Ocwen Loan Servicing has emerged as one of the largest mortgage servicers in the United States in recent years, offshoring approximately 90% of the day-to-day mortgage loan servicing responsibilities to employees Mumbai and Bangalore, India.
Over the past several weeks, I have been attempting to assist a number of Ocwen homeowners’ who have, among other things, been unsuccessful in obtaining copies of the Note, Mortgage, and the Assignment chain for their mortgage loan. In short, Ocwen has either failed to provide the documentation or has indicated that the homeowner is not entitled to receive copies of these documents because these documents do not specifically relate to the servicing of the mortgage loan. This type of behavior highlights the fact that Ocwen is intentionally preventing homeowners and regulators from uncovering foreclosure and robo-signing problems that exist within Ocwen’s servicing platform.
In addition, a number of these homeowners’ have complained that Ocwen has denied their request for a loan modification because the “investor” of their loan does not allow loan modifications. Within a few days after the “investor” denial, however, Ocwen follows up with new offers to assist homeowners with loan modifications. This confusing behavior clearly highlights that Ocwen has neither prudent servicing systems nor adequately trained employees to make a valid assessment of whether a loan can or cannot be modified under the terms of a pooling and servicing agreement or other servicing arrangement.
As we all know, the OCC and the Federal Reserve issued Consent Decrees to many banks and mortgage loan servicers as a result of the foreclosure and robo-signing scandals that erupted in 2010. Yet Ocwen, as one of the biggest mortgage loan servicers, has never been subjected to any regulatory intervention concerning servicing practices, foreclosure practices, and the robo-signing issues that are prevalently within its servicing operation.
In view the foregoing, I request that the Consumer Financial Protection Bureau and State Attorney General Offices immediately begin an investigation into the mortgage loan servicing, foreclosure, and robo-signing practices of Ocwen Loan Servicing. In light of the grievous problems that are endemic with Ocwen’s servicing platform I request that the Consumer Financial Protection Bureau issue an order that Ocwen Loan Servicing cease and desist from foreclosing on any properties until Ocwen implements prudent servicing practices as a result of its investigation.
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