UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
-----------------------------------------------
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED): JUNE 8, 1999
OCWEN FINANCIAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0-21341 65-0039856
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
THE FORUM, SUITE 1000
1675 PALM BEACH LAKES BOULEVARD, WEST PALM BEACH, FLORIDA 33401
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (561) 682-8000
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
PAGE 1 OF 6
EXHIBIT INDEX ON PAGE 4
ITEM 5. OTHER EVENTS
The news release of Ocwen Technology Xchange, Inc., a wholly-owned subsidiary of
Ocwen Financial Corporation, dated June 8, 1999, announcing its acquisition of
the assets of Synergy Software, LLC and certain other information, is attached
hereto and filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed as part of this report:
(99) News release of Ocwen Technology Xchange, Inc., a
wholly-owned subsidiary of Ocwen Financial Corporation, dated
June 8, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
OCWEN FINANCIAL CORPORATION
(Registrant)
By: /s/ Mark S. Zeidman
----------------------------------------------------
Mark S. Zeidman
Senior Vice President and Chief Financial Officer
Date: June 17, 1999
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INDEX TO EXHIBIT
Exhibit No. Description Page
- ----------- ----------- ----
99 News release of Ocwen Technology Xchange, 5
Inc., a wholly-owned subsidiary of Ocwen
Financial Corporation, dated June 8,
1999, announcing its acquisition of the
assets of Synergy Software, LLC and
certain other information.
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- --------------------------------------------------------------------------------
Exhibit 99
[OCWEN TECHNOLOGY XCHANGE
GRAPHIC LOGO OMITTED]
OCWEN TECHNOLOGY XCHANGE(TM)
- --------------------------------------------------------------------------------
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:
o 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
o Fully-integrated cash management functions including automated transfer
management between clearing and custodial accounts and full Automated
Clearing House ("ACH") support
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o Dynamic contact management, call tracking, and task management capabilities
o 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 REALTrans(SM) functionality
to Synergy's software systems. As a Web-based application, the REALTrans(SM)
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 REALTrans(SM) system, which facilitates the electronic
ordering of real estate products and services via the Internet and expedites the
closing process. The benefits of the REALTrans(SM) 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 REALTrans(SM) 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 REALTrans(SM) 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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