Opinion ID: 169778
Heading Depth: 4
Heading Rank: 2

Heading: The Ocwen Entities

Text: Ocwen Financial Corporation is a holding company based in Florida. It is required and the agent performing the REO property evaluation is likely to get the listing on the property. -5- the parent company to the two other defendants in this case, the Bank and Ocwen Technology. The Ocwen entities are primarily operated by brothers W illiam and John Erbey. W illiam Erbey was chief executive officer and chairman of the Bank at all relevant times. The Bank’s valuation department purchased loan pools requiring updated BPO s. The bulk of its BPO s were purchased through national vendors, such as Cartel, from 1993 through 1999. In 1995, the Bank created a computer system called Order Tracking, in which it kept names of its vendors and follow ed the progress of its orders. In mid-1999, the B ank created a new division, Ocw en Realty Advisors (O cwen Advisors). Bill Krueger, formerly with the Bank’s valuation department, was appointed the Director of Ocwen Advisors and was tasked with reorganizing the department. The goal was to transition the valuation department from its status as a historical cost center, providing support to its acquisition department, to a division providing services to clients for a fee.
Ocwen Technology was formed to develop and implement an e-commerce platform, REALTrans, to allow seamless financial transactions between customers and vendors. As explained by one national provider, “REALTrans is like an electronic pipe. . . . [O ]n one side w ere vendors like myself, BPO providers, many different types of vendors in residential real estate services, flood companies, tax companies . . . . On the other side of the pipe are all the banks, the lenders. . . . REALTrans’s function was to help facilitate communications -6- between banks w ho would send orders, and vendors w ho would complete them. And REALTrans would take a fee for making that transaction happen.” (R. Vol. 7 at 2272.) REALTrans was announced to the Bank’s national vendors in late 1998 and implemented in 1999. W illiam Erbey was chairman of the board of O cw en Technology; John Erbey was the chief executive officer.