OCWEN TECHNOLOGY XCHANGE (OTX)

DEMONSTRABLE GLBA COMPLIANCE

BACKGROUND:
Founded in 1997 as a subsidiary of Ocwen Financial Corporation, Ocwen Technology Xchange (OTX) is one of the top technology vendors serving the mortgage and real estate industries. OTX has created advanced e-commerce and software solutions that automate time-consuming mortgage and real estate processes, thereby enabling their customers to increase operating efficiencies, reduce overall costs and enhance revenue streams.

BUSINESS NEED:
Meet Gramm- Leach-Bliley Act (GLBA) information protection requirements, especially as delineated in section 501(b). Protect the Ocwen REALTrans business-to-business information exchange and the regulated non-public personal information (NPI) it maintains. Minimize impact on business operations. Ensure lowest possible total cost of ownership

RESULTS:
After evaluating alternative solutions, including column encryption, OTX selected Vormetric Data Security Expert. Vormetric met all of OTX’s security needs, including high-speed encryption of sensitive data in an OLTP database, without the implementation, performance and management issues associated with alternative solutions. Vormetric’s highly transparent design allowed OTX’s data storage environment to be quickly secured without rewriting any application software. The Vormetric solution secures approximately one million mortgage-related orders per month for insurance, appraisals and property data, solving GLBA information protection requirements.

CUSTOMER QUOTE:
“Security of our customers’ information is our highest concern. Our technology is used by the nation’s leading mortgage and real-estate companies that collectively originated 40% of all mortgages last year. Security and reliability are paramount, since we are protecting their customer relationships, as well as our own. ”