Ocwen Federal Bank ripoff Orlando Florida

I work at Ocwen and just a little FYI for some of you: 1)To the person who complained about paying for a payoff quote and not being able to get a quote over the telephone: No mortgage company will give you a payoff quote over the phone. Payoff quotes have to be in writing to protect you and the company. There are indicentals that will be on the payoff quote, i.e. principal, interest, late charges, escrow, etc. and the payoff quote will have a good-thru date. All mortgage companies charge for processing a payoff quote and most charge for faxing it as opposed to mailing it. We pay for convenience.

I have had several mortgages in my life with different companies and these rules apply to all of them. 2) Ocwen changed it's payment address, yes, but not the payment company. The same company that handled the payments in Los Angeles handles them in Chicago or Carol Stream, IL. April was the last month the the LA address will be reflected on the billing statements.

Even if you mail your payment to LA it will be forwarded to Carol Stream and effective dated to the date it was received in LA. Ocwen uses an outside vendor to process it's payments as does your insurance company, vehicle loan company, electric, water and credit car companies. It's common practice and has been for decades. 3) Ocwen does not create prepayment penalties for it's borrowers.

Prepayment penalty riders are on most of the mortgages we service. The loan origination company (the bank that originally puts up the money for the loan) decides to what loans they will attach a prepayment penalty based on the borrowers financial criteria: including credit score, debt to income ratio, past income, past work history, etc. The borrower signs the prepayment penalty rider or Note (when it is included with the Note) at closing with the title company or attorney's office. Prepayment penalties can be from 1 year to 5 years. The prepayment penalty can be any number of formulas from 6 months interest, 3% of the unpaid principal balance at the time of payoff to a what is called a "standard formula", which is the highest prepayment penalty calculated.

Then, later, if you pay off your loan before the prepayment penalty has expired the prepayment penalty will reflect on the payoff quote. I could go on, and I know that most who will read this will not believe it. But, the above are facts for all mortgage companies, not just Ocwen.

Karen
Orlando, Florida
U.S.A.