Consumer complaint received 2017-11-14
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Onity Group Inc. (NC)

Recently I made an inquiry to BBB ( Better Business Bureau ) at the Florida-XXXX Office and is waiting for an reply from them. I have been trying to resolve this matter with the OLS ( Ocwen Loan Servicing, LLC ) for over more than a year now. So that is why I am sending my complaint to your office. I believe this is a matter of Predatory Loan ( lending ). Wherein I " believe my parents whom both have now XXXX since XX/XX/XXXX and XX/XX/XXXX were victims of predatory lending.
In summary, as the Estate Representative I have discovered that the loan my parents were given shows signs of predatory lending. While there has been payments made against the loan since it conception  on XX/XX/XXXX ; it is my belief that my parents at the time of their XXXX have already paid more than {$60000.00}. This is calculation base on 10 years of payments and pay history reports received from the company, and with respect to the way the initial interest Note was written. My parent have a loan in which the amount of the loan {$88000.00} is twice the amount of the value of the property as shown by BPO  Appraisal of ( {$42000.00} ) that I obtained from Ocwen on XX/XX/XXXX. I have personally obtained loans from Mortgage lenders in the past, and its no way I would have gotten them under these circumstances. I ask that your Office investigate this matter and request to Ocwen Loan Servicing, LLC that they write this loan off as bad transaction in turns of corrupt immoral procedures, and in all reality inappropriate use of HUD government guarantee funding. 

The following documents and concerns are in questions : 1. Copy of Appraised Value of property ( reference above ) as recorded on file with XXXX County Circuit Court XXXX XXXX XXXX XXXX. XXXX XXXX, XXXXXXXX Virginia XXXX. 

2. Copy of Property Report/BPO obtained by OCWEN LOAN SERVICING, LLC dated XX/XX/XXXX ( AFTER MY INQUIRY ABOUT THE LOAN AMOUNT IN COMPARSION TO THE TRUE VALUE OF THE PROPERTY ) at {$42000.00} 3. The INTIAL INTEREST NOTE as indicated on the loan in the amount of {$88000.00} AGAINST THE RECORDED APPRAISED VALUE {$42000.00} OF THE PROPERTY. 

4. FACT, there was no appraisal preformed at the conception of the loan originally made by XXXX XXXX ( original loan producer ). Otherwise the loan with these conditions ( monetary value of property far less that the requested monetary amount ), could not have been render as morally Standard Procedure. In other words, it does n't make good business sense. NOTE : Ocwen purchased this loan from XXXX XXXX without getting an appraiser of the property. 

5. After speaking with the XXXX XXXX, Representative for Ocwen Loan Servicing LLC, I faxed some documents and a copy of the Appraisal I had recovered. I questioned him about the loan amount in relations to the actual true value of the property. He told me at the time they did not have copy of any appraisal for the property. It was early XX/XX/XXXX that I received the copy herein showing the date of the appraisal as XX/XX/XXXX. 

6. I have also asked for the complete Payment Record from the conception of the loan up to the present. Ocwen has only provided me the pay history from XX/XX/XXXX thru XX/XX/XXXX. 

7. Because of the value of the property I asked Ocwen to modify the loan amount to the actual value of the property, but they refused to do so stating, It was not my primary resident. That refusal caused me to look more into, who is Ocwen? 

8. My parents were respectively of ages father XXXX and mother XXXX at the time of the loan and being their ages coupled with little income this loan should not have been made. 

9. Nonetheless, XXXX XXXX made the bogus  loan, then sold the loan to Others, and lastly Ocwen Lending Service ended up with it. I have also researched that these very same companies have been subjects in class action law suits. 

10. It frustrating now that we the ( siblings ) did n't know our parents were in a loan of such ; in as much should have not been granted based on their ages, income, and value of the property standing alone as collateral for the loan. 

11. I ask that your Office review my request and find Ocwen Lending Service, LLC negligent of acquiring this loan from its predecessor ; that the loan was made not in regards to actually true values, of which the collateral value is far less than the amount rendered. 

12. It is clearly a case of fraud and misuse of HUD 's government guarantee funding, ' whereas they just made loans without fully following Federal guidelines. 

Sincerely, XXXX XXXX