Complaint Review: Ocwen Bank

This is By way of offering information on Ocwen's client, the U. S. Department of Veterans Affairs (V.A.).

On, or about August, 2003 the V.A. awarded the Veterans Affairs Contract for Property Management Services to Ocwen Federal Bank FSB. This contract includes management, marketing and sales of all V.A. owned properties located throughout the United States and its territories.

V.A. owned properties are thos properties which were purchased with a V.A. mortgage and when in default the lender foreclosed and the lender then deeded the proprty to the V.A. upon payment to the lender.

All licensed real estate agents must submit their client's offer to purchase available V.A. owned properties through Ocwen unless the prospective buyer sees the sign on the property with Ocwen's licensed agent's name and contacts the Ocwen agent directly, which precludes the client's agent from showing,submitting offers and receiving the resultant brokerage fee from V.A.

Ocwen's web site lists available V.A. and HUD owned homes (they deal with both government agencies).

Sally
West Palm Beach, Florida
U.S.A.