I have been approved by New Century Mortgage (AKA Ocwen FSB) just this week and am scheduled to close next week. I was fooling around yesterday and came across some very disturbing news. I went to www.ripoffreport.com and Ocwen FSB is listed on that page as having a class action suit pending as well as many, many very ticked off people who have been posting their own experiences with this predatory lender. I am just sick about this whole thing. Some of you know what my wife and I have been through and we were so excited about the prospect of having a new home. Has anyone here ever dealt with or heard of Ocwen FSB out of Orlando FL? Many posts on that site accuse Ocwen of forcing folks into foreclosure by purposely delaying payments or forcing insurance on homes that have insurance. Some people have even been forced into BK to stop this lender from taking their home. If anyone can offer me any advice or maybe some experience with this bank it'd be greatly appreciated. SnakeMan
ON THE PLUS SIDE...MOST of the time the loan is SOLD or CHANGES SERVICE COMPANIES 2 or 3 times in the first few years...MINE WAS SOLD THE FOLLOWING MONTH...THEN AGAIN A COUPLE OF YEARS LATER...you can always RE-FI in one or two years...
I had a mortgage that was sold to Ocwen Federal Bank. I didn't have any problems with them holding payments, but I paid the loan off in May of 2000 and they still haven't updated my credit reports to show it's been paid.
Ocwen sucks. My wife was with them before we got married. They are a secondary buyer of loans and have no customer service to speak of and are *******s.
They are known as Ocwen which spelled backwards is Newco or New Century Mortgage. New century is who has approved us for a 30 yr note at 8.25% fixed rate. We are both in the 500's range and this loan was approved at 80% ltv. Now that I am aware of the problems others have had with this company, I must decide weather to go with themand take a chance or just forget about it. One guy I talked to suggests that we send every payment CMRRR. That we thoroughly set up a significant paper trail proving everything from paid taxes to home insurance. What do you think? SnakeMan
