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Embattled Ocwen expects another loss in 2017

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Mortgage Professional America | 23 Feb 2017, 09:53 AM Agree 0
The company has posted three straight years of net losses — and regulatory burdens seem to ensure that 2017 will be the fourth
  • concerned | | 21 Apr 2017, 05:04 PM Agree 0
    This servicer has been bad, very bad for a long time. This was not a big secret. They have had decades to turn it around, instead they kept spreading like a virus.
  • Please Share my experience! | | 22 Apr 2017, 05:26 PM Agree 0
    Ocwen bought servicing from GMAC with intent to deny modifications. A rep with Ocwen said Ocwen had no obligation to honor prior modifications made by IMPAC or original servicing entity GMAC. IMPAC solicited a default while GMAC was servicing the mortgage, promising lower interest rates in addition to charging a fee made directly to IMPAC reps to obtain modification with a low interest 8 yr ARM. They immediately transferred the mortgage from GMAC to Ocwen who declined to recognize the new modification. Some would say this is a RICO fraudulent scam since IMPAC's representatives actively used their 'holding' position to charge over thousand $$ for a modification knowing it was fraudulently obtained and would not be honored. This bogus origination fee went through IMPAC reps. IMPAC sold or handed off servicing to Ocwen, who played the 'heavy' in denying modification. GMAC was 'out of the picture' entirely in soliciting or originating a modification. This was a vicious deceptive scam with intent to defraud innocent home owners. It smacks of a RICO fraud against IMPAC, GMAC and Ocwen!
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