some key features of the system include:

- Ability to handle complex loan and remittance structures, track detailed
property, borrower and loan information, and produce Commercial Real Estate
Secondary Market & Securitization Association  ("CSSA") reports 

- Fully-integrated cash management functions including automated transfer
management between clearing and custodial accounts and full Automated
Clearing House ("ACH") support 

- Dynamic contact management, call tracking, and task management
capabilities

- Ease-of use features including set-up wizards, context sensitive on-line
help, and numerous user-definable fields and pick lists

Stephen F. Wood, Jr., CEO of Synergy, stated, "We are delighted to join
Ocwen Technology Xchange, an industry leader in the development of mortgage
and real estate software.  The combination of our firms will provide the
necessary financial strength and technological expertise to continue the
development and expansion of our products beyond mortgage servicing to the
entire range of participants in commercial and multifamily real estate
finance.  We are particularly excited about the opportunity to apply
REALTransSM functionality to Synergy's software systems.  As a Web-based
application, the REALTransSM system has the capability to deliver a number
of new services to the users of the SynergyOPEN(TM) system."

John R. Erbey, Chairman and CEO of OTX, said, "The SynergyOPEN(TM) system
expands our family of mortgage and real estate software applications to
include the commercial and multifamily mortgage industry.  Earlier this
year, we released the latest version of our REALTransSM system, which
facilitates the electronic ordering of real estate products and services
via the Internet and expedites the closing process.  The benefits of the
REALTransSM software application begin when a user starts to research data
for the purpose of buying, selling, and financing a real estate
transaction.  In addition, the REALTransSM application allows the user to
place orders for real estate settlement services and to attach relevant
documents and messages.  Users have remote access to send, receive, and
track information easily from any location without the need to re-key data.


"The REALTransSM system complements our new residential loan resolution
technology, OTX Mortgage Software Suite, which will be available for
license by year-end 1999.  The OTX Mortgage Software Suite is a unique
system of fully integrated modules, which when used together provide the
capability to manage the entire servicing life cycle.  The system features
flexible reporting, a thorough audit trail, and real-time processing.  It
is designed in a scaleable database platform with strong workflow
management capabilities." 

Ocwen Technology Xchange, Inc. is a designer of software solutions for
mortgage and real estate transactions and also provides implementation,
integration and consulting services related to its software and Internet
products.  OTX is the software subsidiary of Ocwen Financial Corporation
(NYSE: OCN), which is a $3.13 billion financial services institution
headquartered in West Palm Beach, Florida.  Additional information about
Ocwen Technology Xchange is available at www.otx.net and Ocwen Financial
Corporation at www.ocwen.com.

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