Consumer complaint received 2016-04-05
Company: Ocwen Financial Corporation
State: PA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I disagree with the Ocwen Loan Servicing , LLC conclusion the denial of modification due to the " Home Affordable Modification " because I had reached the culmination or zenith of allowable modification ( s ) which was only one. Initially, and prior to my mortgage transfer from Litton Loan Servicing to Ocwen Loan Servicing , LLC ; I had never previously requested a modification on my mortgage but Litton Loan Servicing, on XXXX/XXXX/2007 arbitrarily and unsolicited extended to me a " loan modification offer and expressed '' their ( Litton Loan Servicing ) " hope that '' I " take advantage of '' their " generous offer today '' ( XXXX/XXXX/2007 ) However, Litton Loan Servicing did not release full disclosure on all components regarding the unsolicited modification such as the plaintiff XXXX XXXX XXXX XXXX XXXX only permitted XXXX loan modification. 
When the transfer of the mortgage loan from Litton Loan Servicing to Ocwen Loan Servicing , LLC without our knowledge, as completed, I applied for several loan modifications with Ocwen Servicing LLC. Interestingly, in the last several years, I always received modification applications but never a substantial answer of unambiguous acceptance of denial. I was never made clear to me about the number of available loan modification and I was never informed about the number of loan modifications despite XXXX that I received on XXXX/XXXX/2007. If, in fact, I was completely informed about the number of obtainable loan modification, then I could make a more educated and informative decision about the sustainability of my home. 
Due to the recent information regarding Ocwen Loan Servicing , LLC involvement in predatory loans " the Consumer Financial Protection Bureau ( CFPB ), authorities in XXXX states, and the XXXX filed a proposed court order requiring the country 's largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide XXXX in principal reduction to underwater borrowers. The consent order addresses Ocwen 's systemic misconduct at every stage of the mortgage servicing process. Ocwen must also refund XXXX to the nearly XXXX borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections ... '' Deceptions and shortcuts in mortgage servicing will not be tolerated, '' said CFPB Director XXXX XXXX. " Ocwen took advantage of borrowers at every stage of the process. Today 's action sends a clear message that we will be vigilant about making sure that consumers are treated with the respect, dignity, and fairness they deserve. " ... Ocwen specializes in servicing subprime or delinquent loans and places a major emphasis on resolving delinquency through loss mitigation or foreclosure. In recent years, it has acquired competitors - including Homeward Residential Holdings LLC ( formerly American Home Mortgage Servicing Inc. ) and Litton Loan Servicing LP ... The CFPB and its partner states believe that Ocwen was engaged in significant and systemic misconduct that occurred at every stage of the mortgage servicing process. According to the complaint filed in the federal district court in the XXXX, Ocwen 's violations of consumer financial protections put thousands of people across the country at risk of losing their homes. Specifically, the complaint says that Ocwen ... 
1. Took advantage of homeowners with servicing shortcuts and unauthorized fees : Customers relied on Ocwen to, among other things, treat them fairly, give them accurate information, and appropriately charge for services. According to the complaint, Ocwen violated the law in a number of ways, including : Failing to timely and accurately apply payments made by borrowers and failing to maintain accurate account statements ; charging borr

Company response to consumer: Closed with explanation