By K.K. MacKinstry/Lendinglies
During the Multi-State Mortgage Committee’s investigation, Ocwen made an accurate revelation when attempting to justify charges of mortgage servicing failures by claiming that its servicing policies are comparable to other mortgage loan servicing operations. Truer words have not been spoken, and the entire mortgage loan servicing industry is in shambles because servicers make more money foreclosing than servicing a loan.
Ocwen said that these independent reviews “consistently confirmed Ocwen’s escrow practices are in line with common industry standards for timeliness and accuracy.” That may be true because ALL loan servicers practice similar predatory and illegal servicing tactics to increase the probability that a homeowner will default. Every homeowner who has a mortgage serviced by Ocwen, Nationstar, CitiMortgage, Wells Fargo, Bank of America, JPMC, EverHome, PHH or any other major loan servicer is at risk of being victimized by their servicer because they follow similar servicing strategies…
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