Awesome, my mortgage just got sold to a shady company

[cbrsurfr]

Some placed called Ocwen, original lender was GMAC for my rental house.

The reviews are horrendous.

http://www.consumeraffairs.com/finance/ocwen_loan.html

http://www.ripoffreport.com/directory/ocwen.aspx

http://ocwen.pissedconsumer.com/

Looks like I'll be refinancing, but even then people have claimed to have problems with incorrect negative reporting to the credit bureaus and other shadiness. I have stellar credit and will be keeping a close watch on it until I can get into another lender. Ugh I was not planning on doing a refi on this property this year.

 

[T_Yamamoto]

Wasn't there another thread like this?

 

[waggy]

deja vu?

 

[T_Yamamoto]

deja vu?

Exactly my thoughts!

 

[mizzou]

Ocwen suuuuuuuucks lol, keep your history up to date and monitor your escrow account closely

 

[JackBurton]

Holy shit, you did get screwed. Ocwen is definitely a shady company. Quite honestly, I'm surprised they haven't launched an investigation into their practices. Shady, shady company.

 

[postmortemIA]

Exactly my thoughts!

Yep

 

[AFurryReptile]

Yep. My mortgage was sold to Loancare just a month or two after I took it.

60-minute hold times for the win.

 

[mizzou]

their loan servicing is pretty awful. OH man that sucks for you. Next thread will be "Ocwen just foreclosed on my home, I am current on my mortgage :\ "

 

[Vdubchaos]

This is what happens when you
a) go with a broker - most people don't have a clue WHO will be their bank until closing
b) go with a shitty bank like GMAC (or just about any major bank HSBC, BOA, Chase or Citi)

I would stay FAR FAR FAR away from any of those.

Also I would NOT recommend a broker. Although they CAN be helpful and get you a great deal, 99% of them are very shady. It's VERY hard to find a good one. Heck make that EXTREMELY hard.

I suggest a small local bank or credit union with a great reputation. Although most state that they CAN sell your loan, many decent places don't. My Credit union hasn't sold mine and I'm on my 2nd refinance (even original loan was with them as well).

Also keep an eye on APR, that's a good indicator of rapage. Rule of thumb is within .1 to .3 of the interest rate.

I suggest you refinance ASAP OP.

 

[Wyndru]

This is what happens when you
a) go with a broker - most people don't have a clue WHO will be their bank until closing
b) go with a shitty bank like GMAC (or just about any major bank HSBC, BOA, Chase or Citi)

I would stay FAR FAR FAR away from any of those.

What is wrong with the major banks? When I had a loan with HSBC, I signed an agreement that they would never sell my loan. Is it possible to renege on something like that?

After I refinanced, I ended up with MetHome, who didn't have this guarantee and just this week it was sold to Chase.

Oh well, as long as nothing changes on the loan and I can still make payments online with no additional fees I don't really care.

 

[Vdubchaos]

What is wrong with the major banks? When I had a loan with HSBC, I signed an agreement that they would never sell my loan. Is it possible to renege on something like that?

What was your APR?

Each time I refinance HSBC had by far the worst rates/fees etc. I believe when I was looking their APR was .5-1 point above interest.

And the list of fees they gave me when I spoke to them was ridicules. Many of the fees they charge I never even heard of before.

Heck go to their site right now, good luck finding their rates or APR (they berried it)

Besides the fact that major banks were THE reason why housing market crashed. These banks haven't even paid the price for it YET and not one person even went to jail.

Also they are notorious about selling loans and LONG LONG LONG processing times.

personally, history dictates WHO I choose to do business with. Heck let these big bangs give me the best interest in the world and I still wouldn't consider them.

 

[cbrsurfr]

This is what happens when you
a) go with a broker - most people don't have a clue WHO will be their bank until closing
b) go with a shitty bank like GMAC (or just about any major bank HSBC, BOA, Chase or Citi)

I would stay FAR FAR FAR away from any of those.

Also I would NOT recommend a broker. Although they CAN be helpful and get you a great deal, 99% of them are very shady. It's VERY hard to find a good one. Heck make that EXTREMELY hard.

I suggest a small local bank or credit union with a great reputation. Although most state that they CAN sell your loan, many decent places don't. My Credit union hasn't sold mine and I'm on my 2nd refinance (even original loan was with them as well).

Also keep an eye on APR, that's a good indicator of rapage. Rule of thumb is within .1 to .3 of the interest rate.

I suggest you refinance ASAP OP.

Prior to this BS I only had 1 problem with GMAC and that was when they lost an escrow shortage check I had sent them (I always pay online but for escrow shortage they wanted a check). I opened a case, faxed over proof that they got the funds and it was quickly fixed. When I did a refi on this house in 2010 they offered one of the better deals since they already had the mortgage and wanted to keep me, guess I should have dumped them then.

I have no patience to deal with this Ocwen company. I wish I had gotten 30 days notice because I would have gotten the refi done before the 1st payment was due. I've already got some calls in to get a refi done, the most they will get is 1 payment from me.

I'm also planning on sending the payment via registered mail and making copies of everything (payments, escrow balance, etc...). I'm even thinking of enrolling in one of those credit monitoring services for 90-180 days so I'll catch anything they try to do immediately. I've also got a call into my attorney to see if there is anything else I should be doing.

 

[Wyndru]

What was your APR?

Each time I refinance HSBC had by far the worst rates/fees etc. I believe when I was looking their APR was .5-1 point above interest.

And the list of fees they gave me when I spoke to them was ridicules. Many of the fees they charge I never even heard of before.

Heck go to their site right now, good luck finding their rates or APR (they berried it)

Besides the fact that major banks were THE reason why housing market crashed. These banks haven't even paid the price for it YET and not one person even went to jail.

Also they are notorious about selling loans and LONG LONG LONG processing times.

personally, history dictates WHO I choose to do business with. Heck let these big bangs give me the best interest in the world and I still wouldn't consider them.

The APR for HSBC at the time we got our loan was about .25 more than the closest competitor.

Here is their mortgage page:
http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-rates

I never worried about them selling the loan, as they guaranteed they would never do this.

That being said...you are right, their processing times were WAY too long. Long enough where I came within 1 day of losing my rate lock. They even told me that they don't care that it is their delay causing me to lose the rate, I still would lose it.

This is why when I had an opportunity to jump to another bank I did.

 

[Uppsala9496]

Ouch. Good luck OP.
My wife and I sold our condo back in September. Ocwen is still sending us bills for the HELOC we had with them even though that account was settled with the sale. Our lawyer has called them and told them to stop sending things. They keep sending a new bill every month with additional late fees.
Good thing is my wife's credit report isn't showing the loan.

 

[PokerGuy]

Yikes, that's horrible. I never really thought about it when I refi'd, I thought "heck, as long as I just make my payments all will be well".

Thanks for the heads-up, I'll make sure to check into it before my next refi to avoid that crappy company and others like it.

 

[Vdubchaos]

Prior to this BS I only had 1 problem with GMAC and that was when they lost an escrow shortage check I had sent them (I always pay online but for escrow shortage they wanted a check). I opened a case, faxed over proof that they got the funds and it was quickly fixed. When I did a refi on this house in 2010 they offered one of the better deals since they already had the mortgage and wanted to keep me, guess I should have dumped them then.

You were lucky, THOUSANDS of Americans weren't (including my mom). She got screwed by Countrywide for extra principle payments she made.....

Sorry but I refinanced in 2010 as well and GMAC is my client and gave me "employee" discount rate.

It was not even competitive with others.....

NOTE: it can depend on the area though so take it with a grain of salt.

I have no patience to deal with this Ocwen company. I wish I had gotten 30 days notice because I would have gotten the refi done before the 1st payment was due. I've already got some calls in to get a refi done, the most they will get is 1 payment from me.

I'm also planning on sending the payment via registered mail and making copies of everything (payments, escrow balance, etc...). I'm even thinking of enrolling in one of those credit monitoring services for 90-180 days so I'll catch anything they try to do immediately. I've also got a call into my attorney to see if there is anything else I should be doing.

Just refinance with GOOD bank. NOW

 

[Vdubchaos]

The APR for HSBC at the time we got our loan was about .25 more than the closest competitor.

I don't think you know the meaning of APR.

Here is their mortgage page:
http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-rates

I never worried about them selling the loan, as they guaranteed they would never do this.

That being said...you are right, their processing times were WAY too long. Long enough where I came within 1 day of losing my rate lock. They even told me that they don't care that it is their delay causing me to lose the rate, I still would lose it.

This is why when I had an opportunity to jump to another bank I did.

Their rates seem to be better now. But it makes me wonder if it's bait and switch type of a deal.

When I was refinancing APR was much higher and their interest rate was higher than most as well.

Again I called them and got a list of fees.....some of the fees just didn't make sense and I wonder if they found a loophole in the system so that they don't have to report it against APR #.

 

[Uppsala9496]

Ok, I just ran a free credit report for my wife and Ocwen is showing up as open again. Man they are shady bastards. The loan was forgiven back in September and they have it listed as open with OK payment history in September, October and November.
Time to get our attorney to deal with them yet again.

OP, refi and get away from Ocwen as soon as you can.

 

[Wyndru]

I don't think you know the meaning of APR.

I said that the annual percentage rate was about .25 more than the closest competitor...meaning it was higher, agreeing with your comment that HSBC is usually higher. We paid 6.87 and the other banks we were looking at came in around 6.6 IIRC.

[edit]Oh I see what you meant in your earlier post, you were talking about the difference in the interest rate vs. apr., nvm. I've always just compared APR to APR when shopping around, to me it doesn't make sense to pay attention to the difference in the interest rat vs. apr, since ultimately the APR is what matters. And no, I never experienced a "bait and switch" with HSBC lol.

We were ok with paying a higher rate though because the other bank that had the lower rate had a bunch of strange fees, high closing costs, etc... They even wanted to charge us $10 month extra just to pay online, and didn't allow prepaying on the loan.