Report: #1225359

Complaint Review: Ocwen Loan Servicing

  • Submitted: Tue, April 28, 2015
  • Updated: Tue, April 28, 2015
  • Reported By: Luckyc5 — Norfolk Virginia USA
  • Ocwen Loan Servicing

    Nationwide
    USA

Ocwen Loan Servicing Ocwen - Organized Scam - Preying on Home Owners West Palm Beach, FL. Nationwide

*General Comment: Ocwen Represents The United States Of America

*Consumer Comment: Solution to your servicing problem

Show customers why they should trust your business over your competitors...

 For the last eight months, my mortgage statements from Ocwen Loan Servicing have been incorrect. If I pay the "amount due", documented on the statement, my payment is put into a "suspense" account, and not applied. Then I am assessed a late fee, and interest accumulates on the unpaid balance. I have called several times and written letters. When I called, the customer service rep said that she had to open an investigation and that I would get a letter in two weeks.

Three weeks later, I received a packet of papers which was a detailed escrow report. It did not answer the question of why my statements are incorrect. I have been speaking to customer service every month about this. I received my statement yesterday with the amount due $1,198.71. When I called, I was told that the amount due was $1,303.71. This may not seem like a huge amount of money, but if you multiply it by the number of customers they have, Ocwen is getting rich. They have to be the most dishonest, badly run, company in the world.

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This report was posted on Ripoff Report on 04/28/2015 06:49 AM and is a permanent record located here: http://www.ripoffreport.com/reports/ocwen-loan-servicing/nationwide/ocwen-loan-servicing-ocwen-organized-scam-preying-on-home-owners-west-palm-beach-fl-1225359. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 General Comment

Ocwen Represents The United States Of America

AUTHOR: Jeff - (USA)

Ocwen represents what the United States Of America is at it's finest.

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#2 Consumer Comment

Solution to your servicing problem

AUTHOR: FloridaNative - (USA)

OCWEN is very difficult to work with so I understand your issue completely.  I don't work for them, but know what you are having to contend with in this mortgage servicing organization. They do have one of the worst reputations in the industry.

Having said the above, the best way to handle this issue to get it to stop is to send in the full normal payment of $1303.71 for your May 2015 payment. At the same time, send a written request to Ocwen servicing to apply the excess funds in your suspense account toward your principal balance (immediately). Give them 10 business days to comply. 

 It is extremely important that you send the request in writing per the communication preferences listed on your statement so they have no excuse about how they received the request. You may want to also send a request Return Receipt Request via US mail in addition to the way Ocwen require's the request as listed on the back of your statement.

If they do not honor your request, then file a RESPA complaint and have Ocwen provide to you a complete payment analysis of your account, including an escrow analysis. Look up the proper forms for a RESPA letter online.

If they still do not comply, file a complaint with the CFPB and the FTC. Ocwen is being investigated for their "loan servicing misconduct" because it is a well known problem with this servicer.  

It is my advice, based on the information in your post, to do what you can immediately to straighten this out for the short term. In the long run, if it were my mortgage,  I would refinance with another lender that services their own mortgages. 

Keep good records. I truly hope you get this worked out right away.

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