I worked for Ocwen for 7 months and I had worked in the mortgage business since 1990 and have never seen a company not follow RESPA (Real Estate Settlement Procedures Act), like Ocwen did.
I was a supervisor in the call center and to put out fires all day and try to get the other departments to try and fix the loans. That process was like pulling teeth and the upper management didn;t feel that I shuld be pushing that hard to get things done. But these poor customers were being ripped off and nothing was being done..
1. When we acquired loans they should be analyzed within the first 60 days if they had not been analyzed by the prious company. That was not done. We had loan that we had not analyzed in 3 years. Since they had changed systems the new system would not work to analyze account and when it did it was incorrect.
2. Simple interest loans. We acquired 20,000 loans from a company that were simple interest loans. Nobody up to the president Scott Conradson new how to aply these loans and we didnt have the notes. I had been in the mortgage business long enough to know and tried to advise them and they said they could be different. However, our cashiers dept or the system was able to apply these loans correctly.
Therefore, loans from 5 that came to us as simple interest loans have had there payments applied incorrectly and it is still not fully correct from what I understand. This means to the customer that they will have negative amortization on there loans and owe more now then when they look out the loan. VERY BAD when you try to obtain a payoff statement.
3. Payoff statement. It would take 30-45 days for us to get statements out because be did not have the orig docs from the previous company that we acquired the loans from or the custodian that was holding the orig docs didn't know that we were the new holder of the mortgage and we would have to jump through loops to get the doc's when it should have been in the servicing agreement that was signed when the loans were acquired. However, i asked about that too and no one knew where those agreements were held.
Because there are rules that we and the other servicer have to follow and could be fined if not followed by the servicing agreement. But Ocwen was clueless and realy didnt seem to care.
4.in addition, when we acquire loans according to RESPA, we need to give customers a time frame before we start calling for collection and that was not honored. We would but them in the list to call ASAP and they had not even had a chance to get a payment to us.
5. Problems that customer either called in about or wrote in about were not answered in the mannor or time frame occording to RESPA either. And if the research dept felt that a customer service rep sent the information incorrect they would just let it sit and note the acct no further action was taken until the customer called back. They also had a report of the 20,000 simple interest loans that were messed up and no one was looking at it and at one point could not locate the report or the loan #'s.
6. Final for now. I had to obtain training information for the training dept for the training on the simple interest loans since no one knew about them. I had to call a previous mortgage company that I worked for and have the training dept send me the information so we could train our people and the training dept. Very bad... The president didn't even have a servicing guild on simple interest loans I asked him.
Well I just thought I would add my experience and I will be helping on the law suit.
Sheryl
Orange Park, Florida
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