Ocwen Federal Bank

Bruce (23.04.2017 23:47)
I'll start off by saying, what a "pathetic excuse for a banking institution!" I recently had my loan transferred over to this bank (not by choice). Since then, I have been lied to by their outsourced people in India (article in the Wall Street Journal) who are very hard to understand which makes the conversation twice as long.

After "they" setup automatic payments, I was informed that everything was in place, only to learn two months later that I hadn't made any payments?! I called and they assured me that "everything was straightened out and not to worry," only to find out the very next month that I was charged a $25.00 fee because of the aforementioned problem!

When I called, they said they couldn't locate my account? When I asked, which one was it, they couldn't tell me and put me on hold. This occurred every time they couldn't answer a question which to say the least is frustrating.

These people definitely don't know what they're doing, which is evident by searching google regarding the numerous complaints to this institution.

According to the "Wall Street Journal"

"The servicer has supplied its legions of outsourced customer reps in India with a software program that gauges the stress level of callers. By analyzing speech patterns of past calls, the program coaches' reps on how to respond to incoming questions posed by often dazed, confused and angry homeowners regarding such matters as incomprehensible penalties and fees on their monthly statements, or why they've been peppered with foreclosure notices after having, they thought, negotiated a loan modification.

"If the history of consumer complaints regarding Ocwen Financial Corporation is any indication, the software program may be keyed to stress-level categories ranging from mildly pissed to hot under the collar to positively postal."

Ocwen Financial is in the center of what could mildly be called a feeding frenzy in the lucrative world of mortgage servicing. Mortgage servicers are simply the out-front reps for the securitized trusts that allegedly own your mortgage. In other words, they're the ones with the outstretched hands grasping for your monthly payment.

As the mega-banks and other financial institutions shed their once-profitable sub-prime mortgage portfolios, their servicing operations are being taken over by non-banking operations.

But there's reason for concern at this rapid shifting of servicers. When a new servicer takes a mortgage hand-off, your loan may be in for a rough ride. In the wake of Ocwen's successful ride to riches, homeowners' complaints to regulatory agencies regarding servicing issues have increased.

Discontinuities, lost paperwork and outright errors can lead to more pain for homeowners already caught in a labyrinthine and punishing process.

Ocwen, like its other non-bank counterparts, claims it works with homeowners in default by using a combination of loan modifications and principal reduction to make non-performing loans dance again. But despite the high-mindedness of Ocwen's trademarked motto, "Helping Homeowners Is What We Do!", there have been problems in spades.

First of all, when a new servicer acquires an old loan portfolio there's a learning curve, a getting-up-to-speed regarding the history of the loan and what has or has not been done to follow up requests for loan modifications.

Different servicers also use different types of software some proprietary which could cause compatibility problems. And when major cost-cutting is implemented, like outsourcing critical customer care resources to India, communications issues are heightened.

According to an ex-Litton Loan Servicing employee, the result is that the left hand often doesn't have clue what the right hand is doing, and often neither hand cares to acknowledge this shortcoming.

But there's one example that takes the cake, so to speak: the case of an upstate New York homeowner. The homeowner was foreclosed upon, evicted, then, in a Kafka-esque twist, foreclosed upon again.

Latisha Aguilera (23.10.2015 21:48)
This bank is one of tha worse bank I have dealt with they won't own up to their mistake say I owe more money cuz they didn't it tha amount wrong it's on them not ME.

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