Ocwen Backdating Draws Attention of Attorneys

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Ocwen Financial Corp.’s backdating of letters rejecting homeowner requests to modify mortgages has drawn the attention of at least three state attorneys general who were part of a $2.1 billion agreement to curb the company’s alleged abuse of borrowers just last year.
The backdating left some consumers with insufficient time to appeal the denials, according to a letter sent to the loan servicing company by Benjamin Lawsky, the head of New York’s Department of Financial Services.
Ocwen’s actions may have also breached its December accord with the federal Consumer Financial Protection Bureau and attorneys general from 49 states.
“We’re monitoring the issue and looking into other issues as well,” Illinois Attorney General Lisa Madigan’s spokeswoman, Natalie Bauer, said in a phone interview yesterday. Bauer declined to describe the other issues being looked at by Madigan, a Democrat.
Florida Attorney General Pam Bondi, a Republican, and Iowa’s Tom Miller, a Democrat, are also looking at a potential breach of the December settlement, spokesmen for those officials said.
The accord required Ocwen, the biggest non-bank mortgage servicing business in the U.S., to provide $2.1 billion in borrower relief, with $125 million of that to compensate people who lost their homes to foreclosure and the bulk of it in the form of loan principal forgiveness, according to a CFPB statement issued in December.

Independent Monitor

Ocwen also consented to the appointment of attorney Joseph A. Smith, a former North Carolina banking commissioner, as an independent monitor of its compliance.
Lawsky said Ocwen backdated thousands of loan modification denial notices starting in 2012 and continuing into this year, likely causing “significant harm” to borrowers left with no time to challenge those determinations.
“The existence and pervasiveness of these issues raise critical questions about Ocwen’s ability to perform its core function” of loan servicing, according to Lawsky’s letter, which was made public two days ago.
His letter was cited by Moody’s Investors Service yesterday in a decision to downgrade its quality assessment of an Ocwen unit servicing residential and subprime-residential loans.

Risks Cited

“Both assessments remain on review for further downgrade,” the ratings company said. Allegations raised in Lawsky’s letter “raise the risk of actions that restrict Ocwen’s activities, the levying of of monetary fines against Ocwen, or additional actions that negatively affect Ocwen’s servicing stability,” Moody’s said.
Ocwen closed at $19.51 today, down almost 26 percent from its close on Oct. 20.
Under a consent order signed by U.S. District Judge Rosemary M. Collyer in Washington in February, the CFPB could seek penalties for any violation of the agreement.
David Millar, a spokesman for Atlanta-based Ocwen, said Oct. 21 that the company deeply regrets the improperly-dated correspondence that resulted from “errors” in its systems.
Millar, who is affiliated with Sard Verbinnen & Co., declined to comment on the consent order.
Smith is due to file a compliance report by the end of this year.
Matthew Anderson, a spokesman for Lawsky, declined to comment on the matter. Sam Gilford, a Consumer Financial Protection Bureau spokesman, also declined to comment.
The case is Consumer Financial Protection Bureau v. Ocwen Financial Corp. (OCN), 13-cv-2025, U.S. District Court, District of Columbia (Washington).

Ocwen to hire independent firm to probe backdated foreclosure letters

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Ocwen Financial Corp said it was hiring an independent firm to investigate how the mortgage servicer had sent backdated letters to borrowers about loan modifications and foreclosures and the reason for the delay in fixing the issue.

Hundreds of thousands of borrowers facing foreclosure may have been harmed after they received letters from Ocwen with cure dates that had passed months earlier, New York Financial Services said on Tuesday.
The company denied them loan modifications in letters that they received more than 30 days after they were mailed, cutting off an opportunity to appeal, according to an Oct. 21 letter from the New York Financial Services to Ocwen.
Ocwen's Chief Executive Ron Faris wrote a letter to homeowners on Friday apologizing for the improperly dated letters, as well as to clarify what happened, explain the actions the company had taken to address the issue, "and to commit to ensuring that no borrower suffers as a result of our mistakes".
"Historically such letters were dated when the decision was made to create the letter versus when the letter was actually created," Faris wrote in the letter.
"In most instances, the gap between these dates was three days or less. In certain instances, however, there was a significant gap between the date on the face of the letter and the date it was actually generated."
The company, one of the largest U.S. mortgage servicers, was continuing to investigate all letters to check if any of them had been "inadvertently misdated", the letter said.
Atlanta-based Ocwen on Tuesday had blamed the improperly dated letters on software errors and that it had resolved the errors identified as of that date.
The company's statement on Tuesday had said 283 New York borrowers received letters with incorrect dates. Ocwen amended the statement later that day to say it was aware of borrowers in New York beyond the 283 who received letters with incorrect dates but did not know yet know how many.
Faris' letter on Friday did not mention how many borrowers had received such letters, but he added Ocwen believed its backup checks and controls had prevented any borrower from a foreclosure due to the improperly dated letters.
He said Ocwen would work with its advisory council, made up of 15 nationally recognized community advocates and housing counselors, on "making things right for any borrowers who may have been affected in any way by this error".
Up to Friday's close of $19.27, Ocwen shares had fallen nearly 27 percent.

Ocwen Financial accused of denying loan modifications to borrowers

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MORTGAGES

Regulators loosen down payment rules

Buying a home may have gotten a little easier this week. The government is loosening some financial rules, hoping to inject more life into the country’s still-recovering housing market.
Banks and borrowers stand to benefit from new rules unveiled Tuesday by six federal agencies. While banks will see relaxed guidelines for packaging and selling mortgage securities, fewer borrowers likely will need to make hefty down payments.
The board of the Federal Deposit Insurance Corp. voted 4-1 to adopt the new rules, and two other agencies approved them as well. The Federal Reserve has scheduled a vote for Wednesday, and two other agencies are expected to adopt the rules soon.
The regulators have dropped a key requirement: a 20 percent down payment from the borrower if a bank didn’t hold at least 5 percent of the mortgage securities tied to those loans on its books. The long-delayed final rules include the less stringent condition that borrowers not carry excessive debt relative to their income.
The rules for the multitrillion-dollar market for mortgage securities will take effect in a year. For other kinds of securities such as those bundling together auto loans or commercial loans, which don’t allow banks an exemption from the 5 percent rule, the effective date is in two years.

Why Trust on Us!!!!

Ocwen Loan Modification Help

Why Us ?

We are a team of professionals who have worked in the past as a loan officer and underwriters and have detail knowledge of the tricks used in the trade of Mortgage industry and servicing companies.
Our team of professionals is well equipped and qualified to understand your situation to work with you and update you on each and every step while your application is on the way for approval. Since we started 3 years back we have already helped over 4000 people to get a successful loan modification from Ocwen alone.
You may have come across lot of people or articles over the internet which says that the Debt to income ratio is the key in getting you qualified for a loan modification, however the fact stays far from this information, there are various factor involved in a loan modification approval or denial other then Debt to Income Ratio (DTI), there are crucial calculations like LTV (loan to Value Ratio), Net to Present value test, and stringent investor guidelines that needs to be followed. They also charge you an upfront fee only for presenting your application to Ocwen and do not guarantee a loan modification.
In order to qualify for an OCWEN loan modification, you must be able to prove to the bank that your specific financial situation meets their strict guidelines for approval. This can be confusing and tricky-especially because they will not tell you what they are looking for on your application! In fact, the vast majority of applications are denied simply because the borrower did not understand how to complete the financial worksheet correctly or able to really prove to Ocwen that they are facing financial difficulty.
So if you have a loan with Ocwen and you are willing to get a loan modification that will get your payments and interest rate down on your mortgage, this is the time, if you have been already denied once do not try your luck the second time without a professional help as this may cost you your house. Even if you have been denied more than 2 times you can still contact us, as we can still get you a loan modification.

You need a loan modification from ocwen !!

Ocwen Loan Modification Help

An article describing how Ocwen worked with ESOP (Empowering and Strengthening Ohio's People), a HUD-certified foreclosure-prevention counseling agency, to keep a homeowner in his home by enrolling him in Ocwen's principal reduction modification program.

Is Your Ocwen Loan Modification Denied ?

Ocwen Loan Modification Denied

Ocwen hosted a roundtable to discuss ways to preserve homeownership and assist distressed borrowers in the evolving housing market with representatives from national and community-based housing advocacy groups, the mortgage industry and government and non-government agencies.
National Mortgage News

Ocwen Loan Modification Reviews

Ocwen Loan Modification Reviews

A Loan Modification Program may

Cut Your Payments down by up to 50% , Reduce Your Rate to as low as 2% Fixed , STOP Foreclosure & Save Your Home , Forgiveness of Past Due Payments , Lower You’re Rate & Payments Permanently , Waive negatively accrued interest , Convert Your Adjustable rate for a Fixed Rate , Upside Down on Mortgage? Get Eligible for Principle Reduction Program.

Hardships can be anything like,

Reduction in Income - Due to Job Loss, Less Salary, Unemployment, Layoff, Divorce, Etc.Unaffordable Payments - Due to High Interest Rate, Adjustable Rate, High Taxes or Insurance.Upside down on Home - If you owe more than your home is worth and you can't refinance. Behind on Payments - If you are already late on your mortgage payments. Increase in Expenses, Medical/Health Issues, Family Crisis, Business Loss, Etc.

We do not charge you a single penny until your modification is approved and you pay a nominal fee only after the approval. If you like us to review your file and let you know if you are eligible for a loan modification, kindly email us at help@loanmodexperts.com or complete the form in the ‘Contact us’ tab. We have got the approvals on the most difficult files where in Ocwen kept on denying borrowers several times until they approached us and got approved.