Beverly hit it on the hea - content contact. forcefully, but amiably delivered.
Ocwen is a bear at times, depending on the negotiator.
NEGOTIATION is the key and very operative word wit them. I have found that by getting them back to the table, my clients' needs got resolved.
Ocwen is not a direct lender, which is an important thing to understand. As a loan servicer, they really are only involved in payment taking and collections efforts. Sometimes, I have had to go to Fannie/Freddie, or the Investor directly to get their people to listen to me. Other times it even took an FTC complaint to get them to understand that I could be ruthless and wrathful, too.
to work with these guys, you have to think like their customers, the lenders and not like a Borrower.
I've closed several with them recently.
Their SS Package to be sent to sellers allows a 4% commission. I line it through and write 6% and have the seller initial it.
When sold, I submit a complete package including a thorough valuation.
Their customer service is in Bangalore and in Mumbai, India. When you call and go through the phone tree, you'll be routed to a specifically assigned negotiator. Usually, you will leave a VM, and they call you back. They're very nice, and are trained to routinely say that "You know, in looking at the offer, we're going to need maybe another 10% net to our investor." I respond: "Well, wouldn't 15% be better?" Pause. Laughter.
(That's why you do the thorough valuation.)
Bug 'em. They will get it done. If there is foreclosure activity, they'll send you an approval letter with a foreclosure date a week later. So be ready to close.
They recently bought $28 billion of Barclays paper for $1.2 billion. They're making money doing short sales and foreclosing. They're what I call a "Predator" or a "Scavenger." And I say that respectfully. (;->>
There aren't any "devils" out there - agents put so much unnecessary emotion into short sales. (I could say there are some "Sloths" out there, like Suntrust!)
They're a business with a particular strategy. Just figure out the strategy and operate with it.
What is "OCWEN" spelled backwards?
But there is a FTC probe ongoing regarding their practices!
WOW, thanks for all the input, you are all amazing. Who needs the hassle, short sales are hard enough.
Ernie your sloths and devils got me thinking. When Charlie Sheen runs out of work maybe he would be a good negotiator. He is always "winning" and being a warlock and all, Ocwen would be a good test for him. :-)
Seriously, to add to the post use Ocwen bankruptcy line 888-554-6599. I bypass allot of customer service that way.
I don't really like them. When you call them the system say your request is under review and when you wait and talk to a rep, he say that your request was denial and they take to long to give you an answer.
For me it have been so difficult to work with them.