When I worked for Ocwen Federal Bank, they would post payments incorrectly... One check for two accounts would go to one account and we would charge a late fee on the other acocunt. When we would buy mortgages, record holders would not be informed. When we bought the first simple interest loan, we did not know how to compute the interest. We had a lot of problems with incorrect interest being applied to accounts. We had to check with another mortgage company to find out how to handle these new loans.
The vice president and Tom Gilmore did not know how interest was figured until a supervisor told them. Not very informed. We did not have availability to files because when we bought loans, the previous servicer or Ocwen did not notify the record holder of the change. This caused a lot of hardships with the mortgage holders.
Bruce
Orlando, Florida
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