Mortgage Servicing Failures

Started by indago

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Posted by indago
  13,141 21 Apr 2017, 8:27 am

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From The Associated Press 20 April 2017:
---------------------------------------------------------------
State and federal authorities have sued mortgage servicer Ocwen Financial Corp., saying the company botched the handling of millions of mortgage accounts. ...The Consumer Financial Protection Bureau said Thursday that the accounts Ocwen serviced were riddled with errors throughout the repayment process. It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent.

...Regulators said when consumers complained to Ocwen, the company routinely failed to acknowledge or investigate the grievances.
---------------------------------------------------------------

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Posted by Cannonpointer
  14,410 21 Apr 2017, 1:55 pm

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indago » 21 Apr 2017 8:27 am wrote:
From The Associated Press 20 April 2017:
---------------------------------------------------------------
State and federal authorities have sued mortgage servicer Ocwen Financial Corp., saying the company botched the handling of millions of mortgage accounts. ...The Consumer Financial Protection Bureau said Thursday that the accounts Ocwen serviced were riddled with errors throughout the repayment process. It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent.

...Regulators said when consumers complained to Ocwen, the company routinely failed to acknowledge or investigate the grievances.
---------------------------------------------------------------

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No need for regulation - the threat of a bad reputation will police the free market. :)
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Posted by Cedar
  8,610 21 Apr 2017, 3:43 pm

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Cannonpointer » 21 Apr 2017 1:55 pm wrote:
No need for regulation - the threat of a bad reputation will police the free market. :)


I would agree if the company I signed papers with had to keep the loan, rather than selling it to another mortgage company.
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Posted by nuckin futz
  21,956 21 Apr 2017, 4:05 pm

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I did mortgages for 8 years, then I did loan modifications to help folks save their homes.Was with a law firm that did loan mods, and doing well, then AG Jerry Brown shut all the loan mod lawyers down!

OCWEN was the worst offender I ever saw!

The worst lender ever was AMERIQUEST(GW Bushes good buddy) They had 3 year pre pays on ARMS that shot over 11% when they adjusted! That's criminal!
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Posted by Cannonpointer
  14,410 21 Apr 2017, 5:25 pm

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Cedarswamp » 21 Apr 2017 3:43 pm wrote:
I would agree if the company I signed papers with had to keep the loan, rather than selling it to another mortgage company.
So... of it were policed better... it would not need to be policed... :faint:
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Posted by Str8tEdge
  38,457 21 Apr 2017, 5:35 pm

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Cannonpointer » 21 Apr 2017 1:55 pm wrote:
indago » 21 Apr 2017 8:27 am wrote:
From The Associated Press 20 April 2017:
---------------------------------------------------------------
State and federal authorities have sued mortgage servicer Ocwen Financial Corp., saying the company botched the handling of millions of mortgage accounts. ...The Consumer Financial Protection Bureau said Thursday that the accounts Ocwen serviced were riddled with errors throughout the repayment process. It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent.

...Regulators said when consumers complained to Ocwen, the company routinely failed to acknowledge or investigate the grievances.
---------------------------------------------------------------

article
No need for regulation - the threat of a bad reputation will police the free market. :)


Why is this even a "regulation" issue???? Did you get the "ILLEGAL" part of the quote???? Do you know what charging someone for something without their consent is called???
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Posted by Cedar
  8,610 21 Apr 2017, 6:06 pm

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Str8tEdge » 21 Apr 2017 5:35 pm wrote:

Why is this even a "regulation" issue???? Did you get the "ILLEGAL" part of the quote???? Do you know what charging someone for something without their consent is called???


Income tax?
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Posted by Str8tEdge
  38,457 21 Apr 2017, 9:27 pm

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Cedarswamp » 21 Apr 2017 6:06 pm wrote:
Str8tEdge » 21 Apr 2017 5:35 pm wrote:

Why is this even a "regulation" issue???? Did you get the "ILLEGAL" part of the quote???? Do you know what charging someone for something without their consent is called???


Income tax?


+1
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Posted by Obummerstinks
  10,992 21 Apr 2017, 9:42 pm

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Cannonpointer » 21 Apr 2017 1:55 pm wrote:
No need for regulation - the threat of a bad reputation will police the free market. :)


I've yet to see anyone advocate for no regulations...
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Posted by Cannonpointer
  14,410 22 Apr 2017, 11:01 pm

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Str8tEdge » 21 Apr 2017 5:35 pm wrote:
Why is this even a "regulation" issue???? Did you get the "ILLEGAL" part of the quote???? Do you know what charging someone for something without their consent is called???
Cannonpointer » 21 Apr 2017 1:55 pm wrote:
No need for regulation - the threat of a bad reputation will police the free market. :)
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Posted by Cannonpointer
  14,410 22 Apr 2017, 11:03 pm

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Obummerstinks » 21 Apr 2017 9:42 pm wrote:
I've yet to see anyone advocate for no regulations...
It's too rare for anyone on the right to speak in full sentences for me to argue the point. When gutting regulations is your default position, own it.
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Posted by Str8tEdge
  38,457 22 Apr 2017, 11:40 pm

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Cannonpointer » 22 Apr 2017 11:01 pm wrote:
Str8tEdge » 21 Apr 2017 5:35 pm wrote:
Why is this even a "regulation" issue???? Did you get the "ILLEGAL" part of the quote???? Do you know what charging someone for something without their consent is called???
Cannonpointer » 21 Apr 2017 1:55 pm wrote:
No need for regulation - the threat of a bad reputation will police the free market. :)


Would you use this mortgage company after this article? :rofl: :rofl: :rofl:
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Posted by Obummerstinks
  10,992 22 Apr 2017, 11:45 pm

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Cannonpointer » 22 Apr 2017 11:03 pm wrote:
It's too rare for anyone on the right to speak in full sentences for me to argue the point. When gutting regulations is your default position, own it.


Who say's to "gut" regulations? C'mon man, you throwing meme spitwads, and nothin's stickin'.....
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Posted by Cannonpointer
  14,410 23 Apr 2017, 12:03 am

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Obummerstinks » 22 Apr 2017 11:45 pm wrote:
Who say's to "gut" regulations? C'mon man, you throwing meme spitwads, and nothin's stickin'.....
One of tRump's campaign promises was for every one new regulation, two had to be gutted.

One of the first regs he did away with was one which required those investing for retirement accounts to put the pecuniary interests of their clients before their own.

Conjobs on this board defended that.

That "spit wad" got enough fiber for you?
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Posted by Cannonpointer
  14,410 23 Apr 2017, 12:04 am

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Str8tEdge » 22 Apr 2017 11:40 pm wrote:
Would you use this mortgage company after this article? :rofl: :rofl: :rofl:
Of course - they would just roll out a new DBA, and I would be none the wiser.
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Posted by indago
  13,141 23 Apr 2017, 5:35 am

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Ocwen Financial

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Posted by Str8tEdge
  38,457 24 Apr 2017, 10:08 am

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Cannonpointer » 23 Apr 2017 12:04 am wrote:
Str8tEdge » 22 Apr 2017 11:40 pm wrote:
Would you use this mortgage company after this article? :rofl: :rofl: :rofl:
Of course - they would just roll out a new DBA, and I would be none the wiser.


Uh huh. :roll: :roll: :roll: :roll: :roll:
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Posted by nuckin futz
  21,956 24 Apr 2017, 9:50 pm

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Cannonpointer » 23 Apr 2017 12:03 am wrote:
One of tRump's campaign promises was for every one new regulation, two had to be gutted.

One of the first regs he did away with was one which required those investing for retirement accounts to put the pecuniary interests of their clients before their own.

Conjobs on this board defended that.

That "spit wad" got enough fiber for you?


Correction: its fiduciary interests!

Pecuniary is where coloreds go to prison, Reverend Al! :LOL: :LOL: :LOL:
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Posted by Stinky McPeterson
  3,943 24 Apr 2017, 10:17 pm

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been originating mort loans since reagan was prez......my shit this morning swirling knows more than this board

ocwen is not a mort company......they are a servicing company......they service severely troubled loans that are in default....they are SHIT LOANS...toxic maximus

they buy these mortgage loans at 10 cents on the dollar...collect pmnts...foreclose...short sale

these loans are the crap of crap............people complain that ocwen is a bully when the loan was shit to begin with..........ocwen actually let people stay in their houses longer to see if they could work it out

the add on product was forced place fire insurance which is legal.....you don't pay your homeowners ins...you are forced to

this article didn't mention any of this shit right????????????????....poor article and source...but look at the op...a joke of jokes
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Posted by Str8tEdge
  38,457 24 Apr 2017, 11:12 pm

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indago » 23 Apr 2017 5:35 am wrote:
Ocwen Financial

Image


Natural cause and effect. A beautiful thing. :LOL:
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