Ocwen Federal Bank
Inaccurate HUD and fail to provide rescission at redisclosure

I am a licensed Florida mortgage lender who received a frantic call on a Sunday from my son's co-worker. Ocwen was refinancing her loan and kept changing the figures AFTER the mortgage was executed.

Ocwen obtained the payoff internally on Nov 18. Sent the closing package to title company in Texas for a Florida closing on Dec 6 with the loan package dated Dec 6, received by the Notary on Dec 7, delivered and executed by the borrower on Dec 8 with the closing date still listed on the recsission document of Dec 6. Dec 28 borrower verbally notified that title company made a mistake on the payoff - payoff amount on the closing instructions from Ocwen was approx $3200 less than the actual payoff. Borrower received a revised HUD-1 and the marked up revisions by FAX on Jan 4 (no new TIL or right of rescission) and the checks on Jan 8 by overnight.

I instructed her to telegram Ocwen rescinding the transaction on Jan 9.

Will be sending her to regulators to seek their assistance but this is so WRONG.

Company: Ocwen Federal Bank
Country: USA
State: Florida
City: West Palm Beach
Site: ocwen.com

  <     >