Is your mortgage with Ocwen, Nationstar or Green Tree?

[dixiegrrrrl]

Then you need to be aware that Ocwen is selling off its mortgage servicing rights to Nationstar and Greentree, because Ocwen is in a world of financial and legal trouble. It will no longer be in the mortgage payment business by year end.
http://www.housingwire.com/articles/33127-ocwen-troubles-arent-over-yet
and
http://www.housingwire.com/articles/33326-ocwen-selling-25-billion-mortgage-servicing-rights-portfolio-to-nationstar

Nationstar and Green Tree are not out of the woods either.New mortgage laws have required them to pass audits that they cannot pass.

http://www.businesswire.com/news/home/20150323006361/en/Fitch-Downgrades-Green-Trees-U.S.-RMBS-Servicer

BE AWARE that when your mortgage payment servicer changes hands, they are supposed to send you a letter outlining your rights, to avoid lost payments.

[shanti]

1. yes i have ocwen

thanks for the info!

[dixiegrrrrl]

2. Ocwen will be out of the mortgage business by end of year, they say.

They are already selling the servicing rights to the other 2 companies.

You should get a letter at some point.
Keep it for reference.
Then carefully look over your mortgage payment bills when they come from the new company, to make sure every detail is correct.

[mackdaddy]

3. My Mortgage was just sold from Ocwen to Nationstar

Got a letter from Ocwen they would no longer accept payment and the new address for Nationstar. I sent payment, but it bounced back to me because I now have a new account number they neglected to tell me about. Now I am getting late calls etc, but finally got the new account number and was able to make the payment. What a bunch of incompetents.

I have had this mortgage for 11 years, and Nationstar is the SIXTH servicing company. God only knows if I actually pay it off in 19 years if they still wont' try to evict me.

I had never heard of Nationstar before this. I do not respond well when people call me up and demand I verify my personal data before they will tell me why they are calling! Told them to piss off several times until I finally figured out they were this new loan servicer.

[dixiegrrrrl]

4. The Consumer Protection law says

any mis payment in the first 2 months of switching companies cannot result in a extra fee.
Change of loan numbers often causes the confusion.

You should have gotten a letter announcing the switch and gotten more info when the bill came, and that info. should have stated your rights under the law
re: missed/screwed up payments.

What they try to do is take advantage of any missed payments to make more money.
and they can put you into foreclosure if they do not get the money they think they should get.
They are collection agencies...it says so somewhere on your bill.

The banks sold the mortgage servicing to these guys because the banks had come under new rules, which stopped their ripping off mortgage holders.
But these new guys, Ocwen, Nationstar, Green Tree do not have to play by the new bank rules, and they have always had a bad rep.

Now they DO have to follow new rules, but are not doing a good job of it. They can rip off many many people before someone complains to the Feds.

When I do payoff my mortgage, I am going to hire a lawyer to handle it, to make sure all rules are followed.

[louis-t]

12. Nationstar sucks. I hope they do go under.

They continue to piss me off if I'm late with a payment. They have an automated dialer, then when I pick up a recording tells me to wait, they're trying to get someone to talk to me. I wait a few minutes, then hang up.

[Erich Bloodaxe BSN]

5. None, thankfully

But I'm also hoping to be done with the mortgage by year's end if I'm lucky. That will be one major bill less each month.

[Sherman A1]

6. Congrats!

I am looking at about 3 years on mine, but may pay it off this year. I am going to set up an account at a separate local bank for what used to be the escrows, depositing a bit each month to cover the taxes and insurance.

[Erich Bloodaxe BSN]

7. Yeah, it used to be 'smart' to have a few percent interest loan

but really, with CDs and savings accounts paying squat, simply saving the interest payments by paying down early is a better investment than letting the money sit there. The only downside is that I get free checking and no minimums on my savings or checking at that bank because of the mortgage. But the upside there is after I'm done with the mortgage, I can switch those both entirely over to the credit union, which has $5 minimums to keep accounts open, and no annual fees.

[Sherman A1]

8. Agreed

I have toyed with the idea of simply paying it off now, but wanted to stay liquid just in case of something coming up and at this point the savings are not all that great. Certainly better than the interest on savings, but the loss of liquidity would be a concern. I prefer to keep options open as long as possible. But, that's just me trying to be careful.

[dixiegrrrrl]

14. Same here....

We have a very low mortgage, half of what rent is these days, so like you, I prefer to have an emergency fund rather than pay down the mortgage.
We DID make extra payments the first five years of the mortgage, which really reduced the costs.

[MerryBlooms]

9. We're not with either, but I've passed on the info. Thanks!

[Liberal_in_LA]

10. BofA sold my mortgage to greentree. refinaced. so back with BofA

But I think BofA sold the loan against kept the servicing.

Greenberg sucks btw

[mpgalloway]

11. Green Tree is a crooked horrible rotten company:

My mortgage was sold to Green Tree several years ago. Things have never been the same since.
They like to change your account number every few months which causes a late payment and a
foreclosure notice almost immediately.

No one on the phone you call has the power to credit your bill. You have to arbitrate by sending a Fax to them and you never hear back from a live person.

They are a collection agency not a partner or a friend in any way, they treat all customers as deadbeats.

Worst company in the USA period!

[Yo_Mama]

13. Actually Ocwen has announced just that it will get out of the agency service business, not all.

What it says it is doing is dumping all of its GSE loans, thus the reason for Fannie, Freddie and FHA agreement.

They're not getting out of the mortgage servicing and originating business. It seems like they are selling these loans to realize a book profit, and then they are planning to originate more.