Ocwen Federal Bank
Will not give updated payoffs to our title company for our refinance! We closed 8 days ago!
- 01-10-2008
- 17
My husband and I are refinancing an investment property we own. Our title officer contacted Ocwen to get our updated payoffs so he could give us correct closing information. They told him that it would be 4 business days, which gave us plenty of time to close, supposedly receive the payoffs, and then fund.
We closed 8 days ago and the title officer still has not received the payoffs from them despite the fact that he has called them 5 times. Each time he is told the same thing, which is that there is nothing they can do about it, that it takes 4 days, but if I wanted I could go on-line and request it, which would cost $20 per payoff and it would still take 4 days!
The title officer finally got ahold of a manager (who had an Indian accent) who told him the same thing, apologized for things slipping through the cracks and said he would send the payoffs immediately. 2 hours later he still did not have them. He called back and asked for the same manager who told him that it had been sent so he didn't see what the problem was. The manager said he would try again but it might take until the next business day to go through. That was 2 days ago!
We finally told the title officer to go ahead and fund because we were paying interest daily on Ocwen's failure to perform, and we are just praying now that we get all of our money that was overpaid to them back. Their guidelines say that we have to be refunded any overage of escrow within 15 days and any overage in payment within 30 days. We will see if that happens.
The kicker to this is that I have been a full-time loan officer for over 3 years and I have Never seen a lender not send a payoff in a timely manner. Never.in my opinion, they are holding on to our money in order to get interest on it, which isn't a big deal if it is just one loan, but if they do this to everyone, we are talking astromonical amounts of money. It is a big deal to us because this is our money. We did everything we were supposed to do but we are still being penalized.
Company: Ocwen Federal Bank
Country: USA
State: Florida
City: Orlando
Site: www.ocwen.com