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All of these stories are true and typical. My case: USAA to GMAC to Ocwen--not my choice to transfer but no change in terms on a 6% 30-year fixed. Then aggressively solicited by Quicken. They acted like they were doing me a favor offering 4%. I found this forum and balked. I got 2.65% for a 15-year fixed from a credit union, an agreement not to transfer or sell servicing to a third party, and it took 2 months to close. Almost no change to my monthly payment but a whopping cut of 10 years in paybacks. And, bonus, I avoided the transfer to Quicken (and to where ever else it would go in another few years or months). If you can refi with a reliable credit union, do it!

All of these stories are true and typical. My case: USAA to GMAC to Ocwen--not my choice to transfer but no change in terms on a 6% 30-year fixed. Then aggressively solicited by Quicken. They acted like they were doing me a favor offering 4%. I found this forum and balked. I got 2.65% for a 15-year fixed from a credit union, an agreement not to transfer or sell servicing to a third party, and it took 2 months to close. Almost no change to my monthly payment but a whopping cut of 10 years in paybacks. And, bonus, I avoided the transfer to Quicken (and to where ever else it would go in another few years or months). If you can refi with a reliable credit union, do it!

Add me to this list. Ocwen recently acquired my GMAC loan; no problems. GMAC notified me in detail on paper about the transition. OCWEN statements were on time; my pymts were on time. Here's what's happening now. This is a 2nd mortgage, small loan. Went to make my pymt online today and OCWEN site states "this loan is closed" as of 00/00/00. It redirects to a new "OCWEN" (looking) site, requires me to login as a new user, new password, my SSN and asks me if I want to check my eligibility for a refi. There is no other company name on this new site, and no other option but to refi. I'm unable to sign in on either OCWEN websites to make a payment. My only choice is to login with new info and submit my SSN. I won't. But I'm wondering why OCWEN would have closed my loan without payoff? Which leads me to think there was a payoff. And if there was a payoff then...my loan is paid off, right? I know that's simplistic, so what am I missing? Whoever purchased my debt prior to an agreement from me to pay them is, um, not getting paid...by me. And now that OCWEN has already closed the loan, I'd like to know what the new buyer is gonna do with a purchased debt that isn't being paid. They can't send it back to OCWEN, right? So will this come back on me and my credit? Questions for OCWEN: When was my loan paid off? Who bought it? How much was it sold for? How much do I owe you?

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Old website that I made pymts on: ocwen.mortgagebanksite.com
New website that I'm redirected to and asked to enroll and register my account, using my SSN: ocwencustomers.com
This new website is under the guise of a new servicer, although never directly saying it is a new servicer; using terms like "may be different".
Read this misleading description from the new website: "Please note that some of the features of the OcwenCustomers.com webpage may be different from the previous servicing website you have used. We invite you to check for updates on a periodic basis as we continuously add account management functions to improve your experience. After enrolling your account on OcwenCustomers.com we encourage you to explore all currently available account management functions on Ocwen's webpage. To continue with your account enrollment, please enter the following details."

Old OCWEN website premises the deceipt with this statement: "Ocwen is upgrading its systems to better serve your loan. As part of this upgrade, you may now register a new username and password at www.ocwencustomers.com for your active and future account management needs. This includes management of your online payment needs as well as payoff requests and other web functionality to which you are accustomed. Please note that some options may have changed. You may continue to log in at http://ocwen.mortgagebanksite.com for access to historical account information."

My access is still intact to the old site. Sounds more like they are switching over to their own software framework rather than continuing to use the GMAC framework that they have been using up until now.

Just talked with OCWEN. They said when the changeover was originally made from GMAC, the loans were sent to OCWEN platform #2, but now loans are being randomly selected to be sent to platform #1. On their website they simply call this an 'upgrade' and require new login info and SSN (last 4) to verify the account. They say it's just a new division or dept, but it seems closer to a new servicer because none of my information is available from one platform to the other. Platform #2 can't take payments and shows $0 balance due. They admit that there was no notification to their customers about the change. According to RESPA, there should be a notice of 15 days before due date from both servicers. But since they're not calling the different platforms "servicers" they've taken themselves out of the law. I don't see how platform #1 isn't a new servicer.

For anyone with Ocwen, I had a mortgage through them on an investment property several years ago when I was buying properties left and right and ended up - ahem - overextending myself; the only financing I could get for my last property at the time was through godawful HomEq, which went belly-up and my loan was acquired by Ocwen. As soon as the transfer occurred, I was inundated all day long with affiliate offers. It took a looong time before they finally stopped. Had I known more about CN47's dealie, I would have taped the calls and sued them for going against my do not call order. Anyway, thank god i'm not under them any longer, but do be aware that Ocwen is really a PITA with their aggressive "marketing" crap.

edited to say that once again, a completely innocuous post was held pending approval.

maxfleischer said:    Anyway, thank god i'm not under them any longer, but do be aware that Ocwen is really a PITA with their aggressive "marketing" crap.

Not that another opinion matters, but my wife used to work for Ocwen, and they are a bunch of fools. If they are servicing your loan and are doing escrow for you, KEEP TABS on your insurance premiums and taxes. She worked many issues where insurance lapsed from the "original" insurer, and then customers were hit with Ocwen's insurer at a much higher rate.

Also, interesting data point- according to her the name "Ocwen" was decided on when the company needed a new name by reversing "New Company" NEWCO -> OCWEN.

PhDeez said:   maxfleischer said:    Anyway, thank god i'm not under them any longer, but do be aware that Ocwen is really a PITA with their aggressive "marketing" crap.

Not that another opinion matters, but my wife used to work for Ocwen, and they are a bunch of fools. If they are servicing your loan and are doing escrow for you, KEEP TABS on your insurance premiums and taxes. She worked many issues where insurance lapsed from the "original" insurer, and then customers were hit with Ocwen's insurer at a much higher rate.

Also, interesting data point- according to her the name "Ocwen" was decided on when the company needed a new name by reversing "New Company" NEWCO -> OCWEN.


Can you ask your wife if there's a way to streamline Ocwen shortsales? My experiences with them have been terrible!

WOW, The same mess happened to me too. I was skeptical because Quicken Loans just sounds like a scam, lol. They keep calling me from that 313 and telling me they want to run my credit and see do I qualify for 1. either a better rate  2. see can they reduce my monthly payments  and 3. see can they give me some quick cash.... I'm always skeptical when a BAnk is begging me to take an action.  Glad I'm not in it alone, lol.

I am uncomfortable with the HARP loan that Quicken Loans offered on my Ocwen mortgage. Quicken is pressuring me to close and it just doesn't feel right. I didn't pay them advance money but I'm sure they will find some way to charge me for refusing to close. The closing costs are $3570 at an interest rate of 4.99. Any advise on how to get out of the refinance and away from Ocwen?

unusedname said:   I am uncomfortable with the HARP loan that Quicken Loans offered on my Ocwen mortgage. Quicken is pressuring me to close and it just doesn't feel right. I didn't pay them advance money but I'm sure they will find some way to charge me for refusing to close. The closing costs are $3570 at an interest rate of 4.99. Any advise on how to get out of the refinance and away from Ocwen?You'll probably be responsible for any third party costs such as the fee for your credit report and maybe title fees. If you have a second lien, you may have to pay a subordination fee that was charged by the lender of your second lien. You probably didn't get an appraisal so your third party fees should be minimal.

The only way to get away from Ocwen is to refinance with a company that doesn't transfer the servicing. If you refi with a big bank, you may end up back with Ocwen eventually.

Quicken Loans isn't a scam. Their sales techniques are quite aggressive though. We closed a mortgage with them a while ago with no issues. Other lenders do have lower fees but if you're getting a HARP loan, you may have limited options.

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

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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