PolicyTech® Helps Ocwen Financial Corporation Keep Pace with Regulatory Demands
Company Size
1,000+
Region
- America
Country
- United States
Product
- PolicyTech®
Tech Stack
- Cloud-based solution
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
Services
- Cloud Planning, Design & Implementation Services
About The Customer
Ocwen Financial Corporation is one of the largest mortgage companies in America with over 9,000 employees. Founded in 1988, Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals. The company also provides innovative automotive floorplan financing and commercial mortgage servicing solutions for business partners. Recently, the company faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value.
The Challenge
Ocwen Financial Corporation, a large mortgage company in America, was facing a demanding regulatory environment. The regulatory expectations in the financial services industry had risen dramatically, and the company was held to a high bar. They faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value. The company realized that their current tools would not be sufficient to satisfy their business needs. They needed a program built for policy management so they could manage all of their company’s policies and procedures consistently and efficiently.
The Solution
After a thorough search and RFP process, Ocwen Financial Corporation settled on NAVEX’s PolicyTech software solution. The tool is exceeding Ocwen’s expectations. PolicyTech is a secure cloud-based solution that is hosted and upgraded remotely, and comes with many predefined features, so there is very little development, customization Ocwen has to do, or IT involvement. This makes the long term cost even lower. Employees and managers alike have been happy with the short learning curve. A big selling point for users is the ability to use Microsoft® Word within the tool. They see documents in the format they’re accustomed to. It’s easy to alleviate new user apprehension and create advocates for the tool, because people immediately see how simple it is to use.
Operational Impact
Quantitative Benefit
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