Complaint Review: Ocwen Loan Servicing LLC

I have had problems with my mortgage since Ocwen took over my account in 2011 from Saxon.  It has gone so far that Ocwen has now stopped sending me statements entirely, and I believe that this is because they do not want to put my account details in writing due to inaccuracies.

I have two mortgage accounts with Ocwen, a first and second lien, on the same property.  Even after years of payments, my balances have barely budged from their original balances.  I have not only made the minimum payments, but also some very hefty extra payments.

I decided in 2014 that it was time to be aggressive toward my second mortgage.  I decided that I would make monthly payments in the amount of $10,000 in addition to my regular monthly payment.  I have had to call and have my payments rectified every month so far this year.  The first payment was applied to the wrong account.  The second payment was put into a mystery escrow account that could not be acconted for.  The third payment was again placed toward the wrong account.  While I have had this corrected each time by calling them, I fear that I will be making this phone call each month until my mortgage is paid off.

Each of these payments was made via certified mail, with a letter instructing them to make these as principal payments to said account number.

One other trick that they pulled, once they found the second payment that I made, they posted this payment as a full years worth of regular payments in the future.  Their representative in India informed me that this is the same as making a principal only payment.  I inquired if he had taken taken a 3rd grade math class regarding compounding interest, to which he replied he would get the payments corrected.

Ocwen has also failed to report my loans to credit bureaus for the last 2 years.  Even though Ocwen claims that they are reporting them, the 3 major credit bureaus disagree.  As a result, refinancing these loans is nearly impossible since it appears that I have not been making any payments. 

The strategy of Ocwen is to defer and deflect, and not allow payments to be reflected to a customer account propertly.  This way they know that they have you trapped.  Since Ocwen will not even provide a paper trail, it is impossible for Ocwen itself to do an internal audit.