Ocwen Financial Corporation is a leading mortgage loan servicing company in the United States. Headquartered in Florida, the company has spread its wings to other parts of the world including Philippines and India. With more than 1.5 million customers, Ocwen claims to be one of the best mortgage servicing company that help customers save money and build equity.
Ocwen Mortgage and its Pros
Right from refinancing an existing mortgage to buying a new home, Ocwen offers the best possible service. It promises competitive interest rates, an easy application process and the freedom to choose between fixed rate loans, adjustable rate loans and FHA loans. It also has a reverse mortgage option for homeowners who are 62 years of age or older.
Refinancing is the other major service offered by Ocwen. The company claims that it has helped customers save $271 per month on their existing home loan and almost $64,483 on interest over the entire loan tenure. Loan officers assure personalized attention to each and every customer and also promise a Price Match Guarantee.
The company understands that there is no ‘one-size-fits-all’ solution for borrowers. There are financial challenges that each and every homeowner faces at some point in life. This is where Ocwen Mortgage loan officers help and work directly with customers to provide a variety of options. These options help customers to save money and also fulfil their dream of buying a home.
Ocwen Mortgage and its Cons
A lot has been spoken over the Internet about the company’s basic functions such as crediting borrower’s payments, sending monthly mortgage statements and handling taxes. It is believed that the company has made a major mistake while dealing with at least 1,000 people. It has been alleged that Ocwen Financial Corporation has wrongfully held foreclosure sales.
Further, the company’s failures have caused homeowner’s insurance for almost 10,000 borrowers to lapse. It has ignored customer complaints and has not disclosed its previous mistakes to any of its subsidiaries. Being the country’s largest non-bank mortgage loan servicer, it has opted for illegal shortcuts that has cost not only customer’s money but also their homes.
It has been alleged that Ocwen has failed to correct billing and payment errors even after receiving complaints from more than 1,000 customers. This brings out the negligent behavior of the company and shows how it has failed to manage basic borrower accounts. It has also failed to conduct escrow analyses and not at all sent escrow statements to borrowers.
Moreover, Ocwen Mortgage has been unsuccessful in cancelling borrowers’ private mortgage insurance, thus causing customers to pay more. It has also overcharged borrowers for PMI premiums and refunded the same only after a lawsuit was filed against the company.
Final Say on Ocwen Mortgage
It seems that there is a lot of negativity in the company despite the various promises made on their official website. Loan providers should remember that a customer does his/her homework well in advance before approaching a mortgage company. It is evident that a borrower compares interest rates and also looks at company’s reviews before taking the final call.
Unfortunately, Ocwen Mortgage has the third highest mortgage related complaints filed with the Consumer Financial Protection Bureau (CFPB). This speaks volumes about the customer service provided by the company. As a borrower, you would not want to bank with a company that is already in news and responsible for many alleged mistakes.
If you still choose to go ahead with Ocwen Mortgage, make sure you keep a track of all your payments instead of depending on the mortgage company. Also, raise an alarm immediately if you find a glitch in any of your financial proceedings. It is always better to be careful instead of fretting later.