• Report: #994680

Complaint Review: Ocwen Loan Servicing, LLC

  • Submitted: Thu, January 10, 2013
  • Updated: Wed, January 16, 2013

  • Reported By: Frederick — San Rafael California U.S.A.
Ocwen Loan Servicing, LLC
Internet United States of America

Ocwen Loan Servicing, LLC Very slow to return funds after loan payoff Internet

*Consumer Comment: Report OCWEN to the Consumer Financial Protection Bureau

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Ocwen is prolonging it's inept reputation with me. I refinanced my house and paid off my home equity line of credit with Ocwen in November. Citibank mortgage closers estimated it should take Ocwen 10 - 15 days to refund my prepaid interest. After more than 60 days and several phone calls to Ocwen, I'm still waiting and being told that "the cashier" at Ocwen is holding funds " in case there are any other charges due". There are not - Citibank paid off Ocwen in full in November and even my Jan 1 Ocwen statement lists the funds as a negative amount due. This loan servicing company needs to be regulated and supervised by an agency with the authority to halt these dishonest practices referenced in these 2500+ negative Ocwen comments.

This report was posted on Ripoff Report on 01/10/2013 02:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing-LLC/internet/Ocwen-Loan-Servicing-LLC-Very-slow-to-return-funds-after-loan-payoff-Internet-994680. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Report OCWEN to the Consumer Financial Protection Bureau

AUTHOR: MovingForward - (USA)

This is that new regulatory board that is supposed to protect consumers from irresponsible mortgage lending. I can't see anything more irresponsible than your servicer keeping escrow funds after you have paid them off. There may be other places to report them too. OCWEN has the worst reputation in the industry, its a good thing you refinanced away from them. I hope you get your refund soon.  You will need to do everything in writing with them to bolster your chances of getting your surplus escrow.
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