There has been some disturbing news about OCWEN, USAA's mortgage service provider, being investigated for a variety of unfair practices. This is not the first time OCWEN has come under scrutiny for unfair practices. In fact, OCWEN has been identified by numerous clients for its predatory practices, including charging exorbitant fees, fees for non-provided or non-existing services, and imposing questionable violations on its customers.
USAA has chosen NOT to mention this investigation to its members, and especially those who have mortgage accounts with OCWEN. In doing so, USAA is allowing a significant number of its members to become extremely vulnerable to whatever this investigation uncovers. Many members stand to lose their investment/homes if OCWEN continues to unfairly prey on its clients as alleged by the investigators.
Originally, I spoke with USAA when I refinanced my loan, about my concerns about OCWEN. The USAA Rep gaffed off my concerns and stated that I was "locked into" the loan. If I wanted to refinance, I had to pay thousands of dollars extra, or seek the services of another company.
My mortgage is paid three months in advance, yet my monthly mortgage note keeps increasing, despite my efforts to keep the original monthly payment stable. I spoke with an OCWEN Rep who stated that if I sent the company an extra $489. My monthly mortgage note would remain stable. Although my online statement noted the receipt of the payment, my mortgage note DID NOT revert back to the agreed upon amount.
I am certain, especially now, that OCWEN was not properly vetted by USAA, and now, with this investigation underway, I have fears that my mortgage contract has been among those that were compromised by these practices. I have a concern that USAA does not have any mortgage account protection measures for its members, should OCWEN be found negligent in its provision of services to its USAA clients.
I am concerned that i am not alone with these fears .I am hoping that by using this forum, USAA will respond and my concerns (below) can (or will) be addressed;
USAA DOES NOT SEEM INCLINED TO INFORM ITS MEMBERS OF THE OCWEN INVESTIGATION.
USAA DOES NOT SEEM TO HAVE ANY PLANS TO PROTECT ITS MEMBERS FROM ANY IMPROPRIETIES THAT OCWEN MAY BE ENGAGED IN.
If this forum is not receptive to my concerns, then I will seek other avenues.
Earl W. Phillips, Jr., CDR USNR (Retired)
Thanks for your coments and I think your concerns are valid, but I hate to say that it seems that all Big Money companies stick togather and none of them will tell on the other. I too have a OCWEN mortgage and I am to wooried
1. First of all, Ocwen is not the only single Mortgage Service Provider used by USAA as shown here.
2. Secondly, there are serious problems in the whole Mortgage Service Provider "industry" as indicated by this report titled Consumers lodge thousands of complaints about firms that service mortgages.
3. If you are having problems with your Mortgage Service Provider then click on the following EXTERNAL LINKS:
I hope I have helped someone.
Thank you sir,
I to have OCWEN servicing my loan and was not aware of their shady practises.
I will definately start reseaching the investigation you speak of, before I google sir, what sites do you recommend reference your post.
I can't afford to loose my family home, I was just medically retired from the wounded warrior unit April 2013.
Thanks sir and GOD speed.
Here are some EXTERNAL LINKS that are related to Post Subject:
Keeping Members Informed...
Thank you for taking the time to share your concerns about our mortgage provider. We want to make sure that we have one of our contacts in mortgage review your file to see if there's something we can do to help. Please let us know the best way to reach you along with a few additional details about your situation here: https://www.usaa.com/inet/pages/fb_response_form. As soon as we receive this information from you we will have a team member review your file. We hope to hear from you soon.
My mortgage was transferred from another lender to Ocwen. I've had nothing but problems from invalid late payments on my account, pre foreclosure notice errors, unaccurate interest rate calculations, holding payments for errors on their part while interest accurred daily.
I had no clue USAA was involved with this company. I was in the process of applying for a new loan but I have to make sure that my loan will not be serviced by Ocwen. I've never had so many problems with a company, ever!
I saw the news about OCWEN on an Al Jazeera America show called "Real Money with Ali Velshi", where the host interviewed the chief investigator. This news was also ticker-taped on CNN and MSNBC. It only took one click on Google to get the details about the investigation.
I reviewed my account with OCWEN over the last quarter, and noticed that for some reason my escrow accouint was practically zero. When I asked about the discrepancy-especially when I was doubling my mortgage payments, I was told that there were increases in the payouts from the escrow account.
I'm going through my own records to check to see where, when, and how this abrupt decrease in my account occurred.
I have had the same problems with this company. They would raise my payment claiming taxes and insurance have increased. I would send them what they wanted and the next month the same thing. I talked with 6 people and never got the same answer. I asked to speak to a supervisor and was told I had to wait 24-48 hours to talk with a supervisor. After 4 weeks of this, I complained to USAA and they went overboard to help me. They called Ocwen with me on the line and they got the same answers of I needed to pay more money. Since Ocwen is not under USAA we started working on refinancing our loan to get away from the problems. I would recommend refinancing if you can to get out from underneath their arm. Our original loan with USAA was sold to GMAC which folded and Ocwen took over the loans that GMAC had. I don't think Ocwen will ever get straightened out and I feel they are really a very bad organization.
Thanks for the heads up. I am in a position where refinancing may be a good option. I would like to find out what USAA's position concerning this latest wrinkle in their relationship with OCWEN..