Thousands of complaints online about Ocwen Loan Servicing out right stealing hard working Americans money.
Here's a racket for you.
Buy a customer's loan. Tell the customer that the first payment is due on the first of the month. Give the customer an account number. When the customer sends you the first payment, cash the payment and say you didn't receive it. Your excuse: the account wasn't set up. Even after you actually do set up the account, do not credit the initial payment -- just keep it for yourself.
That's my experience with Ocwen so far since they "serviced" my loan on November 1. That's right the $2,000 I sent them for the first payment cleared my bank and did not get credited by Ocwen (even though the electronic funds transfer shows they cashed it). 45 days later and it is still not credited.
Imagine the millions you could "earn" with this racket.
I am absolutely furious with Ocwen. Aside from them stealing my money, their customer support is a joke. When you ask to speak to a supervisor, you wait 10 minutes on the phone. Then you get a voicemail. The voicemail says the manager will call you back in 4 hours. I've left two voicemails with my number and no callback. Of course, that's what Ocwen has to do when it is in the business of stealing people's money.
My advice: if your loan gets "serviced" by Ocwen, refinance with a reputable company immediately. Also, call and complain to the loan company that sold your loan to Ocwen.
More Review Details
- Monetary loss:
- Product or service
- Ocwen Loan Servicing
- Review category
- Loans and Mortgages