Information

OCWEN

Has anyone done a deal with OCWEN?  On their forms it states commissions cant exceed 4%, is this true?

Members: 86
Latest Activity: May 5, 2015

Discussion Forum

Ocwen not extending closing dates from approvals prior to 3/1/14 .. Blames Consumer Finance Protection Bureau (CFPB)

Started by TOP END Properties. Last reply by Janice Wheeler Mar 20, 2014. 1 Reply

I was informed by Ocwen today that they will not extend any short sale closing dates with approvals prior to 3/1/14 because of new guidelines set by the Consumer Finance Protection Bureau (CFPB).I…Continue

Tags: march, guidelines, ocwen, protection, short

Need Eslation help

Started by Janice Wheeler. Last reply by Tony Morales Mar 13, 2014. 6 Replies

I am too mad to write coherently. I have been working on a  Hafa short sale since Jun 2012. I keep getting the run around. I was told by someone in India that we had approval but they couldn't resend…Continue

Glad to be here

Started by Steve Jhee, GRI Mar 1, 2014. 0 Replies

Just signed up, seller of my listing got Ocwen.I might have a few questions with this group, I would like to see your discussions.Continue

1 loan, already approved but Ocwen won't approve the new CASH buyer

Started by Annette Whitehead. Last reply by Aileen Potter Jul 30, 2013. 1 Reply

I represent a distressed seller, listed & attracted a buyer who made a full priced offer within 10 days, subject to appraisal & financing. We submitted everything required, several times…Continue

Comment Wall

Comment

You need to be a member of OCWEN to add comments!

Comment by Donna Schorr on March 13, 2014 at 2:34pm

Well, they've never hung up on me, I always turn it around on them and tell them that they "have the ability to make a difference in someone's life, and I'm not getting off the phone until you accept that opportunity". It confuses them. So far I've always gotten my way with them. 6 years of working with them, believe it or not they ARE better than they used to me. I'll say that until one of them tries to cut my commission...

Comment by Suzy Ealand on March 13, 2014 at 2:29pm

And don't you love it when you get thru the exasperating phone conversations and they tell you nothing, and what you don't want to hear, then they always ask "Mam, is there anything else that I can do for you today?"

Comment by Suzy Ealand on March 13, 2014 at 2:27pm

Interesting thing is that Ocwen is not a bank so they don't need to play by the banks rules. That is part of the problem in dealing with Ocwen. And I find that if you "yell" to loudly they have the ability to just hang-up or disconnect or sabotage the file....so I proceed with caution and try to find the "happy medium"

Comment by Donna Schorr on March 13, 2014 at 2:23pm

I agree with Tony, Ocwen is the one bank where yelling works. Seriously, and I have never received less than 6% commish from them.

Comment by Suzy Ealand on March 13, 2014 at 1:50pm

I will keep you all updated; I have a real person with an actual email that is working with me finally however I do not yet have the warm and fuzzy feeling that he is on the eve of providing my approval. After the multiple BPO and appraisals were submitted to Ocwen, they graciously offered that the contract value was approved and adequate. And then last week, AFTER I was continually told that my file was valid, complete, value met, 2nd lien terms met, they suggested in a phone conversation [this manager in the escalation dept] that they now probably want another ARE YOU READY FOR THIS, $200,000!!!!! Really?

Comment by Chip Morrison Sr, CCIM,CRB,CRS on March 13, 2014 at 1:43pm

Let me and my partner jump right into this discussion.  We have dealt with Ocwen/Altisource/Hubzu for over 20 years in all of their different forms.  They have been difficult to deal with but we have always been successful.  HOWEVER, we, like Suzy, were in the middle of a miserable short sale (due to a 2nd lien with SunTrust who may be even worse than Ocwen) when the loan was sold to Ocwen (this is last October).  We had to start from scratch, no problem, but then they decided to put it up for Auction on Hubzu, so goodbye buyer who had hung in there for 6 months.  Fast forward to January, new buyer, new short sale contract, set to close, days before closing Altisource contact (in Florida, an American, "yippee" we think initially) tells us they will not approved the 2nd mortgage payout to Suntrust of $8500, but only 8% of the mortgage balance and says this is "industry standard".  This buyer now gone.  They send notice to back up bidder that they can now have property.  New short sales contract completed (even while the HUBZU people are sending us REO contracts--side story, sorry).  Now we are being told we are at an "inpass" (what?) since Suntrust won't take less than $8500 and they won't pay more.  We can't even get a buyer or seller to pay the difference since Ocwen wants all money in their pocket. 

Bottom line, if you can pass on the VP name/number, TONY, I would be in your debt.  I am real good with being aggressive.

P.S. Did I mention this is a $63,000 property?  We are now doing this as a public service as the hours into this over the last 6 months are staggering.

Comment by Suzy Ealand on March 13, 2014 at 12:59pm

Ocwen people; if you happen to read this can you PLEASE approve my file?

Comment by Suzy Ealand on March 13, 2014 at 12:57pm

Ocwen Ugh! I have a lot of short sale experience and I know how to submit a package, present a valid offer and HUD and how to negotiate these deals with the banks. The problem with Ocwen is that they seem to believe that it is justified to write their own rules as they go!  I have a short sale in progress, started with two Bank of American loans, is now two Ocwen loans due to servicer transfer right smack in the middle of my short sale. I was prepared for the challenge; am now on my 6th postponement, 5th appraisal/BPO and continue to have their management, escalation team, media relations and so-called "customer service" folks in the East and wherever they are inform me that my "approval" is pending.  Well that started back in December, it is now mid March, the file has still NOT been submitted for investor approval even though I was told that it had. Additionally, they keep "advising" that IF I submit a letter agreeing to "waive any further requests for postponement" of the trustee sale, they will grant my approval. With Ocwen holding my short sale hostage I have clearly and both nicely [which doesn't work] and aggressively [which they do not like] informed them that I will NOT submit that letter or succumb to their tactics to black mail me.  Ocwen likes it when they hold all of the cards, the entire deck, and make us beg for our approvals. This is not my first rodeo with Ocwen, and the good news is that I eventually get the approval.  My value has been approved, the allowable funds to the 2nd lien have been determined, the file is up to date and complete.  And we wait, and wait and wait.   17 hours on the phone [on-hold] with Ocwen last week, and truly, I believe that they put you on hold, go to lunch or deal with something else, then come back 20 minutes later and make you think that they did something with your file????   I have submitted requests to Ocwen corporate in Texas and in Florida, there are managers there that have the authority to assist.  However, my guess is that there is a much bigger picture to consider here and it probably has to do with their balance sheet! 

Comment by Tony Morales on March 13, 2014 at 12:20pm

I have had many issues with OCWEN  but now I go to the top.  I am dealing with them on 2nd lien. 2 weeks ago they declined short sale with proceeds of $8,500.00 (HAFA maximum)  They countered at $12,000.00 and after 3 calls to short sale department who simply read the notes and could say why it was not a HAFA short sale I pursued it further.  I advised them that the investor ( BNY Mellon)  was a HAMP participant and they must accept on;y $8,500 and release the lien.  I made contact with a VP and next day received approval letter.. Also  you must be aggressive as nice does not work with them

Tony Morales

TM Short Sales Consulting

Comment by Sydney Gielow on February 7, 2014 at 5:09pm

Does anyone have a current version of the OCWEN Short Sale Addendum ??

 

Members (86)

 
 
 


 _________________________

FOLLOW US!

 

Property Management Pages

San Salito

Bartram Park

Discussion Forum

Need Eslation help

Started by Janice Wheeler. Last reply by Tony Morales Mar 13, 2014. 6 Replies

Glad to be here

Started by Steve Jhee, GRI Mar 1, 2014. 0 Replies

1 loan, already approved but Ocwen won't approve the new CASH buyer

Started by Annette Whitehead. Last reply by Aileen Potter Jul 30, 2013. 1 Reply

ocwen

Started by Rob E. Kirchner. Last reply by Paula luttrell Mar 11, 2013. 1 Reply

© 2017   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service