ED Magedson – Founder
Ocwen Loan Servicing, LLC1661 Worthington Road, Suite 100 West Palm Beach, Florida USA
Ocwen Loan Servicing, LLC Ocwen would not acknowledge error in handling of bi-weekly payments. West Palm Beach Florida
Ocwen took over servicing my loan from GMAC where I was enrolled in their automatic bank withdrawal bi-weekly mortgage payment program to pay-off the mortgage sooner. This program states "for months where 3 payments are withdrawn, the 3rd withdrawal will be applied to your principal". When I refinanced the loan, I reviewed my payment history for proper application to principal and interest.
My review showed that in the first 2 months where 3 payments occurred, the 3rd one was NOT applied to principal as called for in the program. The result was the pay-off amount calculated by Ocwen to liquidate the loan was overstated by $1,189. My telephone and written complaints to Ocwen's customer service department in Iowa went nowhere and even my demand letter to their main office in Florida was completely ignored.
This report was posted on Ripoff Report on 05/13/2013 12:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing-LLC/West-Palm-Beach-Florida-33409/Ocwen-Loan-Servicing-LLC-Ocwen-would-not-acknowledge-error-in-handling-of-bi-weekly-pay-1050576. 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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