Ocwen Federal Bank Ripping you off? Payment Scam Uncovered

8 months ago, my Metwest mortgage was bought out by Ocwen. Every month since they have taken over, my payments have taken on average of 10 days to post to this account and on two occasions, have been late. I can empathize with those who have received the harrassing phone calls. I make all my payments via electronic bill pay through my bank. All other payments are received in 3 days, some the next day. So why does it take Ocwen so long to get my payment.

I started doing some investigation after my Dec. 2000 payment was posted one day after the grace period expired. Although Ocwen is a bank, they do not have an electronic payment method, so my electronic bill payment from my bank actually has to be hard copied and send via the USPS. Ofcourse, no one at Ocwen informed me of this so I could make other arrangements.

Secondly, the payment address in Los Angeles, CA. is not received by Ocwen. It is received by a third party who processes payments for Ocwen and then forward the payments on to them at a later date. The claim by Ocwen is that this company posts the payments the same day the receive them. The problem with this is there is no way for the consumer to verify this. So, when it comes time to investigate ones late payment, there is no way to verify what date the mail actually was received.

A final note, isn't it odd that the Ocwen people are aware of this problem and that all their alternative methods of payment include extra fees to the customer?

Something definately stinks here and I would join a class action lawsuit to find out what is really going on here and to get back my $228.38 late fees for Dec.