We obtained a Mortgage originally from New Century Mortgage and the same day was assigned to Ocwen Federal Bank, FSB. When we originally did the purchase we told our Mortgage Broker we were going to refinance within the first year and he told us we had a prepayment penalty of 3 mo's interest. Well, once we tried to refinance we received a payoff quote with 6 MONTHS INTEREST prepayment penalty NOT 3 MONTHS PREPAYMENT PENALTY.
We contacted Ocwen several times and were told by different representatives of Ocwen that it should only be a 3 month prepayment penalty. The Bank now states it is in fact 6 months interest and refuses to call us back. I recommend strongly that anyone considering this Bank run as fast as you can. They do not know what they are talking about and you get the run around from everyone there. We are also having a tough time refinancing even though we have never been late on a payment.
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