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Ocwen’s terrible, horrible, no good, very bad time continues

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Mortgage Professional America | 26 Jan 2015, 08:27 AM Agree 0
The troubled servicer has been busy with regulators and now a group of major mortgage bond investors are planning to sue the company.
  • Appraiser | | 26 Jan 2015, 10:15 AM Agree 0
    90 days out and they are not paying appraisers.
  • Texas Mortgage Lender | | 27 Jan 2015, 05:36 AM Agree 0
    I have been a mortgage broker for over 25 years and have had many, many refi clients who had a horrible experience with Ocwen. As to the appraiser not getting paid, and all others who have a complaint, I always recommend you file a complaint with your state attorney general (Ocwen certainly doesn't want another investigation) as well as the CFPB. Let's see if they go to bat for the industry?

    Ocwen deserves whatever treatment it gets. As to a fine of $2.5 million in California, that is laughable. Bad practices are not solved with such a small fine; less than a slap on the wrist. A $50 million fine and suspended California operations for two years, well that will either stop the bad practices or put Ocwen out of business, both of which I can live with. Unfortunately, if they go out of business probably it will be a big bank that winds up with the portfolio further complicating the "too big to fail" dilemma.
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