Consumer complaint received 2015-11-18
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
Ocwen Loan # XXXX XXXX XXXX XXXX , XXXX XXXX CA XXXXThe BPO done on this property is lacking evidence and likely fraudulent. Ocwen hired their own company to do the BPO. Please see below, and items attached. 

NUMBER OF ROOMS : The Owner/Seller made changes to the home while running an orphanage out of the home. They enclosed the loft to make another bedroom. They also made another bedroom out of the laundry room. The washer and dryer are currently hooked up in the garage. This is a neighborhood of XXXX bedroom/XXXX bath homes. 

OFFERS ON THE PROPERTY : The only other offers that have been made are for $ XXXX, and $ XXXX. The first page of the offer for $ XXXX is attached. Please note that this offer was made Three Months ago and the market has declined since then, as stated by Ocwen 's own appraiser. 

MARKET COMPS SHOWING THE OFFER IS IN LINE WITH RECENTLY SOLD HOMES : This home has deferred maintenance. Every home that sold over XXXX has been upgraded and is in livable condition. This home needs in excess of XXXX of repair and rehab work - see attached Contractor 's Bid This home backs to a Busy Main Road - lots of traffic and noise This home only has a XXXX garage This home does NOT have a private pool This home has a no backyard This home does not have any upgrades This home does not have a hot tub In addition to the attached Sold comparables, the home next door ( XXXX XXXX XXXX ) has been listed at XXXX for about 30 days. It is a XXXX bedroom/XXXX bathroom home with XXXX square foot. There have been No Offers. 
Market Comp - XXXX XXXX XXXX XXXX sold at $ XXXX. it is presently being rehabbed also. 

BPO DONE BY XXXX : The BPO compares the property to a XXXX bedroom/XXXX bathroom. Due to the additional rooms being unpermitted, you can not make a valid comparison of a XXXX bedroom/XXXX bathroom home to a XXXX bedroom/XXXX bathroom home. 
NO market comps are listed in the BPO - there is no factual evidence of the numbers used by the BPO agent NO REO comps were taken into account - even though the appraiser said the REO comps affected the pricing in this area The BPO agent states there was an offer at $ XXXX on XXXX/XXXX/2015. There are several issues with this:1. " Offer Prices '' are NOT public knowledge. Only " Listed '' and " Sold '' prices are available to the public. 
2. To divulge this " Private '' knowledge of an offer price would be a violation of fiduciary laws governing the words and actions of licensed real estate agents - in the ENTIRE STATE OF CALIFORNIA ... XXXX HOW does the appraiser not know this? 
3. It is IMPOSSIBLE to put " Offer Prices '' into the XXXX XXXX system - Since the BPO agent is a member of the XXXX XXXX, how does not not know this? ( please see copy of the BPO valuation for the BPO agents exact statement regarding the Offer Price being public knowledgeXXXXXXXX is Owned by Ocwen ... ... This is NOT a neutral 3rd party appraisalIt is somewhat suspicious that while the BPO agent cites that REOs are diving the market in this neighborhood, none were used in his value. Nor was much factual data. This has become a disturbing trend with XXXX values ( the company owned by Ocwen ). Are attempts at mis-valuing properties being orchestrated in order to drag out short sales and loan modifications so that Ocwen can continue to collect monthly servicing fees and also bill their investor for associated services through their wholly owned subsidiary, XXXX? Ocwen has already been admonished by the federal and state governments for shenanigans involving vendors that they own and use .... it is apparent that this is the case here.

Company response to consumer: Closed with explanation