Ocwen - Wont remove PMI despite LTV is at 69% based on their Appraisal
I tried to have my PMI removed in Aug 2014. Understanding these lenders are mostly ripped off and I went with the right move using their recommended appraiser. First, their appraiser forgot to put in the upgraded amount. OCWEN rejected saying it cannot be use. The 2nd appraisal came out value as 560k while the loan value was 390k. It is well below their 75% requirement.
However, they rejected the request multiple times
1) they reviewed the removal request, they used the appraisal of when the house was purchased and denied
2) for 4 months they keep saying they did not received the update appraisal. Their recommended appraiser service confirmed multiple times it has been signed and sent in.
3) finally it went to "research department" and still denied. They said only upgraded value can be used. This excuse is not in any of their documents. Even their reps said they dont know about this.
4) They again rejected the request after their higher up said send in again because #4 might made a mistake. Guess what? they denied again and this time no reason.
this is the worse company ever. I googled around and see many on the same boat. I have yet to see any good solution other than refinance with a different company. But it could be hard because if your rate is low as 3.5. You wont get a better rate than this now.
This person wrote the review because of poor customer service at Ocwen. Reviewer claimed that he or she lost $900 and wants Ocwen to offer any options to resolve the issue.
The author asks this business to immediately contact him/ her to briefly discuss his/ her negative experience with the company.