Consumer complaint received 2016-07-07
Company: Ocwen Financial Corporation
State: NJ
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
t is obvious that Ocwen refuses to answer my concern regarding the satisfaction of my loan paid off to or thru them XXXX XXXX. 
Ocwen continues repeating the same answers and enclosing the same documents. 

Since Ocwen who all along has stated that they did n't have the original loan documents but has agreed with the Management company, XXXX XXXX, and obviously the investor they were representing, to pay for and issue an affidavit of loss documents and given that : Ocwen records seem to indicate that they indeed were in possession of my loan documents held by their custodian XXXX but are refusing to explain how is that all of a sudden Ocwen no longer has the loan documents, Ocwen indicates that they do not have to record the satisfaction of the loan with the County clerk 's office suggesting instead that I check with such office for any recordings ; and since it is obvious that Ocwen represents the investor not the borrower ( myself ), Ocwen has not produced any type of research information with previous servicing agents to make an attempt to obtain a report from them regarding missing documents, I, XXXX XXXX XXXX shareholder since XX/XX/XXXX was never informed that the loan I obtained from The XXXX XXXX XXXX in XX/XX/XXXX was assigned to XXXX XXXX and that the financial institutions were only servicing the loan. There is no record that XXXX XXXX ever filed for a XXXX yet in XXXX XXXX XXXX XXXX indicates that they obtained the loan from XXXX XXXX and therefore filed for a XXXX. 
I, XXXX XXXX XXXX, shareholder of XXXX at XXXX XXXX XXXX XXXX XXXX has never been notified nor requested authorization to transfer/assign and/or pledge the shares of the unit XXXX to collateralize any loan, since XXXX XXXX ' sister and/or related companies, under the name of XXXX XXXX XXXX and XXXX XXXX XXXX rental collateralized the building in XX/XX/XXXX without shareholder 's authorization and communication, ( I have only learned recently about the loan after my multiple requests to management company to provide me with missing amendments issued in XX/XX/XXXX, XX/XX/XXXX, XXXX, and XX/XX/XXXX - amendments which by law sponsor/management companies are obligated to release to its shareholders ). 
Per the existing loan with XXXX XXXX XXXX issued in XXXX for $ XXXX, ( copy of specific clause attached ) there could n't be another senior loan, which seems to indicate that this loan may have been transferred to XXXX XXXX XXXX XXXX . However, XXXX XXXX has stated multiple times that there is only XXXX loan - the XXXX XXXX XXXX loan - which was supposed to be just paid off this month. 

It is too coincidental to me that my loan documents were lost without any explanation around the same time when the 'investor ' places a XXXX on my apartment and a loan is requested from XXXX XXXX XXXX XXXX against the building all around the same time. 
I have now contacted several attorneys and all of them conclude that regardless of whether a XXXX was continued or not a loan needs to be satisfied by the latest financial institution, in this case Ocwen.

Company response to consumer: Closed with explanation