Ocwen Loan Servicing puchased my home mortgage. Upon making the change they immediately stated I was short in my escrow account. I paid the difference they billed me as a short fall and still they raised my monthly payment by $4 per month on a fixed rate mortgage.
When I called to inquire about the excessive charge the reason given was that my home owner's insurance policy had increased. However before calling Ocwen I had verified both with the county tax assessor and my insurance company any changes. Only my insurance increased by $69 per year. So I informed the rep that my insurance had increased by about $6 per month and that should not equate $200 plus a monthly increase.
I was told they would look into the matter. Nothing further has come from Ocwen.
Recently I had my mortgage letter at work and a co-worker said her mortgage was purchased by Ocwen and she was also billed $200-$300 escrow short fall.
This seems to be a way for Ocwen to milk home owners for money not due them. That is to say there is a short fall in escrow when in fact there is none. We pay the one time charge and still our monthly rate increases by a few dollars to cover any actual discrepency in the escrow account.
Without consulting a mortgage/contract attorney I cannot be certain of the law. However, the actions taken have not been conducted in the light. Stating that there is a short fall in my escrow account but not detailing what changed or caused that shor fall is suspect. The math does not figure as well from the actual increase to the difference charged by Ocwen.
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