Not exactly a good alternative in my opinion
In recent days I have been informed by mail that IndyMac Mortgage Services will transfer my loan to Owen Loan Servicing [AKA Ocwen Financial ] as of 9.1.13. Now in a previous post, after doing some quick rummaging around the web for info on these guys, it appears that Ocwen is gobbling up a whole bunch of “troubled loans” from a wide variety of “troubled” sources. In my humble opinion it appears that all the banks that were the engines behind the great implosion of the housing market are selling all their bad obligations off to these guys in return for big bags of “blood money” in order to sidestep any further downgrading of their operations. Basically and literally passing the buck!
08.15.13 Ocwen Financial (OCN) has shown such explosive growth that some industry observers have speculated it might have nowhere to go but down. Doubters figured the specialty mortgage servicer wouldn’t get enough new mortgages to service to offset those running off its books. But Ocwen insists it is anything but a “melting ice cube,” as Chairman William Erby told analysts Aug. 1 on the heels of a strong second-quarter report.
Passing The Buck
Now, instead of a bunch of perpetrators paying the appropriate restitution for the massive mishandling scandals they have now passed all these “troubled loans” off to Ocwen and others. And,despite what the Ocwen Financial website says, it is my opinion that they are not exactly the knights in shining armor that they claim to be. And I am hard pressed to comprehend that a company that has grown from servicing $40 BILLION in 2009 to $500 BILLION at this time 2013 can get better at what they do! All I see is a nightmareish scramble to make it work And the same people that were victims of the initial disasterous financial events are now all in the hands of one big pile of bad loans in the hands of Ocwen and others like them. This hasn’t escaped scrutiny along the way. not exactly a stealthy group.
12.04.12 (Reuters) – New York’s top state bank regulator is yet to approve Ocwen Financial Corp’s recent agreements to buy two mortgage servicing firms as a result of concerns about what it says are unfair loan practices, the Wall Street Journal reported.
Read more HERE
Shoveling it all into a bigger pile
My primary concern at this time is that I am right in the middle of a loan modification trial period. And after a 8 month sojourn into pain trying to get to that point with IndyMac’s frickin wonderful system I am genuinely concerned that it will get mucked up during the transfer. IndyMac’s history with documentation is utterly deplorable both when they were a standalone are of the US and continuing through their being acquired by One West Bank through financial hardship. Their documented history of misinformation and financial sandbagging, both of which I am a victim of, raises some major concerns for me and my situation.
And if you thought customer service was bad before …. well…
It don’t get no better than this. Really! It doesn’t!
7.22.13 Bank of America Corp (BAC) Just Can’t Seem to Grasp the Mortgage Business
The latest survey gauging customer satisfaction with mortgage servicers was released last week, and it delivered both good and not-so-good news. On the bright side, big banks like Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and Wells Fargo & Co (NYSE:WFC) all did quite a bit better this year compared to last, and all came in well above the industry average. On the other hand, Bank of America Corp (NYSE:BAC) showed little change from its poor performance of last year, and dedicated mortgage servicing companies like Nationstar Mortgage Holdings Inc (NYSE:NSM) and Ocwen Financial Corp (NYSE:OCN) remain on the bottom of the customer-satisfaction heap.
Read more HERE
That is my concern at this time and I will keep up on all the details as they come together. Stay tuned
- Ocwen Financial Corp (NYSE: OCN) (themeshreport.com)
- Stop Ocwen (stopocwen2013.wordpress.com)
- Bank of America Corp (BAC) Just Can’t Seem to Grasp the Mortgage Business (insidermonkey.com)
- First IndyMac now Ocwen! It gets sillier (bzerob1.wordpress.com)
- Ocwen Originations Off, Servicing Subsides (broadcastarchives.net)