Ocwen Financial Corp., a subprime mortgage servicer, has received a patent for REALRemit, an e-commerce invoicing system it uses to streamline the complex task of managing real-estate owned (REO) properties.
REALRemit manages the invoicing and expenses – often issued by hundreds of third-party vendors – that are generated when a foreclosed or vacated property is put up for sale. The system allows Ocwen and third-party licensees of REALRemit system to manage expenses, track costs and generate the best possible outcome for mortgage lenders and investors.
While designed for real estate management, REALRemit system can be used in any complex e-commerce setting where the coordination of multiple vendors and cost items is required, Ocwen notes.
Source: Ocwen