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Ocwen Financial Corp. Message Board

davidsmithvid 3 posts  |  Last Activity: Oct 23, 2014 10:28 AM Member since: Jan 16, 2013
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  • davidsmithvid davidsmithvid Oct 23, 2014 10:28 AM Flag

    I really don't think they will go out of business. I can see Erbey stepping down and out, but I don't think they will just collapse into a black hole. They need new leadership

  • davidsmithvid davidsmithvid Oct 23, 2014 8:42 AM Flag

    The problem with that report is the limited time period and it mostly relates to modification. OCWEN has trouble on other fronts. I don't think they will go out of business, I just think they will struggle in the rebuild.

    I'll never understand why Erbey and the board members don't focus on being conscientious in their business practices. The companies stock could soar if that were the case becasue, as you know, many banks don't want to service loan portfolios for mortgages at this point. Honestly, OCWEN could be the number 1 loan servicer in the world. I get it, I understand that they have many sub prime mortgages and homeowners that are delinquent and irresponsible but at the same time they do have many homeowners that do pay promptly. I think Erbey's greed gets the best of him and he has tunnel vision and what he states and what the company actually does are polar opposites.

    It's pretty sad if you read the actual court documents of OCWEN versus specific homeowners. The Judges in these cases are really getting impatient with OCWEN. Have you ever sat in on a phone call to customer service in INDIA, it's unbelievable - they just can't get the job done.

  • davidsmithvid by davidsmithvid Oct 21, 2014 9:31 PM Flag

    OCWEN has refused to change it's business practices and that includes the inferior loan servicing software and customer service.

    Erbey is not smart, not at all. He may be wealthy but he is not smart.

    They are still not crediting same day payments for so many homeowners. They are still failing to pay homeowners insurance out of escrow accounts. They are still miscalculating fixed interest rates in regards to monthly mortgage payments

    So it is a circle for OCWEN. They have created it. If Erbey were smart, he would change that.

    The problem is, in many of these instances, in fact most, homeowners are paying on time. They are not "dead beats".

    I have read over 300 court documents of individual cases - OCWEN versus specific homeowners. Once you do your homework and read those, you'll understand why OCWEN has failed. There is a common thread in many of the cases.

    The irony is this. If Erbey did run this company as the GOLD standard for loan servicing, this stock would soar
    It would easily be close to 100 a share, easily. That's the irony. Instead of running the company with proper software, and proper customer service, Erbey thought he would skate around it and create a web of tangled connections, surround himself with a PR team and lawyers. The PR releases are useless and not working, Again, another failure.

    OCWEN removed its Facebook page about 2 months ago and not one investor or analyst caught that. If you were paying attention, something occurred on there but every single analyst missed it, every single one. I know why OCWEN removed it.

    The Attorney General in Michigan is FURIOUS with OCWEN. A TV station in Michigan is doing a series on OCWEN fraud and it is really damning. I would not be surprised if OCWEN loses it's ability to service loans originating out of the State of Michigan

    Here is the problem with analyst and investors with this stock. It's like a Doctor who keeps looking at lab report numbers and ignores a patients symptoms.

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