Ocwen admits its substandard servicing is standard in Industry

Livinglies's Weblog

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…

View original post 657 more words


About Here and Now

I rant about issues concerning foreclosure, real estate law and any topic of interest. Normally my day job is Fashion and Costume Design. I like writing and reading interesting subjects.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s