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News Corporation Message Board

fukbin 1 post  |  Last Activity: Jun 11, 2014 1:18 AM Member since: Mar 7, 2012
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  • I had the misfortune to have my lender Velocity. Commercial assign my servicing to OCWEN.

    Ocwen has a terrible reputation including illegal foreclosures,
    Not calculating balances correctly, and unfair credit practices. This is old news as they have been doing this back to the early 90's. I was a mortgage banker through 2006. I am also the director of REO-NPA, a professional organization

    Ocwen acquired my loan in sept of 2014. They started out by requesting too much money to fund the escrow acct. They included a commercial insurance policy that was on someone else's property. Then to correct this, they asked for more money which was given to them, we asked them to rebalance the escrow acct. What they sent me was not presented well. If I were a regular consumer I would be in trouble. They write it as if you were a mortgage professional and not a consumer.

    So we requested a third rebalancing (the first one balancing occurred when they acquired he servicing rights, the 2nd time was after we questioned their accounting), we requested rebalancing which they did. They told me they would send out $4400.44 refund to balance the escrow acct. They said I would have it in 3 weeks. They lied. They never sent the check, never called or sent out an email/mail, and when I called today they told me the check wasn't sent because they changed their mind about the refund amount. They are rebalancing my account for the 4th time.

    I think they need to go away. There are some many complaints and legal action against the,; enough! They are unprofessional and dishonest. Shame on you Bill Erby, CEO.

    The company is heading for collapse. They are being sued by everyone. States are taking legal action. People like me are complaining to local and national authorities. I would not be long this company. They have a history of screwing their investors and customers. I wouldn't bet on Erby as his focus in elsewhere (other companies). If you buy, you must be high.

17.26-0.03(-0.17%)Aug 29 4:00 PMEDT

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