Metropolitan Mortgage Sells Servicing Rights to More Than $1.8 Billion In Loans

Apr 18, 2001, 01:00 ET from Metropolitan Mortgage & Securities Co., Inc.

    SPOKANE, Wash., April 18 /PRNewswire/ -- Metropolitan Mortgage &
 Securities Co., Inc., announced today that it has sold the servicing rights to
 more than $1.8 billion in securitized mortgage and owned loans to
 Ocwen Financial Corporation (NYSE:   OCN), a leading mortgage servicing company
 located in West Palm Beach, Florida. The servicing rights to approximately
 31,000 loans will be transferred in this transaction.
     "The transaction with Ocwen presents an exceptional opportunity for us,"
 said C. Paul Sandifur, Jr., President and Chief Executive Officer of
 Metropolitan Mortgage & Securities.  "In late 2000, we initiated our
 aggressive long-term growth plans designed to redirect company resources to
 areas of more proven profitability.  Selling the servicing rights to these
 loans will enable Metropolitan to do just that."  Sandifur continued, "Ocwen
 is known to be a leader in the mortgage servicing industry and this will be
 a win-win for both companies."
     "We are excited to partner with Metropolitan and provide them with the
 flexibility and the capacity they need to meet their strategic goals," said
 William C. Erbey Chairman and CEO of Ocwen Financial Corporation.  "This
 transaction is an example of how we listen to our partners and customize
 solutions to fit their particular needs."  Erbey continues, "With the close
 of this transaction we will have more than $20 billion in servicing rights
 under management contract and approximately 280,000 loans."
     Cohane Rafferty Securities, LLC assisted Metropolitan Mortgage in this
 transaction.
     Metropolitan Mortgage & Securities Co., Inc., headquartered in
 Spokane, Washington, is the parent company of 9 active subsidiary corporations
 with more than $1.1 billion in assets and annual revenues in excess of
 $150 million.  Founded in 1953 by C. Paul Sandifur, Sr., Metropolitan Mortgage
 is a family-owned business that provides a wide range of financial services
 and investment products nationwide.  Additional information about Metropolitan
 Mortgage is available at www.metmtg.com.
     Ocwen Financial Corporation is a financial services company headquartered
 in West Palm Beach, Florida with $2.2 billion in assets.  The Company's
 primary business is the servicing and special servicing of nonconforming and
 subprime residential and commercial mortgage loans. Ocwen also specializes
 in the related development of loan servicing technology and software for the
 mortgage and real estate industries.  Additional information about Ocwen
 Financial Corporation is available at http://www.ocwen.com/.
     For more information, please contact Erik Skaggs, Director of Market
 Development for Metropolitan Mortgage & Securities Co., Inc. at
 509-835-2051.
     This press release contains forward-looking statements as contemplated by
 the safe harbor provisions under securities laws.  Actual results may differ
 materially from these forward-looking statements as a result of various
 factors and risks.  These forward-looking statements are based on
 information available to the company at the time of this release and the
 company assumes no obligation to update any such forward-looking statements.
 The statements in this release are not guarantees of future performance.
 Certain risks and uncertainties associated with the business are detailed in
 the company's most recent Forms 10-K and 10-Q which are on file with the SEC
 and available through www.sec.gov.
 
 

SOURCE Metropolitan Mortgage & Securities Co., Inc.
    SPOKANE, Wash., April 18 /PRNewswire/ -- Metropolitan Mortgage &
 Securities Co., Inc., announced today that it has sold the servicing rights to
 more than $1.8 billion in securitized mortgage and owned loans to
 Ocwen Financial Corporation (NYSE:   OCN), a leading mortgage servicing company
 located in West Palm Beach, Florida. The servicing rights to approximately
 31,000 loans will be transferred in this transaction.
     "The transaction with Ocwen presents an exceptional opportunity for us,"
 said C. Paul Sandifur, Jr., President and Chief Executive Officer of
 Metropolitan Mortgage & Securities.  "In late 2000, we initiated our
 aggressive long-term growth plans designed to redirect company resources to
 areas of more proven profitability.  Selling the servicing rights to these
 loans will enable Metropolitan to do just that."  Sandifur continued, "Ocwen
 is known to be a leader in the mortgage servicing industry and this will be
 a win-win for both companies."
     "We are excited to partner with Metropolitan and provide them with the
 flexibility and the capacity they need to meet their strategic goals," said
 William C. Erbey Chairman and CEO of Ocwen Financial Corporation.  "This
 transaction is an example of how we listen to our partners and customize
 solutions to fit their particular needs."  Erbey continues, "With the close
 of this transaction we will have more than $20 billion in servicing rights
 under management contract and approximately 280,000 loans."
     Cohane Rafferty Securities, LLC assisted Metropolitan Mortgage in this
 transaction.
     Metropolitan Mortgage & Securities Co., Inc., headquartered in
 Spokane, Washington, is the parent company of 9 active subsidiary corporations
 with more than $1.1 billion in assets and annual revenues in excess of
 $150 million.  Founded in 1953 by C. Paul Sandifur, Sr., Metropolitan Mortgage
 is a family-owned business that provides a wide range of financial services
 and investment products nationwide.  Additional information about Metropolitan
 Mortgage is available at www.metmtg.com.
     Ocwen Financial Corporation is a financial services company headquartered
 in West Palm Beach, Florida with $2.2 billion in assets.  The Company's
 primary business is the servicing and special servicing of nonconforming and
 subprime residential and commercial mortgage loans. Ocwen also specializes
 in the related development of loan servicing technology and software for the
 mortgage and real estate industries.  Additional information about Ocwen
 Financial Corporation is available at http://www.ocwen.com/.
     For more information, please contact Erik Skaggs, Director of Market
 Development for Metropolitan Mortgage & Securities Co., Inc. at
 509-835-2051.
     This press release contains forward-looking statements as contemplated by
 the safe harbor provisions under securities laws.  Actual results may differ
 materially from these forward-looking statements as a result of various
 factors and risks.  These forward-looking statements are based on
 information available to the company at the time of this release and the
 company assumes no obligation to update any such forward-looking statements.
 The statements in this release are not guarantees of future performance.
 Certain risks and uncertainties associated with the business are detailed in
 the company's most recent Forms 10-K and 10-Q which are on file with the SEC
 and available through www.sec.gov.
 
 SOURCE  Metropolitan Mortgage & Securities Co., Inc.

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