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I held a GMAC mortgage, which was recently transferred - about 3 months ago - to Ocwen. Smooth, no action required.

Now I am receiving calls from a 313 local Michigan number, almost every day, where the caller is saying he or she is from Quicken Loans and they've recently acquired my servicing rights. I finally called back and spoke with someone, who tried to get me transfered to someoen who wanted to refinance my rate.

Anyone else? This legit? According to this press release (http://www.advfn.com/nyse/StockNews.asp?stocknews=OCN&article=56... the sale happened, but shouldn't there be something in writing or some other RESPA guidelines?

At first I thought it was a phishing scam, but now I think it's just Quicken Loans trying to sell me a refinance?

Thanks.

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You'll probably be responsible for any third party costs such as the fee for your credit report and maybe title fees. If... (more)

caterpillar123 (Sep. 14, 2013 @ 10:47a) |

GMAC, to Ally, to Ocwen. I just had a Forelosure Sale on my house scheduled for Nov. 18, 2013, next month. The Posting... (more)

chezstrom (Oct. 26, 2013 @ 7:45p) |

What state? A lot depends on state laws. If GMAC isn't the servicer then they're not the one conducting the sale. They h... (more)

alamo11 (Oct. 26, 2013 @ 8:08p) |

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Funny, Same thing is happening to me! GMAC to Ocwen and I guess now to quicken. I'm receiving the same calls from 313. I thought it was odd because they do not even provide a toll free number to call back. I kind of figured they were trying to sell one of there products. I'm not going to call them back, I'm sure ill get a package in the mail at some point.

Same setup here. Getting a call every day with Quicken wanting me to refinance, annoying as all hell

I have used Quicken Loans twice for refi and they impressed me with their customer service. No I am not a shill for them, I am not associated with them in any way. I was just impressed with customer service and willingness to answer my stupid questions as compared to Wells. But I admit beating Wells that I had before might not be that hard.

Well, as far as I know, the loan can get transferred from one servicer to another. There may be nothing wrong in it. But the fact remains that at the time of loan transfer, the existing loan servicer should inform you about the same!

pretty sure that you have to be notified of the servicing transfer before it is complete.

Transfer practices and requirements
If the servicing of your loan is assigned, sold, or transferred to a new servicer, you must be given written notice of
that transfer. The present loan servicer must send you notice in writing of the assignment, sale, or transfer of the
servicing not less than 15 days before the date of the transfer. The new loan servicer must also send you notice
within 15 days after the date of the transfer.

I began applying after receiving an unsolicited phone call from a rep. from Quicken Loans. He had all my information from the GMAC which had been transferred to OCWEN. I started the app. process, but when I realized they wanted ALL the requisite information in SEVENTY TWO HOURS I balked. Besides, I had time to think and realized I am in very good shape and do not need to have anyone rush me through something I did not ask for. Yes, there is a savings, but only about $84.00 a month, so I am not worried about rushing right out there! Now, I am just hoping all those electronic signatures don't bind me since I haven't submitted the accompanying staggering bunch of financial records! Also, I hope I can get the "up front" $500 taken from my credit card refunded! I feel foolish!

I am in the process of aborting my application for refinancing by Quicken Loans. The representative told me Quicken Loans had acquired my mortgage from OCWEN (formerly GMAC). NOT TRUE! It's ONLY true if you decide you wish to refinance WITH Quicken Loans. I phoned OCWEN and was told this. OCWEN no longer refinances, but they "have an agreement with Quicken Loans (why they need one is beyond me, since anyone could simply choose to refinance with Quicken)to allow refinancing of the mortgage OCWEN holds." It is a very clever way to get a person to consider refinancing (and on THEIR terms....like, 72 hours to rush, rush, and get ALL the information in to them) when one might not be even thinking about it!

It is in their(Ocwen) best interest to have you refinance as soon as possible. They paid anywhere from 50-70% of your note. So say you owe 100k, they paid 50k for your note, if they get you to refinance the 100k they just made 50k. My friend buys notes in bulk and tries to encourage people to refinance and sometimes for less than what is owed. Of course depending on how far you are into your note, it might be beneficial in the long run for,Ocwen to just service the note.

Jerry91 said:   Well, as far as I know, the loan can get transferred from one servicer to another. There may be nothing wrong in it. But the fact remains that at the time of loan transfer, the existing loan servicer should inform you about the same!

Yes, but it's not the same. OCWEN didn't transfer...Quicken Loans is offering 'refinance'. It's one of those 'affiliate' share on the privacy thingy...I think. If not, they would have given me a letter transferring to whomever, and it would show up on my credit report.

The big question here for OP is, you said it saves you $84 a month on your payment, is this a no cost refi? If not no cost, then you should make a real ruckus because that is not enough savings to pay 3K or something similar and definitely not in your interest.

I would assume no California customers are getting this Quicken calls since by default non-owned affiliates are not allowed in the privacy settings?

Rasheed

I'm in the same boat and am getting these calls daily. Downloaded an app to automatically hang up on them AND refi'd with Provident. So they get nothing!


Yes, that is what I told them. And, GET THIS- today I received a letter stating a percentage rate a whole 1% LOWER than what they quoted me on the phone. Hmmmmm.....SOMEone (or some ones) is "pocketing" the difference!

So, now they tell me IN WRITING I could save $208.00 a month instead of $84. AND....they bent the truth as they are "in partnership" with OCWEN. Perhaps later this summer, they WILL be taking over, I don't know; but, as of now, they have only the right to OFFER me a lower rate. If I don't take it, OCWEN is still my loan service provider.

Is this an outright lie? It depends upon how much you can bend the truth. I "called" them on it, and reaffirmed this morning when they phoned AGAIN (after I told them I DO NOT WANT to refi through Quicken Loans.)

I have begun researching locally, and find I can do almost as well and without being hassled!!
Thus, I do have Quicken Loans to thank for making me think about the idea of refinancing!

Whoever, in the end, would have been my loan servicer will now LOSE the entire thing as I will do this locally.

chrsb said:   It is in their(Ocwen) best interest to have you refinance as soon as possible. They paid anywhere from 50-70% of your note.

Ocwen bought the servicing of the note, not the note. The note was most likely sold to Fannie or Freddie when it originated and became part of a mortgage backed security. There is no windfall to them related to the principal of the note. The windfall to them is the commission Quicken Loans will pay if you did in fact re-fi.

I'm in the same situation: had GMAC, got switched to Ocwen, and now Quicken Loans is calling regularly, specifically saying "we've acquired the servicing of your loan," that we'd be making payments to them, and to call them back to discuss handling the transition.

So I called Ocwen's customer service and was told - quite clearly - that Quicken is only offering refinancing; that nothing would be changing about how I pay my mortgage, and that IF the servicing were to be transferred, I would hear about it from Ocwen first. So that seems clear enough to me, but the phrasing being used by Quicken is disturbing: how can they say "we've acquired your loan and you'll be making payments to us," when that's apparently not true at all? Isn't this just blatantly lying and trying to trick people?

sdpg said:   I'm in the same situation: had GMAC, got switched to Ocwen, and now Quicken Loans is calling regularly, specifically saying "we've acquired the servicing of your loan," that we'd be making payments to them, and to call them back to discuss handling the transition.

So I called Ocwen's customer service and was told - quite clearly - that Quicken is only offering refinancing; that nothing would be changing about how I pay my mortgage, and that IF the servicing were to be transferred, I would hear about it from Ocwen first. So that seems clear enough to me, but the phrasing being used by Quicken is disturbing: how can they say "we've acquired your loan and you'll be making payments to us," when that's apparently not true at all? Isn't this just blatantly lying and trying to trick people?


yes - it is exactly. can we profit off the blatant lie?

www.nationalmortgageprofessional.com

"Ally Bank HAS announced that it completed the sales of approximately $115 billion in unpaid principal balance (UPB) of agency mortgage servicing rights (MSR) to Ocwen Financial Corp. and Quicken Loans Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions."


"tis a HALF truth....or rather a BENDING of truth, NOT an outright lie, although it seems pretty much like this to me for all practical purposes. They have your information because according to OCWEN, they have an AGREEMENT with OCWEN that allows them to do this. But, only if you refinance, will you be with Quicken; otherwise, your "mortage servicing" stays with OCWEN. OCWEN does not refinance. I nearly got caught, but thought about it in time to abort my application. Decided to research this before acting. (Always a smart idea!). I went with my local credit union and instead of a savings of $84.00 a month which is what Quicken was going to save me, I am going to be saving $150.00 a month!! Thanks to the disruptive phone call from Quicken Loans, I realized I really SHOULD consider refinancing. I used the check list which Quicken sent me, to gather all my documents and go in and PHYSICALLY hand them over, which is easier for me, quite frankly!

My experience: our GMAC mortgage got transferred to OCWEN about 3 months go - no hassle with the transfer. Today I got a call from a Quicken rep who told me that Quicken was taking over the servicing of our loan, and that we should have already gotten a package from them confirming that. That was news to me, but I held off calling her a liar because I was thinking that my wife might have gotten a letter about it and not told me. Anyway, I told the Quicken rep that I would not speak further with her until I confirmed the transfer with my wife, and hung up. I could hear her yelling "Wait! Wait!" as I hung up the phone.

It was obvious from the get-go that Quicken wanted to sell me a refinancing package, but I was curious about them claiming they were taking over the loan. Anyway, I did some web searching and found this page, and a couple of other sites explaining Quicken's tactic.

It will be entertaining if they call me back. I'll have a few things to say to them about how crazy I would have to be to deal with a company that introduces itself to me with an outright lie.

timholman--same scenario in this house--would appreciate your web search information. Kookie

Yes, the Quicken Rep was certainly quite upset when I "called him on it," and wrote me an email stating that "they do not lie." AH, but they do!

i had the same thing happen as you all are saying..GMAC to Ocwen to Quicken....our first contact (aside from calls i guess) was a UPS delivered letter telling us that they'd offer two points lower of a percentage rate....when I spoke with the 313 number today, the representative assured me it was legitimate, even when I said I should've heard from Ocwen NOT Quicken first and that I was/am very skeptical of the offer she was explaining. She said by the end of the summer Ocwen would all be Quicken. She encouraged me to call Ocwen, blah blahblah....I'm glad I found all of your stories.....I would love to see the press releases the woman at Quicken was willing to email to me, but clearly don't trust the ones she was going to send...I searched online to find them, but haven't had luck with that. if any of you do have links that show the Quciken Loans calls to be legitimate, I'd be very interested in seeing them!!

This Quicken outfit is sleazy. They sent me a UPS come-on letter quoting me 1.25% below my current mortgage rate on a refi. After many phone calls with the mortgage rep in Arizona and sending my tax return and property info, the best offer they had was 0.375% below current mortgage rate - less than $100/ mo. savings before all the refi costs. Just not economical - not enough savings - long payback period. A big waste of time. Don't deal with them - I found better deals locally here in the Portland, OR area - 0.75% below current at my credit union.

I was getting blown up by three different people daily. I finally called one back and asked if they assigned my account to a certain rep or if it was a free for all. Turns out it was a free for all. The question that got me thinking that they are a bunch of scum bags was when I asked if my existing account number would change. They had no clue. All they wanted to do was sell me a new loan...so I called my trustworthy loan agent and had him research whether it makes sense for me to refi and he said no, not right now. Rates have come up.

this happened to our loan too. We get 2-3 calls daily from quicken. they offered us 3.5%. I called wells fargo and got 3%. ByeBye Quicken. Would never do business with a company who harasses with daily phone calls and phony express mail letters.

As I learned in high school: "Caveat Emptor:" "Buyer Beware!"

Pretty much the same story here. If you search around the net you'll find a lot of horror stories about Ocwen and Quicken. But then a lot of those tales are from people trying to do things like not pay their mortgage premium on a regular basis.
Yesterday I got a letter from Ocwen saying that Quicken Loans WILL be the servicer of my loan as of July 1st. My guess is that Quicken realized that it would be cheaper for them if I willingly refinanced rather than wait for Quicken to acquire the loan. I'm still a little leary of the whole deal and wished I had stayed with my local CU.

Got the same heavily harassing and HIGH pressured calls from Quicken back in May stating they'd purchased my loan from Ocwen. The guy was a real jerk and stated I had to talk to him and he could call me any time. Called Ocwen and they said NOT true and had received many complaints that day about this. They told me they were working to get Quicken to stop calling their clients. Thought it was over then. Today I got a letter from Ocwen stating they have sold the loan to Quicken. I am horrified. Now I have no choice but to deal with a horrifically bad customer service oriented company who uses shady tactics and harassing phone calls to get business.

I too was with GMAC then OCWEN and my loan has officially been transferred to quicken beginning 7/1/13. I called OCWEN today and it's official - my next payment goes to Quicken.

Well, my life insurance that I had through GMAC that would pay off the mortgage if I died was transferred to Ocwen. Now I find out that it will not with Quicken Loans! Made tons of phone calls and I'm screwed!!
That's bull! Now I'm fat and older, good luck to me finding insurance

Well, we just got a letter from OCWEN today stating that Quicken actually is buying our loan, effective July 16. It bothers me to no end that Quicken's scam is actually coming true. I cannot express my disappointment at having to deal with these unethical sleazeballs from now on. No doubt we're going to be getting refi calls from their sales force on a regular basis. I can only hope that they will respect my demand to be placed on Quicken's no-call list.

All these comments have me hesitant to continue to make large TY points withdrawals to mortgage payments. I think I will limit mine to $50.00 while this blows over. Don't want to have a "fat" check cut that I then can't use.

I hate telemarketing calls as well but it is true that Quicken Loans has acquired many loans from GMAC/Ocwen. It allows Quicken Loans to expand their servicing portfolio and refinance the loans through HARP, which has very minimal documentation requirements in most states. For eligible borrowers, you can refinance even if your debt-to-income ratio is high. Since the loan will stay with the same investor and servicer, the underwriting requirements are much more lax. They remind me of the stated income loans from the Countrywide days. If you have an interest rate over 5%, you should at least look into the program or see if another lender can help.

I wish that Quicken Loans would aquire my mortgage from Green Tree for that very reason you mention caterpillar123.

My DTI is just too high. I was transferred from B of A whom held mortgage for almost 6 years. Started a HARP refi with them, and within a matter of days, I was told my HARP had fallen through as it had just been sold off to Green Tree. That was back in March. I wasted about 3 months after that trying to do a HARP refi with GT, but that was nothing but a nightmare!!!!! GREEN TREE IS SUCH A PATHETICALLY HORRIBLE COMPANY!

For now I'm just stuck paying down debt, and am going to just wait 6 months till I can finally have an acceptable DTI. I just can't stand watching what's going on with rates these days though. The next 6 months of this is gonna be more hell I'm afraid.

theassmanbot said:   I wish that Quicken Loans would aquire my mortgage from Green Tree for that very reason you mention caterpillar123.

My DTI is just too high. I was transferred from B of A whom held mortgage for almost 6 years. Started a HARP refi with them, and within a matter of days, I was told my HARP had fallen through as it had just been sold off to Green Tree. That was back in March. I wasted about 3 months after that trying to do a HARP refi with GT, but that was nothing but a nightmare!!!!! GREEN TREE IS SUCH A PATHETICALLY HORRIBLE COMPANY!

For now I'm just stuck paying down debt, and am going to just wait 6 months till I can finally have an acceptable DTI. I just can't stand watching what's going on with rates these days though. The next 6 months of this is gonna be more hell I'm afraid.
Oh hi. It's you again! Have you been checking in with your mortgage banker to see if you can qualify for an "SS HARP" refinance? Sometimes eligibility can change.

acroBios said:   The big question here for OP is, you said it saves you $84 a month on your payment, is this a no cost refi? If not no cost, then you should make a real ruckus because that is not enough savings to pay 3K or something similar and definitely not in your interest.There are definitely costs involved but sometimes the lower payment is worth it.

Hey caterpillar23! Yes it is me again. Good memory.

I actually have no mortgage banker currently. I've looked for help on my problem just on various forums and have gotten some tips like yours, but they were to no avail.

When you say "SS HARP", you're referring to a Same Servicer HARP refi right, but with someone other than my current (same) servicer? If so, this is a new 1 to me. I'm aware of the term "Same Servicer", and aware that HARP has been updated over time, but you're thinking that I might have hope going through someone else, even with that high 70% DTI?

Maybe I should look into seeing if a mortgage broker can help me out? I guess it's worth a shot. I'm just sick of going nowhere on all of this and just wasting time, and having all these damn inquiries repeatedly showing up in my credit report these last 5 months or so. I've gotten like 6 of the damn things just trying to get this damn HARP refi done.

All those who wrote their loans from Ocwen were being taken over by Quicken Loans...well...I made my FINAL payment on July 1st and it WAS NOT to Quicken Loans, but to Ocwen. HOWEVER, I refi-ed with my local credit union so I don't have to worry about Quicken Loans in any case. They were going to give me a big 4.5% and save me a whopping $84.00 a month.
My local credit union gave me 3.6% and I am saving $205.00 a month! It took me two months from my first contact with the loan originator. If you don't like Quicken Loans, shop around!

All those who wrote their loans from Ocwen were being taken over by Quicken Loans...well...I made my FINAL payment on July 1st and it WAS NOT to Quicken Loans, but to Ocwen. HOWEVER, I refi-ed with my local credit union so I don't have to worry about Quicken Loans in any case. They were going to give me a big 4.5% and save me a whopping $84.00 a month.
My local credit union gave me 3.6% and I am saving $205.00 a month! It took me two months from my first contact with the loan originator. If you don't like Quicken Loans, shop around!

Skipping 16 Messages...
chezstrom said:   GMAC, to Ally, to Ocwen. I just had a Forelosure Sale on my house scheduled for Nov. 18, 2013, next month. The Posting Notice in the News Paper read by GMAC October 25, November 7 & 15. Is this still being conducted by GMAC, or is it Ocwen? Also how can they state is was published in the paper on those dates when 2 of them haven't occurred? Cary
What state? A lot depends on state laws. If GMAC isn't the servicer then they're not the one conducting the sale. They have no rights to the note. Never heard of three dates being published in the paper. Only one. What usually happens is when a note is sold the old party drops from the court case. OCWEN is painfully slow when it comes to doing the actual sale. VERY VERY VERY VERY SLOW!!!!!!!! I've seen properties get sold at auction, then because the holder forgot to publish it in the paper get cancelled when the clerk catches it, then the note goes to OCWEN and the old party drops from the case, the loan just sits there idle. I've been tracking one abandoned property for the past two years. Still no sale. It's really pretty unbelievable.



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