Consumer complaint received 2021-11-24 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Ocwen Financial Corporation
State: GA

Complaint narrative:
This complaint is related to previous CFPB complaints XXXX, XXXX and XXXX complaint XXXX. 

XXXX ; XXXX offered my wife and I a loan modification which was not provided. After filing complaints, involving state and federal officials, the motions were put into place to process the modification. There was an explicit condition that our loan was to in absolutely no way be reported negatively. Just after the agreement was memorialized, the servicing company changed to PHH Mortgage, and they were aware of the agreement. I was in contact roughly every 21 days with the employee who was assigned to our mortgage account. We have made our payments on time. She was made aware when we made them. PHH sent paperwork at varying times stating that they attempted to reach us ( which was untrue given she and I were in contact quite a bit ) as well as paperwork to start the process over when we were nearly complete. She was addressing this internally and continued to show that we were on pace to be done with our trial period after the XXXX payment. There was one point where she called after the XXXX payment to congratulate me because we completed the trial period, but I told her we still had one to go and it was already scheduled. We were able to share a laugh and she told me that I was correct, there system had it incorrect. 

Problem One XXXX XX/XX/2021 should have been the last payment of our trial agreement. At that point our interest rate was to reduce from 4.5 % to 3 %. 
We have not received the final modification paperwork indicating this, in fact we have received no paperwork moving toward a finalized modification at all. 
XXXX XX/XX/2021 we made a payment to our mortgage in the same amount that the trial payments had been and given the reality of the calendar, we will be making the same payment on XXXX XX/XX/2021. 

Problem 2 PHH Mortgage has reported us as late 60 days to the credit bureau. This is catastrophic as it begins a credit death spiral ; when banks reduce a credit limit to just above outstanding debt, thereby driving up credit utilization. This in turn causes the credit score to plummet, which causes the creditors to see the customer as high risk, thereby increasing their interest rate. This is a cyclical pattern reducing the customer 's borrowing power, while simultaneously causing them to pay more in interest than they were previously. This process has already begun, and we have seen our limits vanish before the holiday season. Because this is a matter that by all accounts, every partied had settled and closed months ago, yet PHH Mortgage ( and XXXX XXXX XXXX  ) have thumbed their nose at us customers, at the regulators, have continued to cause severe emotional distress and cause real financial harm, I want compensatory and punitive damages.

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