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Funding America Chooses Ocwen for Due Diligence and Loan Processing Services

WEST PALM BEACH, Fla., Oct. 21, 2005 (PRIMEZONE) -- Mortgage aggregator Funding America, Inc. has selected Ocwen Financial Corporation to provide a range of services including Ocwen's newly unveiled due diligence and loan processing services, Ocwen announced today.

"We chose Ocwen because we believe their technology and processing and loan servicing capabilities to be superior. Funding America's strong production management, coupled with our relationship with Ocwen, will help us create one of the nation's most effective and efficient subprime wholesale providers," said Neil Notkin, President, Funding America.

Mallory Hill, Funding America CEO, said, "In addition to due diligence and loan processing, Funding America has contracted with Ocwen for technology services, including REALTrans(r) lender-vendor management platform. After closing, Funding America will keep its loans with Ocwen, utilizing the company's interim servicing capabilities until the loans are placed with the primary servicer."

Ocwen recently announced that it began offering 24-hour mortgage loan processing and closing services to mortgage lenders and brokers who want to shorten the closing cycle, reduce expense and improve accuracy and 24-hour residential due diligence services to Wall Street investors and mortgage banks who want to speed the mortgage due diligence process at a lower cost without giving up quality.

Funding America, Inc. is a wholesale provider of nonprime and alternative loan products for the residential mortgage broker community on a national level. With offices in Houston, Dallas, Baton Rouge, Jacksonville, Chicago and Orange County; and over 100 employees, Funding America is experiencing exponential growth.

Ocwen Financial Corporation (Ocwen) is a diversified financial services holding company with headquarters in West Palm Beach, Florida, offices in Orlando, Florida and Chicago, Illinois and global operations in Canada, Germany, India, Japan and Taiwan. Ocwen is principally engaged in servicing and origination processing services for the loan industry. Ocwen is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information is available at www.ocwen.com.

CONTACT: 
Ocwen Media Relations
Rebecca Peddie
T: (407) 737-5388
E: Rebecca.Peddie@Ocwen.com