• Report: #1124427

Complaint Review: Ocwen Loan Servicing

  • Submitted: Tue, February 18, 2014
  • Updated: Tue, February 18, 2014

  • Reported By: Anonymous — Worcester Massachusetts
Ocwen Loan Servicing
Houston, Texas USA

Ocwen Loan Servicing Richard L. CoopersteinChief Financial Officer, Ocwen Mortgage Servicing Pushing me out of my home Houston, Texas

*Consumer Comment: I'm sorry

*Author of original report: Regulators Fear More Bad Mortgage Practices

*Author of original report: NY regulator requires monitor to oversee Ocwen mortgage practices

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This company is incredibly hard to deal with. The motto is "helping homeowners." But, I have received nothing but inconsistent answers, bad customer service and no help at all. They won't even accept my payments. I feel saddened that others have to deal with them, as I am very persistent and able to stand on my own. But, I know others will be easily pushed out of their homes.

This report was posted on Ripoff Report on 02/18/2014 09:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing/Houston-Texas/Ocwen-Loan-Servicing-Richard-L-CoopersteinChief-Financial-Officer-Ocwen-Mortgage-Servic-1124427. 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

I'm sorry

AUTHOR: JenC - ()

I may be able to assist you in this .

If you can disclose a little bit more details with me . If you would like more private setting please feel free to email me @ jencoon91@gmail.com  all I really need to know is more of the history withOcwen . Like as to if you applied for a modification and has aForecloseure started . Sheriff sale ? And what State of which you live . 

As every state Redeemption period is different . How many payments you are behind . I recently just helped a family with this company that had already done a Sherirff sale , but lied on the notary which expunged the Sheriff Sale . And the payments was over three years past due .

I may be able to help , there is always hope . Believe it or not Ocwen will fix therewrong doing . You just need someone to fight for you . To show them where they are wrong .

The quickest you respond we may get started . 

Deepest thoughts ,

Jenifer Coon 

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#2 Author of original report

Regulators Fear More Bad Mortgage Practices

AUTHOR: Anonymous - ()

sad... Ocwen is still allowed to operate.

Regulators fear more bad mortgage practices

  @CNNMoney February 10, 2014: 11:13 AM ET


You may have gotten a mortgage through the local branch of one of the megabanks, but did you know there's a good chance your bank turned around and sold the rights to service your loan to somebody else?

The mortgage servicing industry is a big business and growing. Servicers handle the daily operations of your loan, such as collecting payments and calculating late charges. They also track when loans get in trouble, and can even start foreclosure proceedings.

The biggest non-bank mortgage servicer is Ocwen Financial (OCN). It specializes in what it calls "high risk loans." You've probably never heard of Ocwen, but regulators are keeping close tabs on the company.

In December, the Consumer Financial Protection Bureau and 49 state attorneys general reached a $2.1 billion settlement with Ocwen because of mortgage servicing violations. The head of the CFPB, Richard Cordray, said that Ocwen took "advantage of borrowers at every stage of the process." He also estimated that as many as 185,000 consumers may have been unlawfully foreclosed upon by Ocwen.

CFPB spokesman Sam Gilford added that Ocwen's violations included "robo-signing documents during the foreclosure process".

Remember robo-signing? That was when bank employees basically authorized foreclosure documents without reading them. More than a dozen banks ultimately ended up settling with the government over foreclosure abuses tied to robo-signing.

Related: Foreclosures hit six-year low in 2013

Ocwen has remained in the crosshairs of regulators though. In 2012, the New York Department of Financial Services issued a consent order against Ocwen. The regulator found what it called "gaps in the servicing records of certain loans," and evidence that Ocwen "commenced foreclosure actions without sufficient documentation."

And it appears that Ocwen's troubles may not be over yet. The company said last week it was putting "an indefinite hold" on plans to buy a portfolio of servicing rights from Wells Fargo (WFC, Fortune 500) that consisted of about 184,000 loans with a total principal balance of $39 billion.

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#3 Author of original report

NY regulator requires monitor to oversee Ocwen mortgage practices

AUTHOR: Anonymous - ()

 I just found this online... yet, Ocwen is still allowed to buy more mortgages. This is sad.


NY regulator requires monitor to oversee Ocwen mortgage practices

Wed Dec 5, 2012 12:54pm ES


(Reuters) - A New York state regulator said it has ordered Ocwen Financial Corp to hire a monitor to make sure the growing mortgage servicer complies with a previous agreement to reform its practices.

The New York Department of Financial Services on Wednesday said it imposed the requirement after an examination found signs that Ocwen was violating the agreement. The monitor will be in place for two years.

In September 2011, Ocwen was the first mortgage servicer to agree to follow the department's new mortgage servicing requirements, which aimed to prevent the so-called robo-signing of foreclosure documents and other improper practices.

In its examination, the department said it found instances where Ocwen failed to show it had sent required 90-day notices before starting foreclosure proceedings or that it had standing to foreclose. The regulator also had other concerns about the company's servicing practices, including indications that it had failed to provide some borrowers with a single point of contact for communicating with the company.

Ocwen did not immediately respond to a request for comment.

The Atlanta-based company has been expanding rapidly through acquisitions as banks such as Morgan Stanley and Goldman Sachs Group Inc back away from a business that burned them during the financial crisis. Mortgage servicers collect payments from borrowers and help them modify their loans when they fall behind on the their payments.

Earlier this month, the servicer agreed to buy mortgage lender Homeward Residential Holdings from Wilbur Ross' private equity firm for $750 million in cash and stock. In October, Ocwen and Walter Investment Management Corp prevailed in a bankruptcy auction for Residential Capital LLC's mortgage business with a $3 billion bid that topped rival Nationstar Mortgage Holdings Inc.

Mortgage servicers have been under fire from regulators for their poor handling of foreclosures and loan modifications since the U.S. housing market cratered. In February, five large banks reached a $25 billion settlement requiring them to reduce loan balances for borrowers and to reform servicing practices.

The Wall Street Journal on Tuesday first reported that New York's banking regulator had concerns about Ocwen's practices.

(Reporting By Rick Rothacker; Editing by Kenneth Barry)

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