Ocwen Financial Corp. has been selected by Freddie Mac to participate in a pilot program designed to handle high-risk loans quicker and to keep more at-risk borrowers in their homes.
The West Palm Beach-based loan-servicing firm (NYSE: OCN) and its counselors will help cut telephone wait times, speed up the time it takes to put borrowers in touch with live counselors and implement Freddie Mac foreclosure reduction policies faster.
“Our strategy for high-risk loans is designed to help servicers cope with today’s unprecedented call volume by directing calls to a specialist with the specific staff and technical resources for handling a high volume of borrowers with these types of mortgages,” said Ingrid Beckles, Freddie Mac’s senior vice president of default asset management, in a statement.
A selected portfolio of higher-risk mortgages that are at least 60 days delinquent will handed off to a specialty servicer for intensive attention using Freddie Mac’s workout opportunities.
Initially, 5,000 reduced documentation loans from California, Nevada and other states with high delinquent rates will be targeted.
Freddie Mac said it will figure out whether to broaden or tweak the strategy after reviewing the pilot’s June results.
Ocwen shares closed up 34 cents to $9.24, nearing the 52-week high of $9.25, reached on Jan. 8. The 52-week low was $3.66 on April 14
From: http://southflorida.bizjournals.com/southflorida/stories/2009/02/02/daily42.html
Friday, April 17, 2009
OCWEN FINANCIAL SERVICES LLC OUTSOURCING TO INDIA FOR LOAN MODIFICATION AND DOCUMENTS BEING LOST
I have been speaking to Ocwen re: a loan modification since February 2009. Then on March when the Obama plan came into play I was given a new set of documents to fill out and return to them by fax, which I did immediately sent March 10th 2009. Waited to hear from them no response so when I called them they had not received documents, so they mailed me another set. I again filled out the same 3 papers
and returned them to them. again after waiting for a response I received another set of the same documents to fill out, when I called them they said they did not have anything from me so I again filled out the papers and sent to them, at this time the sale date on my home was 3/20/09 and they extended it to 4/-3/-09. when I still had not heard from Ocwen I called them again and was told they need more information. which I immediately sent again., a du plicate copy of when I had previoyusly sent them. the people they have handling these things in india do not have a clue as to what they are doing I am not the only one complaining about the service. I call them every day as they give me a different answer each time I call, I am now telling them that I am recording their phone calls for future legal use., as I no longer trust the way Ocwen is handling this sensitive matter. My original loan was from Delta funding, who have just recently been hit with a consumer and lending loss, and I feel that Ocwen is totally tied in with them, and must know how delta has been handling the loans they send to Ocwen for servicing. A class action suit should be filed against them. When I called today 4/13/09 I was told again they needed another paper from me, they said they had the fax I had sent but they could not see what I had sent. now the sale date is 4/17/09, they leave me no further choices. They are just stalling for time.,
Lulu Snohomish, WashingtonU.S.A
and returned them to them. again after waiting for a response I received another set of the same documents to fill out, when I called them they said they did not have anything from me so I again filled out the papers and sent to them, at this time the sale date on my home was 3/20/09 and they extended it to 4/-3/-09. when I still had not heard from Ocwen I called them again and was told they need more information. which I immediately sent again., a du plicate copy of when I had previoyusly sent them. the people they have handling these things in india do not have a clue as to what they are doing I am not the only one complaining about the service. I call them every day as they give me a different answer each time I call, I am now telling them that I am recording their phone calls for future legal use., as I no longer trust the way Ocwen is handling this sensitive matter. My original loan was from Delta funding, who have just recently been hit with a consumer and lending loss, and I feel that Ocwen is totally tied in with them, and must know how delta has been handling the loans they send to Ocwen for servicing. A class action suit should be filed against them. When I called today 4/13/09 I was told again they needed another paper from me, they said they had the fax I had sent but they could not see what I had sent. now the sale date is 4/17/09, they leave me no further choices. They are just stalling for time.,
Lulu Snohomish, WashingtonU.S.A
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