Consumer complaint received 2017-05-11 00:00:00
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Ocwen Financial Corporation
State: CO

Complaint narrative:
We currently have a loan with Ocwen. We were naive and got into a loan we should have never qualified for and should have never accepted it. This was in  2006 . After receiving mailers and offers to refi through their sister company   Homeward we thought it would be a good time and put in an application. That 's when the mess began. To keep this simple here are the main issues.
1. We received a denial letter before we even completed our submission of required paperwork. I had been sending documents over and requesting for statuses by email from the processor who failed to respond on multiple occasions. Without the opportunity to complete the information requested or being advised further information was needed how could they deny the loan. I have a copy of the underwriters book from Homeward and this is against thier policy.
2. We w  ere charged  XXXX  for the appraisal and according to the appraisal itself it was only  XXXX . There was never any mention by Homeward they were tacking on anything additional.     3. They claim they could not verify employment. My husband works as a   XXXX   XXXX   XXXX   with a client in our home. We provided check stubs, tax documents showing the room and board portion of the income, checking statements showing deposits that match the stubs, a verification letter from the company that pays us, an email from the company that pays us, it 's documentation with the statute that applies to difficulty of care payments and why it was n't on the tax documents. Once all of that was provided they moved on to other requests then we had the appraisal. I was under the impression that the income was ok because we received no communication from them to lead us to believe there was any issue prior to the appraisal as I was not receiving responses from the processor. If I had I would have either complied with request or cancelled the appraisal.
3. They stated that our loan was denied as well due to a credit score. They credit score w  as  XXXX . Not great but they knew all that before the appraisal and never once mentioned it and was actually told it would be fine. Their concern was debit to credit ratio but because we were cash out to consolidate that would have resolved that problem immediately. It was explained to me that with the cash out and pay off because the debt was being paid off it would n't count toward the ration for fha.    4.  Our house appraised at  XXXX  higher then what i  s owed.I believe that because Ocwen and Homeward are basically same company different name that they did not want to rewrite the loan as they stand to make a lot more if t hey leave us in the high interest rate and balloon payment. Why else would they not let us finish our submissions, not respond to emails and status checks.
5. In constant and no communication. Not responding to emails or calls.
6. Notifying of the decline and not complete the file.
These are the main issues. Communication was the worst

Company response to consumer: Closed with explanation