Florida-based specialty servicer ""Ocwen Financial Corporation"":http://www.ocwen.com recently launched a new product to help buyers of non-performing loan portfolios or residuals of private-label securities get more value from their loans.
A ""turnkey"" product, PlatformPlus allows distressed asset investors to set up specialty servicing operations using Ocwen's expertise and management. By using the product,[IMAGE] [COLUMN_BREAK]
buyers can maintain control yet still take advantage of Ocwen's technology, the company explained.
""In our discussions with hedge funds and other buyers of distressed assets, there was a desire to use Ocwen's proven prowess as a special servicer but retain Ã¢â‚¬Ëœhands-on' control over an in-house operation,"" said William Erbey, Ocwen's chairman.
""These investors also recognize that building or buying a platform carries substantial risks,"" Erbey continued. ""Starting from scratch requires a large investment in an unproven operation. Buying an existing platform carries risks related to Ã¢â‚¬Ëœsins of the past.' The natural compromise was to work with Ocwen in developing their own operation.""
PlatformPlus provides access to Ocwen's technology and management services to recruit and build out the operation. Users receive advice for responding to regulatory changes and access to Ocwen's network of service providers, including ""Altisource"":http://www.altisource.com.