Ocwen Federal Bank You think it's bad now. this former employee knows, Ocwen is sending all its operations to India. evil ripoff dirt bags Orlando Florida *EDitor's Comment

We have had dealings with Fairbanks Capital which operate the same way. When Bank of America "sold" their home mortgages to "others" in January, they started to use very improper methods to "collect" Many of the clients were seniors or low income people with fairly good credit. The object was to force the sale of your home by any means possible.

This includes inducing clients to write "post dated" checks. . . then withhold the funds or send the payment in early, causing "bounced checks" They also don't honor the grace periods on the loan contract.

We were told by an employee of Fairbanks to "get another bank mortgage or we would loose our home"

Hello, I am a current employee of Moss Codilis, the law firm that works for Ocwen, in the bankruptcy department in Orlando. I am tired of all of the illegal activities of Ocwen.

I can't begin to tell you how many of the complaints you have listed here standard procedures at Ocwen are.

Ocwen believes in "playing the odds" Meaning, it hopes out of every 10 houses they illegally foreclose on, (they are illegal because all of the affidavits Ocwen/Moss use in the court to proceed with the sale, are invalid because they are NEVER signed in the presence of a notary.

Actually, Ocwen encourages us to use pre signed documents that we attach any paper work to we fell like, and then they are sent to an employee to notarize all at once to save time.

So, anyone that is in foreclosure, or has already lost their home, get an atty to subpoena the documents and most of the time you will see that the signor, usually Teresa Bratcher or Margie Rotundo, are in West Palm Beach, but the notary is in Orlando. How is that Mr. Bill Erby????

Anyone happen to check Ocwen's stock price lately??? 52 weeks ago it was about 9 dollars a share. Last week it closed less than 3 dollars a share.

The move of 80% of operations to India is crashing and burning just as we all suspected. It is a feeble attempt by Ocwen to be considered an international corp. to be out of the reach of US courts. It won't work guys. The only thing it will succeed in is running Ocwen into ch.11 that much quicker.

Ocwen should be releasing its 3rd quarter earnings soon. I wonder if they will be able to top last quarter's 50 million loss.

You know, if Ocwen is incorporated in Florida, and they show losses for 3 years consecutively, they will be dissolved as a corp. in the state and be considered a hobby. Yea, that sounds about right. Hey guys, maybe they will run them selves out of business and you won't have to wait on the courts to shut them down.

Question Mr. Erby and Mr. Moss:

Why did all employees just recently have to sign confidentiality agreements??? Getting scared what information we all have given to the courts??? TOO LATE. It was all given out before we signed those unenforceable agreements. Why unenforceable??? They were all singed under duress. Well, I gotta get going, Magnum P.I. is on. Have a nice day!!

I'M CORE!!!!

First of all Mr. Hanson, I AM one of those Ocwen victims who joined forces with you, and you e-mail me regularly on the status of the case. The whole point of my posting, was to hopefully make other people aware of "rules" that govern debt collection.

There are many people like myself who have NO TRUST in anything that has the name Ocwen attached to it! Including a class action lawsuit, such as the one you have started.

There are over 300 reports on Ocwen on this site, and yet..there are not 300 victims who have joined in on this lawsuit. I suspect it is a zero trust factor. I have 2 friends here in Washington state that complaine constantly about their Ocwen loans. I have told them about this site, and the class-action lawsuit that has been filed. They both feel that Ocwen is too big, and they are too small, and they just want to get out of their loans and never look back.

If you knew me personally, you would know that I am a scrapper from hell! What Ocwen has done, and continues to do goes OVER the boundaries of "fair debt collection practices." I have nothing but the worst kind of opinion of this place, BUT I will NOT sit back, now that I am out from under their thumb, and DO NOTHING! My mortgage broker wanted me to consider this as an avocation, and this is a step forward.

Fighting Ocwen is not just a passion, a hobby or an obsession. It is a responsibility. I owe it to those who have no computers to file a report. I owe it to those people who just want a place to call home. I owe it to the senior citizens who have been foreclosed on, and have no idea what happened to them. Getting a loan "serviced" by Ocwen, is like getting raped everday when you come home from work. And I owe it to the new couple with stars in theirs eyes, who have sketchy credit and want to buy that little starter home across town and are willingly led to the slaughterhouse to pay 11.625% (don't worry you can refinance in a year the realtor whispers in their ear.) I OWE, I OWE but I don't owe Ocwen no 'mo!

As for Ocwen abiding by the rules of the FDCPA, I find that to be totally UNTRUE. They violate just about everything they touch. Ocwen "servicing" a loan is a load of crap too. It's just like a pawn ticket...whoever holds the ticket can redeem it for the goods. And Ocwen holds the paper on your loan. Oh yes, I started out with Finance America, who got the bank approval from First Union National Bank, who got a "funder" by the name of Mindahar Sadawari, who THEN "assigned servicing rights" over to Ocwen.

And all this happened BEFORE we had closed! First time home-buyer, lead to the slaughter because I had filed bankruptcy 3 years previous.

A year after the nightmare began, I discovered that Ocwen was tied to all of these companies. I am not one who will even listen to the "servicing of the loan" theory, because that's all it is. A theory.

So calm down Mr. Hanson! I am on your side, and I try my best to get as much information to others as I can about this lawsuit. Together is better!

First of all Mr. Hanson, I AM one of those Ocwen victims who joined forces with you, and you e-mail me regularly on the status of the case. The whole point of my posting, was to hopefully make other people aware of "rules" that govern debt collection.

There are many people like myself who have NO TRUST in anything that has the name Ocwen attached to it! Including a class action lawsuit, such as the one you have started.

There are over 300 reports on Ocwen on this site, and yet..there are not 300 victims who have joined in on this lawsuit. I suspect it is a zero trust factor. I have 2 friends here in Washington state that complaine constantly about their Ocwen loans. I have told them about this site, and the class-action lawsuit that has been filed. They both feel that Ocwen is too big, and they are too small, and they just want to get out of their loans and never look back.

If you knew me personally, you would know that I am a scrapper from hell! What Ocwen has done, and continues to do goes OVER the boundaries of "fair debt collection practices." I have nothing but the worst kind of opinion of this place, BUT I will NOT sit back, now that I am out from under their thumb, and DO NOTHING! My mortgage broker wanted me to consider this as an avocation, and this is a step forward.

Fighting Ocwen is not just a passion, a hobby or an obsession. It is a responsibility. I owe it to those who have no computers to file a report. I owe it to those people who just want a place to call home. I owe it to the senior citizens who have been foreclosed on, and have no idea what happened to them. Getting a loan "serviced" by Ocwen, is like getting raped everday when you come home from work. And I owe it to the new couple with stars in theirs eyes, who have sketchy credit and want to buy that little starter home across town and are willingly led to the slaughterhouse to pay 11.625% (don't worry you can refinance in a year the realtor whispers in their ear.) I OWE, I OWE but I don't owe Ocwen no 'mo!

As for Ocwen abiding by the rules of the FDCPA, I find that to be totally UNTRUE. They violate just about everything they touch. Ocwen "servicing" a loan is a load of crap too. It's just like a pawn ticket...whoever holds the ticket can redeem it for the goods. And Ocwen holds the paper on your loan. Oh yes, I started out with Finance America, who got the bank approval from First Union National Bank, who got a "funder" by the name of Mindahar Sadawari, who THEN "assigned servicing rights" over to Ocwen.

And all this happened BEFORE we had closed! First time home-buyer, lead to the slaughter because I had filed bankruptcy 3 years previous.

A year after the nightmare began, I discovered that Ocwen was tied to all of these companies. I am not one who will even listen to the "servicing of the loan" theory, because that's all it is. A theory.

So calm down Mr. Hanson! I am on your side, and I try my best to get as much information to others as I can about this lawsuit. Together is better!

Ocwen doesn't own all the mortgage loans it collects money on: it services a lot of mortgages on behalf of other lenders, mortgage pooling trusts, etc. When an individual and/or business collects a debt on behalf of another party the debt is owed to, this activity brings the collecter within the purview of the FDCPA. This is why Ocwen must follow the letter of the FDCPA when they are collecting on mortgage notes they service for other parties.

Dear Penny (if that is for real your name):

Thank you for your absolutely brilliant observation. I was floored by the incredible hypothesis you so cogently argued, as if articulating a point before the Supreme Court! Waow! Supercalifragilipsticexpialadocious (even though the sound of it is something quite atrocious). Copernicus was WRONG! The sun revolves around the EARTH!

How poignant your paradigm that Ocwen is indeed above the law and able to collect debts in the conscientious and consumer-friendly manner it does. Under Ocwen's (not Murphy's) Law, everything is justified as long as it is easy to do.

After all, who wants to follow some really stupid laws written by dumb ol Congress that says you can't harass or threaten people whose loan accounts you are servicing? And which President signed that bill into law? Jimmy Carter. That figures. Some bleeding heart liberal who was in cahoots with Ralph Nader (the guy doing crazy things like making cars safer for all of us).

Going around building houses for poor folk, that Jimmy Carter; he should be impeached because folk like him pass lousy laws to make nice corporations like Ocwen go through hoops just to collect a few pennies from deadbeats like us. And, anyway, if Jimmy Carter was smart enough to be President, how come he NEVER won the Nobel Peace Prize?

Who wants to properly post payments to thousands of accounts? Heck, the borrowers might actually one day be able to pay off their loans! Good grief, that would be a disaster!

Who wants to stop screwing up the reports sent to credit bureaus on borrowers? Not "Knock-When"? These subprime borrowers had lousy credit in the first place, so why expose them to something they never knew about, such as clean credit? They might get so carried away they might actually be able to refinance. Surely, WE wouldn't want that!

Why should Ocwen have to be forced by OTS (Old Toothless Stinky) to give accurate payoff figures? That would be very unfair. Especially after HUD (Home Undertaker Division) had washed its hands of these homes much the same way undertakers wash their hands after handling corpses.

And as for the rumor about "ex-employees" and "current employees" with insider info posting FLATTERING comments about Ocwen, you are absolutely right. How dare these renegade employees breach the secrecy contracts they signed just because they see something illegal. They agreed to park their consciences and good judgment in their cars at Ocwen's parking garage when they reported to work.

These "insider" reports are purely bogus, because nobody who works at Ocwen and is overpaid and underworked would ever utter such nonsense or raise a hand against the craddle that rocked it. This is all one big campaign of disinformation and lies being fed by disgruntled consumers.

Which is why Ocwen is NOT sweating it out in federal district court in Connecticut using a bunch of lawyers [how many lawyers does it take to change an Ocwen lightbulb from black to white?] to argue to the Judge that the plaintiff [Hanson] should be made to vomit the names of moles at Ocwen who Ocwen accuses of stealing trade secrets. Surely, the employees cannot be genuine WHISTLEBLOWERS protected by federal law!

After all, as Ocwen knows, there cant be any insiders because there are really NO employees at Ocwen handling any loan accounts. That explains why the phones are never answered. That explains why payoff requests take forever. That explains why payments never post to accounts until after the 15th when late charges can be added.

And since when, pray tell, did mundane information such as having a mortgage with Ocwen constitute a trade secret? If that is the case, we all need to be suing Ocwen for revealing our confidential information. I, for one, get about four unsolicited refinance offers every month telling me the time has never been better to pay off my Ocwen high interest mortgage (even though I no longer have a mortgage with Ocwen). Can I sue Ocwen for breach of privacy (as well)?

You are so perceptive, my good friend, and I think I shall ask all the deadbeats who have complained here and to federal agencies and who have signed on to the lawsuit in Connecticut to stop all their cry-baby bunting stuff.

For crying out aloud, there is no Ocwen, just a kind-hearted Santa CLAWS standing outside the door who simply wants to wriggle down the chimmney and give us all a little massage and TLC. And Little Red Riding Hood and the Three Little Piggies WAS not chased by NO Big Bad Wolf waiting to molest them NEITHER and blow their house down. No, siree. And the Big Bad Wolf didn't have NO snout NEITHER, just one of THEM hospital masks because he was allergic to the pollen in grandma's cottage.

No, sahr. And the Big Bad Wolfs ears WASNT really that big, anyways: they just WAS swollen from a liddle problem he had when he was attacked by some ferocious lambs menacingly baa baaing across the meadow. And the Big Bad Wolf NEITHER didn't have NO big, stained, teeth anyhow, just dentures that some malpracticing dentist didn't set right in his mouth. Whos afraid of the Big Bad Wolf. Nobody! Hooray!

Fancy that. Givin' the poor ol' widdle gentil wuuf a bad name, just for nuffin'. And ostriches NEVER sticking their stinky asses up into the air for all to see their soiled diapers, right? Whos fooling whom?

Thank you for your brilliant analysis (just like S&P giving Ocwen a perfect customer satisfaction rating). Did they already award the Nobel Prize for Literature this year? Shucks! This world is really unfair: YOU deserved that prestigious prize (especially because you planned to use the prize money to pay off all our debts at Ocwen, good ol uncle Awkward, oops, uncle Knuckwurst, oops, uncle Orkin, oops, Uncle Ocron, oops uncle . . . you get the picture. And he aint no uncle of mine, I can tell you that!

Kweku HansonHartford, Connecticut

Dear Penny from - Vancouver, Washington,

Thank you for your absolutely brilliant observation. I share your very inciteful (oops, I meant to say "insightful") observation that perhaps the alleged folk with insider information (ex-employees and current employees) are just there to dupe and distract us.

Surely, Ocwen's honest employees have nothing better to do with their time than to write here to give borrowers some ray of hope. No, the only insiders are the ones who post comments blasting the borrowers as cry-baby deadbeats.

Your analysis is brilliant. Real brilliant. I invite you to join our editorial staff so we can assure you a meteoric rise to the top if you continue to compose such medocre mumblings.

I am sure that shortly, you will hear other consumers chime in about your award-winning post.

ED Magedson
EDitor@ripoffreport.com

I read many posts on this site from people claiming to be former or ex-employees of Ocwen. To say the least I am quite skeptical about "former" employees doling out information that could be of any value. For 8 years I was a debt collector with a collection agency here in Washington state. Part of the job requirements of nearly ALL debt collection agencies, is to sign a contract prior to actual employment, stating that you will not divulge inside information during, OR after your employment. Part of the "job" of debt collections, is to skate on the line of criminality, always keeping under the radar of regulatory committees. In other words, if you don't have a specific LAW prohibiting you from doing something, then anything goes.

Most debt collection agencies are required to collect under the rules of the FDCPA (Fair Debt Collection Practices Act.) Ocwen, however does the "in-house" collection practice. They "own" the debt (your loan) and therefore can collect it from you with only a minimum of guidelines. And, since they call themselves a "bank", they do not have to follow collection law too closely. Their notices all have the statement: Ocwen Federal Bank FSB is a debt collector attempting to collect a debt; any information obtained will be used for that purpose. By making this statement, they in essence are letting you know that they have every right to get "their" money back. They are not interested in "helping" you, assisting you or caring whether it is your "home". None of that matters in debt collection. Think of your local bill collector. Ocwen is just that. Our loan payments are not sent to a bank or a mortgage company. They are sent to an in-house collection agency, one that operates WITHIN the conglomerate of Ocwen, and is not on your side. It's only interest is in getting it's money back by any means possible. Obviously, there are many laws that ALLOW Ocwen to collect in the manner it does, or they wouldn't be collecting the way they do. It may be a good idea to start checking out where to send complaints regarding collection agencies? Hmm. In the interim, I am wasting no time trying to find a solution to the mess Ocwen heaped on us. But you can bet, if I see another posting from a "former" or "ex-employee" of Ocwen, I will read it with a grain of salt, and wonder to myself, how it is that they could actually BE a former employee with inside information, and not be prosecuted by their "former" employer? I suspect it is a way to throw those of us off, who really DO have valid arguments. Just a thought.

As an ex-employee of Ocwen, it frightens me to think that American names, social security numbers, addresses and phone numbers are being sent to a third world country. What could Al Queda do with this info? I am sure they would be glad to have it, being that one of their primary objectives is to see America in financial despair.



Ocwen may just be in business forever, I could be wrong, but their stock keeps going down, down, down. The first three quarters they had large losses and I am sure that the fourth will be the same. They are continually laying off their American employees, that is, of course, after we train personnel in India to do our jobs.



Be aware that India personnel are not very swift at all and every transaction they handle has to be monitored. However, the more Americans laid off means the less people to verify what they are doing. So watch your accounts closely and read everything you receive from Ocwen.



I know that most people think that their loan is on auto-pilot and all they have to do is make their payment and everything will be fine. This is not the case, no matter who holds your mortgage it is your responsibility and right to make sure that every transaction is posted correctly and that you take action when you receive letters, if required, please do not just disregard them as junk mail.



As a homeowner I have had problems with my mortgage company in the past, but because I read the letters they sent me, I was able to resolve the issues before it was too late.



There are some people at Ocwen who just love having a title and have absolutely no idea what they are doing, or even how the mortgage process works (amazing but true). These are the people that are promoted and rewarded, the people who actually know what they are doing are treated poorly and never get recognized for their contributions. Be assured that the "Good Old Boys" club is alive and well at Ocwen.