Consumer complaint received 2025-09-04 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: Ocwen Financial Corporation
State: CT

Complaint narrative:
What Happened : In XX/XX/year>, XXXX sent a monthly statement indicating the amount due for XX/XX/year>, was the regular mortgage payment of {$670.00}, with no mention of the impending XX/XX/year>, maturity or shared appreciation requirements ( see attached XXXX statement ). Each time I called PHH or checked online, their system showed the account as due for XX/XX/year>, in the amount of {$670.00}, but it would not allow me to make the payment. 

On XX/XX/year>, my shared appreciation mortgage matured. PHH Mortgage did not send me any advance notice or letter about the maturity date, payoff process, or need for an appraisal. 

On or about XX/XX/year>, PHH provided a Invoice for {$55000.00}, stating : " The account is presently due for the XX/XX/year> payment. Your last full payment was applied to the payment due XX/XX/year>. * Partial Payments : If the account is presently past due, any partial payments that you make are not applied to your mortgage, but instead are held in a separate suspense account. If you pay the balance of a partial payment, the funds will then be applied to your mortgage. Please note that this is not the payoff quote and any amount less than the payoff quote will be returned. Please contact us for payoff quote. '' ( see attached XX/XX/XXXX statement ). 

Upon receipt, I promptly paid this amount in full via wire transfer on XX/XX/year>, believing it to be the required payment for the maturity date ( see attached wire confirmation ). 

After receiving the XX/XX/XXXX statement, PHH informed me that an appraisal was needed to calculate the shared appreciation amount. I immediately ordered the appraisal and submitted it to PHH upon receipt on XX/XX/year>. 

I called PHH daily from XX/XX/XXXX to XX/XX/year>, to inquire about the final payoff amount and was told each time that they " were working on it, '' with no timeline or details provided. I was also assured my account was not 30 days past due and no negative credit reporting would be made. 

On or about XX/XX/year>, at XXXX XXXX, PHH emailed me an inaccurate payoff statement for {$17000.00}, with no explanation of how this amount was calculated ( see attached email ). 

The following morning on XX/XX/year>, I called PHH and spoke with a representative who provided a different payoff amount of {$17000.00}, due by XX/XX/year>. I wired this amount on XX/XX/year> ( see attached wire confirmation ). 

On XX/XX/year>, when I contacted PHH to confirm receipt of the wire, they stated they had returned the original {$55000.00} but could not provide the return wire amount. 
After XXXX days, with no proof of a return wire, they then stated the loan was paid in full. 

The original wire in the amount of {$55000.00} WAS NEVER RETURNED On or about XX/XX/year>, I was notified by XXXX  XXXX XXXX that on XX/XX/year>, XXXX had inaccurately reported the account to credit bureaus as 30 days past due for XX/XX/year>, with a balance of {$54000.00} ( see attached credit report excerpt ). This reporting occurred while my initial payment for the invoiced amount was held in suspense pending their delayed calculation. 

Why This Is a Problem : I have an impeccable payment history, which is now negatively affected. 

PHH 's failure to provide advance maturity notice, delays in providing an accurate payoff amount after receiving the appraisal ( over one week ), lack of transparency in shared appreciation calculations, and inconsistent payoff figures appear to violate servicing rules under RESPA for timely payoff statements and error resolution. The XXXX statement referenced the maturity date payment but did not clarify the full XXXX payoff process, leading to my good-faith payment for the invoiced amount being treated as partial. The inaccurate credit reporting has damaged my credit score affecting my ability to obtain new credit. I disputed this with PHH and XXXX, but both upheld it as accurate.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation