Beware of obtaining a mortgage though Ocwen Bank!
I obtained a mortgage though Ocwen Bank in October with the first payment due on December 1st. My payment was mailed, along with all my other bills, in more than enough for them to post and cash my check. It took more than two weeks for them to post my payment and even longer for it to clear my bank. Of course they blamed it on the US Mail. When I suggested the delay be in their mail room rather than the US Mail, they certainly denied it. It's interesting that the other bills I mailed at the same time were posted and cashed promptly.
In November, I signed up to have my payments made electronically (ACH) starting on 1/5/01 and even received a confirmation letter stating such. I called them today, 1/10/01, questioning why the payment hadn't yet been taken from my checking account. The rep replied that since my first payment was late, the ACH transaction had been canceled. Now I have two late payments.
I have now made my mortgage payment electronically over the telephone through their speedpay service. It's interesting to me that after keying all of this information over the phone including my bank account information, the system doesn't provide you with a confirmation of your transaction. I'm sure that I'll now hear from them that they have no record of my transaction.
I urge you, go through Countrywide.
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