Ocwen purchased our loan from Olympus Funding just last fall. They expect their customers (me) to furnish them with the hazard insurance docuementation when it's already on file with Olympus. Even though, I felt this was backwards because I did not ask for them to service my loan, I sent them a copy of the insurance declaration. Apparently, it was my new one for 2003. Because of this, they arbitrarily charged my account $383.54 for a few months worth of insurance that they could not account for.
I wrote them a letter requesting that Ocwen remove the charges for insurance as the property had always been insured. I also advised them to get the proper documentation from Olympus Funding, which should have been done when they first purchased the loan. I also asked them why they would put the burdon of straighten out their files on loans they just purchased from another lender on the customer? My point was that this should be a seamless transition to the consumer, as we dont' even it a choice in the matter. Why should me have to do the work associated with the transferring of our loan? After all, the lenders are the ones that benefit from it; not us!
Ocwen responded, siting SECTION 5 of the mortgage states "that if the lender requires, borrower shall promptly give to lender all receipts, paid premiums and renewal notices". Ocwen also advised that they requested the information from me because it takes 60-90 days to get collateral documentation from the prior servicer and they need the information to make scheduled escrow disbursements on time. They declined to remove the $383.54 until I furnish them with proof of hazard insurance for fall of 2002.
It's been over 90 days since they took over my loan and furthermore, why is this the customers problem? I feel like I have been bullied into doing thier work for them. This is the only way I can get the charges they assessed off of my account. Something needs to changed. If every time one of my loans is sold off (we have a number of them), I have to go through the process of providing new hazard insurance information, I'd be doing it very month. Therefore, I don't want my loans to be sold if I have to do the work associated with it. This should be the responsibility of the lenders involved; not their customners, who don't even get a voice in the matter.
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