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Has anyone dealt with Ocwen

Recently loan was sold by Bank of America and will serviced by Ocwen going forward.  I did a quick Google search and have read some pretty bad things.  But I have also read people have had success with them when it comes to load mods or other internal programs. These people usually are facing foreclosure or behind on their payments -- I am in neither of these scenarios. However, I am underwater (~135%).

Ocwen specializes in loan modifications (HAMP) and other loan modification programs.  As I stated above, I'm not facing foreclosure, hit any hardship, or behind on my payments -- just underwater.  I've read the criteria for HAMP and I don't fit the bill. I can't find any information on the Ocwen site about HARP, just loan mods.  I'd want to get a good idea of what I can expect from Ocwen and how they can help me (technically they don't start servicing the loan till mid-June).  

Has anyone had dealings with them in the past and can offer any insight?

Much appreciated.
  • June 05 2012 - Chicago
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Answers (117)

My loan was sold to Ocwen a few years ago and I hate them.   I have an adjustable rate that was already past the 5 year fixed period when they took my loan over.   The first thng they did was jack up my rate to over 6% when my index and margin should of had me at 3.25%.   I had to call on numerous occassions to get them to correct their mistake.They finally did, but I wonder how many homeowners were not smart enough to monitor rates and just accepted the higher rate they charged.

Then they started calling me every other day trying to sell me other crap that I did not need. Life insurance, mortgage insurance, etc...   All the reps that called were calling from India. When I tried to get them to stop harrassing me, all of a sudden they don't speak English.

Finally, I have to mail my payments by the 3rd of the month even though I have a 15 day grace period. They purposely hold onto my payments and don't process them in a timely manner so they can charge me late fees. I mailed a check on the 4th of April, which should have been plenty of time to recieve the payment and process the payment, yet, when I received my May statement there was a late fee charged.

Bottom line, they are a nightmare and I feel sorry for anybody who has to deal with them (especially myself)

I can't reply to how they handle HAMP or HARP. I have perfect credit, plenty of equity, and always pay more then my normal payment... so I have no need for those programs. But from my experiences, I doubt they would be much help.
  • June 05 2012
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By the way... if you are eligible for HARP (home owned by Fannie or Freddie and originated prior to 6/1/09) you do not need to refi through Ocwen. You can go to any lender who offers HARP.

Some lenders will refuse to go over 125%, but there are lenders out there that offer unlimited LTV's. (which is how the HARP program was written)

Post on here your scenario and I am sure an Illinois licensed lender will be happy to help you.
  • June 05 2012
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Yes they are one of the owrst to deal with and no way to predict anything with them. My web site has some lender references. Keep contacting lenders to find some other programs that might work for you.
  • June 05 2012
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Ocwen only services loans, they do not originate, which is why you don't see anything on their site about HARP.   From what you have written so far, you can apply for HARP at any particating lender, there would be no point to contacting Ocwen on the matter.
  • June 05 2012
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Profile picture for Matt Laricy
I have not, but I would love to refer you to speak to my lender. He has dealt with them and could give you insight on them so you know everything it is about.
  • June 05 2012
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Profile picture for user9269721
My BofA loan was also transferred to Ocwen. It's interesting because I also wanted to do a HARP with BofA. I contacted them the first week of May, and was told they're not offering HARP if the mortgage loan had PMI. The PMI of my loan is scheduled to terminate on June 2013 when it reaches 78%. For my surprise, they sent me the letter to transfer my loan to Ocwen on May 24, but postmarked May 31. Now, of course, it will be to start all over if I decide to do a HARP because a new bank won't have my information. HARP applicants do not need to be "requalified" unless their new principal + interest payment increases by more than 20%. If the new payment increases by less than 20%, or falls, there is no requalification necessary. That's what is the HARP 2 mortgage program. Obviously, BofA wants to get rid of good customers. In my case, I have not had any late payment since I got the mortgage loan.
  • June 07 2012
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Ocwen is difficult to deal with  however not the worst. They outsource a significant amount of their negotiations and customer service to india. The negotiators seem to have less pull then a us based negotiator. They are a key example of servicers who follow a matrix with little wiggle room to budge for exceptions.
  • June 07 2012
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User9269721, it is true the same servicer version does nit require you to requalify, and unfortunately you no longer have that option since b of a transferred your servicing. Over the past 12 months I have seen them transfer away servicing on a huge volume of loans far more than any other Big bank. If you are able to requalify you can certainly still participate with any New lender offering DU refi plus or Open Acces program.
  • June 07 2012
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Profile picture for user9269721
Thanks for the information Mr.Sheftell. At this time, I have no option but to wait until the PMI reaches its scheduled termination date at 78% and do on time payments.That will be on June 2013. Then, like you said, I'll consider to look for a new bank. I know the HARP 2 program should be available until Decmeber 2013. It's just sad that the government try to set this program in a way to help underwater owners to refinance, but sometimes it's hard to see light at the end of the tunnel.
  • June 07 2012
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Existing PMI can be transferred to the new bank on HARP refinance. It has become much easier to do in HARP 2.0.
  • June 07 2012
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Profile picture for user175070
I have also been transferred by BOA to Ocwen as of June 15 and have been unsuccessful in reaching Ocwen.  When I call their 800 number, it goes into recorded messages and then places me on hold,,, then after a few minutes, just hangs up on me. This has now happened twice. I've gone on their website www.ocwen.com but there is no information what so ever for those of us who have been transferred.  I have not received my new loan #, a bill, and I believe payment is due on July 1 - in 6 days! How awful that these banks do whatever they want and we have no say.  I'm underwater just slightly so can't even go refi anywhere and I've already took advantage of HARP 1 so not eligible for HARP 2. I've always paid on time, good credit, but just underwater and can't seem to be able to do anything to get a refi to take advantage of the lower interest rates. Does anyone know how to reach Ocwen customer service?
  • June 25 2012
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Profile picture for user7370075
I was able to reach customer service by calling over and over and over again, it takes time but someone in india eventually answers, though they are not helpful and were mining for personal information which I am reluctant to give... what I need is a statement, payment coupon and welcome letter. Haven't received a loan number and payment is due July 1st (late by July 16th).  I am in the same situation, loan transferred to Ocwen by BofA, always pay on time, never late. When I called them they wanted me to pay over the phone with an additional fee of $19.99 but since I haven't received any letters from them at all, no welcome letter, no statement, no info about loan is available on their web site, not sure what to do next. Any ideas? I want to send a RESPA letter but don't have a loan number
  • June 29 2012
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Profile picture for user5427888
I was also transferred  from BOA to Ocwen. I was finally able to get a hold of customer service at Ocwen yesterday. They gave me my loan number, of which I used to register on the website, reviewed all of my loan information to make sure it was correct, and I was able to set up automatic payments. I logged into the website and all of my information was there and correct. The customer service rep said that all of transferring and downloading of info from BOA was occurring this week.
  • June 29 2012
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Profile picture for Renalnurse

I too am in the same boat. Had a loan with BofA underwater about ~187%. TTried several times about refinancing with them under HARP 2.0 but got nnowhere fast! I finally tried Quicken Loans was told that everything was a ggo to only find out that after they pulled my credit report and delved deeper, they said sorry can't help you are too far under water! Ugh! No one wants to help us struggling homeowners who are still trying to pay monthly and keeping their credit scores in an acceptable range! I am so frustrated now that my loan has been transferred to Ocwen effective June 16th that I feel like just walking away from my "American Dream" . I live in Florida which has been particularly hard hit by the housing crisis, I feel like I am losing my strength to fight!

  • June 30 2012
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Profile picture for user053716
Same thing, I'm underwater, BofA sold my loan to Ocwen.  I inconveniently forgot about the letter that was sent from BofA informing me of this until today (July 5th).  I hadn't received any info from Ocwen, so I called them this morning and talked to a friendly service rep from India.  She verified my info and when I asked about my the status of my non-existent payment, I lost my phone connection!  On my second call I was told that my payment was made on the 4th (you know, that holiday we have in the US where no banking takes place).  I guess by verifying my information through them they will be transferring my banking information for automatic withdraw?  Of course my bank account does not yet reflect this theory and they could not confirm via the phone claiming a 24 hr processing window, so I have to call back tomorrow.  Just out of curiosity I asked them why I hadn't received my new account info from them yet, and how they could have possibly expected me to pay on time with no notice from them - I was informed that a letter was mailed to me June 29th!  Sure enough, when I came home today I had my letter and payment coupon in my mailbox.  I've never missed a payment, EVER, and based on other people's stories I have a feeling that I will be in payment confirmation limbo long enough to incur a late fee and damage my credit.
  • July 05 2012
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Profile picture for user9269721


I'd like to know from people who have had their loan transferred to Ocwen from Bank of America. The Ocwen website page shows everithing but my LOAN DOCUMENTS. This is what it shows:
We're sorry, but your loan documents are not available for viewing at this time. Please continue to check back with us as we are continually updating the website. We apologize for any inconvenience.
Of course, I have my loan documents, why ocwen doesn't display it as BoA ?
  • July 05 2012
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Profile picture for user9269721
Beware people! Ocwen makes automatic withdrawal of loan payment with your previous Bank of America account. I didn't set up automatic payments at the Ocwen website but it shows I have Automatic Monthly Payments, which I have not set up. I don't know how they got my bank information..should it be BofA? Well, Now I had 2 payments taken from my checking account, the one I paid thru bill pay of BoA and the second Ocwen withdraw. This is a nightmare !
  • July 08 2012
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Profile picture for user2794623
I guess I haven't read through my mail very carefully because the only way I knew that OCWEN was processing my loan now was when I saw the automatic withdrawal from my bank account.  I googled it to see what was up and I found this lovely sight with soooo many complaints about them.  I have always paid by automatic withdrawal and so it was no problem to have them take the payment that way.  Assuming they simply continue to automatically withdraw the payment on time and pay my taxes and insurance, then we should get along just fine.  I have my fingers crossed.  Good luck to everyone else!
  • July 10 2012
  • 1Yes

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Profile picture for Connie Klemme
well if it were me, I would refinance with someone else.  Until last year I listed property for ocwen and even in that setting they are difficult to deal with.  They seem to have internal communication issues which have only gotten worse in the past few years with the change to "altisource" for their REO managment but it was rarely a good experience.   I had an issue with a loan needing to be mowed to avoid citations from the city and you have to use their approved vendor to mow the yard, who the were supposedly paying but the vendor never showed.  I repeated contacted the Ocwen rep who ignored me day after day, we got a citation, I sent it to him and his supervisor, finally I got a reply- the reply told me to contact the listing agent (which was me) for more details on this property.

now that has little to do with being the owner and having them service your loan but I think that you will see that over and over the issues that people complain about come down to a very simple problem- lack of communcation.  

but that's just my opnion.
  • July 10 2012
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Profile picture for Connie Klemme

something to keep in mind as far as payments go.
if you send in your payment to the previous bank and it is less than a certain number of days since the loan changed hands (30 or 60...not sure without looking it up).  The banks are required to forward that to one another and treat it as an ontime payment.


a lender can probably comment on that better.   and that's not the same as sending in a payment and then getting hit by double whammy of the auto with drawal that you didn't expect.


again...communication problem.

also i should have put  "if you are able to" in the first paragraph.  I realize if you are not able to then that was no help.   Communication will be time consuming and difficult so KEEP GOOD RECORDS and educate yourself on all of your rights and responsibilities (read your mortgage which no one ever does)

  • July 10 2012
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Profile picture for Barbarans

My loan was transferred over to OCWEN for servicing also, same situation as the original poster... somehow I think its BofA protecting themselves from paying "up to $30,000" they advertised for bank approved short sales… with moving the servicing for underwater loans to OCWEN they do not pay in short sale situations - they are just adding a layer to protect their bottom line!

  • July 10 2012
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Profile picture for user6415038
I too am a victim of BoA's selling my loan to Ocwen...and they will not participate in HARP 2.   I am so angry with BoA I cannot even begin to say. We are looking for an honest, trustworthy mortgage broker that will handle harp 2 loans in California.   Today I received a letter from our Assessor's Office and our home value has dropped again making our LtoV 200%.
We have never been late on a payment....done everything right and now this.   I have read only negative things about Ocwen and we are sending in checks for a while  because we simply do not trust them.   It is just wrong that banks make money selling loans and homeowners take it on the chin.
If anyone can link me to a good mortgage broker please do.
  • July 13 2012
  • 1Yes

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Profile picture for sunnyview
Ocwen sounds like quite a company. Anyone with a complaint about their practices may want to take the time to complain to the FTC. The FTC has a probe into Ocwen and they are investigating many aspects of the company.

Add your voice to the chorus. You can find the FTC complaint form online. It may not do anything, but it sure can't hurt.
  • July 13 2012
  • 1Yes

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Profile picture for user6415038
Sunnyview,
Thanks for posting the FTC link.  I will certainly be contacting them.  I have yet to read a positive word about Ocwen.  It seems that they are a giant bird of prey taking advantage of the economic conditions.
  • July 13 2012
  • 2Yes

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Profile picture for Renalnurse
Don't give up people. I live in Florida have a severely underwater mortgage and never got help from BofA! They are dirt bags! I qualified for for the HARP 2.0 with them but they kept telling me there was one exclusion that kept me from refinancing....just remember this what ever state you are in check with different lenders some only do 125% LTV some 150% some unlimited. I didn't find that out until I tried to refi with Quicken loans who promised me they would be able to help me only to find out I was too underwater for them to do anything. Their loan programs only went up to 125% at the time. Funny though, I explained everything up front to them before they even ran my credit. I was so mad!!!! Just do your homework as I am doing more so than ever now, and remember we have until Dec 2013 for this program. As far as Ocwen goes, I just got a statement in the mail from them yesterday that I owe them 4700! My mortgage is 1350! I think they are B of A with a different name!  
  • July 14 2012
  • 1Yes

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Profile picture for scrowe123
Same thing here. I have a buyer for my property so I called Ocwen for closing information and they have no idea what I'm talking about!  The people in Customer Service in India told me to send in my payment for the full amount of the mortgage and that will close the loan. My other option was a short sale...lol -  I told them that is not how we handle things in the US.  They assured me that that was the only way to close the loan.  They don't have a clue.  I can't get in touch with any bank attorney that deals with Ocwen's side to close the loan. My attorney has been trying as well and no one knows. Does anyone know which bank holds the loan? I know Ocwen services it, but who actually owns the mortgage?  How can I schedule a closing when I don't know who to schedule it with?
  • July 25 2012
  • 1Yes

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Profile picture for cgulamb
Ocwen refuses to discuss a HARP when they know they the loan is underwater.  They only send applications for a HAMP which does not apply to me.  This company like to give you the run around until you fall into the the area of foreclosure. I have tried to get a HARP to no avail.  I too am lost as what to do. Your loan is sold to them and the next thing you know is constant harassment on the phone.  They are out sourced to India and South America.  the Freedom of Information Act list all of their board members. They will not discuss houses underwater nor are they willing to bring your home down to fair market value.  You find yourself paying a mortgage that has not equity and little options left.
  • August 07 2012
  • 1Yes

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Cgu - Ocwen is not a lender they are a Servicer. Only lenders can do HARP. If you want to apply for HARP there are plenty of lenders offering the program. Find one and apply. Ocwen exists to collect payments on the loan you agreed to.
  • August 07 2012
  • 1Yes

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Profile picture for user7279010
HERE IS HOW YOU GET OCWEN to LISTEN

Any problems you have with Ocwen, file a complaint with the Consumer Financial Protection Protection Bureau 
http://www.consumerfinance.gov/ 

They reach out to Ocwen on  your behalf and fix the problem within two weeks.  I had success with this after Ocwen increased my escrow with no notification, and reported me to the credit bureau at 30 days late.

Filed my complaint with CFPB and BAM Ocwen was kissing my feet and taking the negative mark off my credit report.

DON'T Waste your time calling the Indian call center, they can't help!!!!
  • August 08 2012
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Profile picture for user352114
Our loan was bought by Ocwen last August.  It has been an absolute nightmare.  My advice is to refinance with someone else ASAP or they'll make your life a living HELL!  They will force you into foreclosure so they can charge you late fees and steal your house.  Get out while you still have good credit.  I wish we had!
  • August 17 2012
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