Consumer complaint received 2018-05-31
Company: Ocwen Financial Corporation
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Hello, I applied in XX/XX/XXXX to XXXX XXXX for a home mortgage. I currently had a home equity loan with a variable rate and was looking to get a fixed rate product because interest rates were rising. I opened the Home Equity Loan with XXXX XXXX in XX/XX/XXXX. At that time my mortgage servicer, Ocwen Loan Servicing was paid in full from the proceeds of the Home Equity loan. In the process of doing the current refinance, XXXX XXXX 's attorney contacted me that there was an open lien on my property. The attorney stated that the satisfaction of mortgage done by Ocwen in XX/XX/XXXX was incorrect and had to be re-done. The attorney sent the title company info he had to Ocwen to assist them in doing the corrected satisfaction. This began before the XX/XX/XXXX. The attorney would periodically contact me that he did not receive the satisfaction from Ocwen. I was contacting Ocwen numerous times each week asking them why the satisfaction was taking so long. All they would say was that it was being researched. My loan processor at XXXX informed me during this time that I needed to extend my commitment to save the rate I had locked in if the loan didn't close by XX/XX/XXXX. The rate expired on XX/XX/XXXX and XXXX  stated there would be a fee charged of {$470.00} which I paid at my closing to save the lower rate. Because of the delay in waiting for the satisfaction my loan didn't close until XX/XX/XXXX. The first satisfaction they sent to XXXX XXXX was incorrect and there was an additional delay for them to do a corrected one.  Both are attached. Ocwen dated the 2nd satisfaction XX/XX/XXXX so it would appear they were in compliance with the timelines for RESPA. The XXXX  attorney did not receive the satisfaction until Friday, XX/XX/XXXX. In addition to that, because of Ocwen 's delay in doing the corrected satisfaction, the title company for XXXX XXXX required that I deposit {$5000.00} in escrow until the recorded satisfaction of mortgage was received back from the XXXX County Clerk. The attorney also advised them that they needed to prepare an Assignment of Mortgage which they never did initially. The XXXX  title attorney 's communications with Ocwen began on XX/XX/XXXX. The first reply I received was the attached letter dated XX/XX/XXXX that they are in the process of preparing the discharge/satisfaction. It took 2 weeks just for them to send an acknowledgement letter. As a result of their incompetence, I am out {$470.00} for the extension fee as well as the use of my {$5000.00}. The escrow holdback and fee paid is shown on the attached closing statement. I had an attorney send a letter to them dated XX/XX/XXXX ( copy enclosed ). Their reply to that was that she was not an authorized party so they would not reply to her. I sent a letter to Ocwen on XX/XX/XXXX ( copy attached ) giving them authority to reply to the attorney and requesting reimbursement for the above. I have sent 2 letters to Ocwen about this and their reply letters do not address the issue. They keep referring to the time line of the County Clerk in recording the satisfaction document. They do not acknowledge their delay in producing the corrected satisfaction or their error in doing the satisfaction incorrectly in XX/XX/XXXX. Attached is the mortgage schedule from XXXX XXXX XXXX XXXX. XXXX noting the defective satisfaction recorded in XX/XX/XXXX. I have requested that they refund me the extension fee of {$470.00}, the reimbursement for the loss of use of my {$5000.00} that had to be held pending recording of the satisfaction ( approx. 16 days ). Ocwen has not complied with Section 1921 of the Real Estate Actions and Proceedings Law. This states that failure by a mortgagee to present a certificate of discharge for recording shall result in the mortgagee being liable to the mortgagor in the amount of XXXX XXXX Dollars if he or she fails to present such certificate within 30 days, shall result in the mortgagee being liable to the mortgagor in the amount of XXXX XXXX dollars if he fails to present a certificate of discharge within 60 days or shall result in the mortgagee being liable to the mortgagor in the amount of XXXX XXXX XXXX XXXXd dollars if he fails to present a certificate of discharge for recording within 90 days. 
I hope you can assist me in recovering these funds from Ocwen. Ocwen is a substandard servicer and I am sure there are numerous complaints from other consumers. It is unfair to me as a consumer to have to pay additional fees as a result of the delays and incompetence of Ocwen Loan Servicing. Thank you for your help.

Company response to consumer: Closed with monetary relief