Consumer complaint received 2019-01-19 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Struggling to pay mortgage — 
Company: Ocwen Financial Corporation
State: AZ

Complaint narrative:
Established this loan in XXXX. This Second Mortgage was established to avoid PMI Insurance and has been an interest only loan that has sat at a 10 % Interest Rate since the life of the loan. 
Every attempt I have made to Modify my Mortgage when I was laid off, change in income, or any other extreme change to my household that would cause for the request to Modify my mortgage, Ocwen Loan Servicing used my unfortunate situation as a means to strong-arm me by improperly reporting me as 90 days rolling late in late XXXX ( XXXX, XXXX, XXXX ). While in the midst of submitting the same pieces of documentation over and over again, due to Ocwen 'Not receiving all pages ... .'or receiving in a timely manner, Ocwen Loan Servicing blatantly disregarded my financial situation and made my credit score become their target. Kick me when I am down is their approach to Homeownership. Ocwen Loan Servicing is known for 'Deceptions and shortcuts in mortgage servicing ' as quoted by former director at CFPB, Richard Cordray . I am requesting help from the current CFPB Director to look into this matter as I have a current Modification in play ( began XX/XX/XXXX ) and have yet to receive a direct answer. I am continually given '30 days for review ' as my repeated answer when I inquire, What is the timeline for an answer to my Modification? Due to the fact I will never 'own ' my home if I continue with this mortgage at Ocwen Loan Servicing . I pleaded and begged for a refi only to be told, Ocwen is not a bank, we ( Ocwen ) are only a Debt Collector and Servicer of your loan.

Ocwen has a newly established partnership with XXXX XXXX ( certified lender ). These two organizations are in a conspiracy to retain the homes of every 'account holder ' at Ocwen Loan Servicing . The Homeownership is a smoke and mirrors tactic by Ocwen to give the illusion that we will someday own our own homes, this The fact of the matter is NOW Ocwen refers ( aka strong armed ) the homeowner over to XXXX XXXX for REFI, only to be then put into a new loan under new terms that are again, SERVICED BY OCWEN Loan Servicing. It is a vicious circle and Monopoly played by these two organizations that are benefiting off of one another.

In my research I see the previously held position of Florida Atty General, XXXX XXXX, had a {$2.00} Billion relief to homeowners in XX/XX/XXXXfor 'Servicing Wrongs. ' I had my loan during this time.

In XX/XX/XXXX a Multistate Settlement in which an anonymous employee of Ocwen Loan Servicing disclosed their computer system was an 'Absolute Train Wreck ' - which I still had my loan and was affected by this horrific service, again, no word on Arizona Settlement.

In XX/XX/XXXX Ocwen was found in Violation of Federal and State laws, requiring an Independent Audit of accounts by XX/XX/XXXX. Instead Ocwen was unable to provide such an Audit due to the inconceivable amount of funds in the Billions to be paid out in order to complete this task, which in my research was NEVER completed. This was ordered by North Carolina Government agency.

In XX/XX/XXXX yet another violation of Ocwen Loan Servicing was revealed and now here we are in XX/XX/XXXX a new year and yet Ocwen Loan Servicing continues to have the 'most highest UNPAID principle balance loans ' in the industry, this is directly a result of holding loans at such a high interest rate that Homeownership is merely IMPOSSIBLE if your loan is being serviced by Ocwen Loan Servicing .

I am begging and pleading with you, as the CFPB, an agency with a position of power in this game of Mortgage Regulations to assist us in being 'paroled ' from this XXXX XXXX Prison we call Ocwen Loan Servicing , forever. Best scenario we are looking at for satisfaction is a fixed, reasonable rate of 3-4 % interest.

Facts of my current account with Ocwen Loan Servicing : Please see attached XX/XX/XXXX Invoice from Ocwen as my example of the below Prison we are stuck in.

Monthly Payment {$370.00} Principle paid {$78.00} x 12 months = {$940.00} annually decreased Interest Only {$290.00} x 12 months = {$3500.00} Annual Interest incurred / Paid only at 9.87500 % XX/XX/XXXX = 13 years of established loan breakdown = {$3500.00} x 13 years ( aka 156 months ) = Total interest paid YTD {$45000.00}. Original Loan was less than this amount.

Referencing the attached Bill dated XX/XX/XXXX, you will notice the principle varies between XX/XX/XXXX & XX/XX/XXXX by {$1.00}. This may not mean anything to you, but this is an additional fee / increase / decrease every month that should not be occurring.

The charges of Unapplied funds were the spotlight of one of the court cases against Ocwen and you may see this reflected as of XX/XX/XXXX on my monthly bill.

The federal lawsuit asks the federal court to order Ocwen to comply with mortgage servicing laws, provide compensation to borrowers who were harmed by the company 's actions and pay unspecified penalties.

We as a single homeowner will NEVER be heard and our struggles never relieved unless we have a company in a position of power to back up our mortgage needs and assist with the burdens that we face monthly by a company who continuously strives to strong-arm, target ones credit ( at all three bureaus ), target our homes, and continuously puts struggling families in an everlasting position of hardship.

I have every stitch of correspondence and all denials of Modification based on a scale that does not exist. I have the corresponding documentation that reflects while in the midst of applying for a Modification, Ocwen wrongfully reported me to the credit bureaus as a form of 'punishment ' in order to request a simple assistance, basing this request off of their motto 'Homeownership is what we do. ' This is a one way street and correct, THEY will ALWAYS own our home. Upon your request I can and will supply any documentation necessary to support my case and standing in this request.

Company response to consumer: Closed with explanation