I have a new ss client , Ocwen is the 1st.  I stopped doing BPOs for them a year ago because they NEVER returned calls.  I know their reputation for approving short sales STINKS.  Can anyone give a good review??

 

Thanks!

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Actually, Everyone hit it on the nail...you need to contact them early am. That's the best way to get to them...I've actually been able to get a hold of individuals here in the States when I've contacted them bright and early. Also, they do state, on their short sale package, that they will allow only 4% commission, but I've always been able to get 5% and above. Knowing your valuation is key as Ernie stated and not budging on what you know to be facts! They're going to do whatever it takes to milk the last penny out of the transaction...no different then the rest of them!       

 

 

Here's one example of how I've been able to receive a higher than 4% commission with Ocwen:

 

Negotiator stated to me that they only allow 4% commission...I stated to her that my company only allows for me to receive a 5% or higher commission as well, so something has to give. I've requested 6% and will go down to 5% as long as you're willing to go up to 5% as well. If not, i decline this file! As long as you know that they're receiving a net that's higher for their "customers" (banks) on a short sale vs. foreclosure, you can play hard ball! I've been successful using this method on this one occasion.

I am currently having a problem with OCWEN.  You see, the holder of the 1st is B of A, and they have approved our short sale and will pay us 6% commission for handling both sides of the transaction.

Our negotiator for Ocwen says that they will not allow the same company to be paid 6% commission.  We are already putting over $3000 of our own commission down to pay the rest of the Ocwen debt that B of A wouldn't cover (they pay $6,000, and the owner is paying $2500 from her COOP proceeds).  

Do you have any idea as to why they won't approve 6% when they're not even the company paying the commission?  Also, the fact that we're already paying almost half of our commission to them, it doesn't seem fair that we get paid almost nothing after 2 years of hard work on this file!

How do you suggest getting the full 6%?  Maybe writing a letter to attach to the offer?

I never give in.  I tell them you will not get any more money because the first will take it, so it makes no sense for you to even ask.  Also, you are not a party to my listing agreement which states my commission, you have no legal authority.  Please submit the file to the investor the way it is.  I have never lost.

Why would they say that they won't allow 6% when they're not even the bank that's paying for it?  Do you think they do this often, or do you think that the negotiator is just quoting normal protocol, not taking these different circumstances into consideration?  Do you think they assume that they'll receive the rest of the 6% themselves?

Is that what you meant when you said, "I tell them you will not get any more money because the first will take it, so it makes no sense for you to even ask."  Is it that they're not going to get the difference anyway?  I want to be firm, but I also don't want to alienate the negotiator.  It's hard enough getting a hold of her!

Thank you for your time!  :)

It is protocol.  I will include a note outlining the circumstances, such as 'we the agents are already contributing $1000 each for your payoff, we will not lower our commission'. etc.   Believe it or not they appreciate it when you negotiate.  If you let them push you around, they will take all they can get. 

I told myself I wouldn't do another Ocwen file if it had a foreclosure date because I had a HORRIBLE experience with them.  I have a file right now that I said to the homeowners, "You don't have an auction date correct?" Answer was "NOPE"  We literally got all the paperwork together, got it listed and BAM - they had a foreclosure.  After a WEEK of begging SOMEONE to review the file and being told a BPO request was escalated, I finally emailed in to the president.  Well I got a phone call a 1/2 hour later and the woman and I went back and forth, and an hour after that I got approval.  AWESOME RIGHT?!?!  WRONG!!!  They gave me under two weeks to close on a loan that was financed.  It came down to 1 day before closing and the underwriter needed an elevation cert...I called Ocwen, begged, borrowed, pleaded and NOTHING.  Nope they WON'T postpone.  We just needed about two extra days and I was told it was denied. 

 

My homeowner is considering bankruptcy tomorrow.  Keep your fingers crossed. 

 

THIS IS THE EXACT REASON I CAN'T STAND OCWEN.  They are becoming my NEW WORST to deal with.

 

My strategy with banks like Ocwen is to NEGOTIATE.  Which means do NOT submit your buyer's highest offer upfront!! I have specifically had buyers reduce their offers on the initial offer, and then increase their offer with an addendum that I HOLD IN MY BACK POCKET and do NOT send in with my initial package.

When the negotiator gives me a hard time that my offer is too low (guaranteed they will regardless of the offer amount...I also think they use zillow for their values), and that my commission is too high, my response is simply...."I'll get the buyers to increase their offer (another $5k or whatever it may be), and then you will approve this file AND approve my full commission, right?". 

The two files I have had AND closed with them both went this way without a hitch. One they approved 5% commission and the other 6%. Yes, they are a total PITA to deal with.  Once I was on hold for 334 minutes.  I didn't really care, that's why I have three phone lines in my office and plenty of other stuff to do.  They absolutely do NOT postpone Trustee Sale dates, however, so be sure all parties are ready to move fast.  My first deal with them closed and funded literally 24 hours prior to the Trustee Sale.

 

I grunt and groan when I see "Ocwen" as the servicer, but I will NEVER turn down a challenge or a short sale opportunity.  If you don't want to deal with them, send them my way! :-)

I am currently having a problem with OCWEN.  You see, the holder of the 1st is B of A, and they have approved our short sale and will pay us 6% commission for handling both sides of the transaction.

Our negotiator for Ocwen says that they will not allow the same company to be paid 6% commission.  We are already putting over $3000 of our own commission down to pay the rest of the Ocwen debt that B of A wouldn't cover (they pay $6,000, and the owner is paying $2500 from her COOP proceeds).  

Do you have any idea as to why they won't approve 6% when they're not even the company paying the commission?  Also, the fact that we're already paying almost half of our commission to them, it doesn't seem fair that we get paid almost nothing after 2 years of hard work on this file!

How do you suggest getting the full 6%?  Maybe writing a letter to attach to the offer?

It's because they want part of the 6% too see if BOA can help you do you use the new web tool they have now--they sent it to me a month ago.

You mean, they think they'll receive the difference?  How would B of A help?  What does the new web tool do?  Thanks for your reply!

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