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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I actually have done Ocwen short sales.  I have not had a problem.  Get up early and call every morning.  The squeeky wheel get the grease!
I did a short sale that turned into a REO. They actually paid me a bigger commission on the REO than they were willing to on the short sale. They offered only 4% listing commission for a short sale. I heard that if the listing agent sent in the HUD for afull 6% commission that they sometimes approved it, but I never had the chance to prove that. The advice I would offer to you would be to use phone,fax, and email until you gain contact. Remember to be persistent and consistent. Their email address for short sales is ss@ocwen.com . One thing to keep in mind is that Ocwen and their reo company, Altisource are both mainly based in India.

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.  (;->>

 

 

Run don't walk---they make you do cma's ---a lot of work/ frustration----a year later after speaking to idiots all over the world including Brazil and India---They will slam it into forcloure even though you have an at asking offer with 100,00.00 down, because they don't want to extend approval letter --because the buyer needs to season their funds------not fun---run don't walk   --I'm saving you gray hairs-----unless they have gotten better, but I doubt it---they are horrible!!!!!!!!!!!!!!!!!!!! They are the devil---lol---seriously--510-502-7811 if you want more info--my cell

Seriously -

 

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!

see I told ya--lol :0)
My past experiences with Ocwen have been horrible.  BUT, I just closed one earlier this month with them, did both sides and received 6%.  They closed the transaction in less than 90 days.  Their short sale application sheet dictated 4%, but I submitted 6%.  Not sure what exactly happened, but one afternoon checking status resulted in an approval over the phone with a faxed approval the next day.  Maybe the stars aligned......point being; who knows anymore, persistence, patience, and professionalism is my motto for 2011.  Good luck!

WOW, thanks for all the input, you are all amazing.   Who needs the hassle, short sales are hard enough.

:0)  You're fighting the good fight!!!!!  Hang in there---maybe they are not the devil, but they are on my list of---I will not work with. :0)

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.

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