Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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mac

I found this on ripoff report...sounds like some good ideas from a rating industry insider.  My favorite is the part about Ocwen India!!


http://www.ripoffreport.com/reports/0/272/RipOff0272040.htm

Report: Ocwen Financial

                                               

Category: Mortgage Companies

                                               

Ocwen Financial Ways to Hurt Ocwen - Straight Up Information - Take It or Leave - This Is How It Is West Palm Beach Florida

                                                                                               
                                                       
                                                               
       

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Ocwen Financial

                                                                       
                                                                                Phone:  561-682-8520
                                                                                Fax:                                                                                  
 
                                                                       
                                                                       
                                                                                1265 Wilmington
                                                                                West Palm Beach, Florida, 34765
                                                                                U.S.A.
                                                                       
                                                               
                                                               
                                                                       
                                                                               

Submitted: 9/3/2007 9:01:15 AM

                                                                                Modified: 9/5/2007 2:40:00 AM                                                                        
                                                                       
                                                                                Reported By                                                                                

Anonymous

                                                                                Galion, Ohio
                                                                               
                                                                       
                                                               
                                                               
                                                                       
How to get Rip-off Revenge
                                                                       

I work for a rating agency out of New York that rates companies and how well those companies comly with investor servicing guidelines when servicing a particular sect of business. My company rates companies in the banking profession to include credit card companies, and mortgage companies. I too have my mortgage at Ocwen and have experienced much of what I've read below. If you want to make your point to Ocwen, here's the way to go about it which may produce a result faster than litigation.

In addition to complaining to bank regulator agencies such as the FTC, Banking Commission, OTS, the Attorney General, your Congressman, also complain and send letters to Standard and Poors, Moodys, Fitch and every other rating agency you can find about Ocwens performance. Your goal here is to hurt Ocwens performance rating which drives their stock price. Ocwen goes miles out of their way to make sure that on the surface they look as good as possible in front of rating agencies so that their rating goes up and Wall Street gives them a higher grade resulting in a higher stock price.

Here's another tactic to use. Find out the name of the CEO of the company that lent you money. Not the branch manager, but the CEO over the company. Usually it's a group of investors that pool their money and create a storefront like New Century or something similar. Speak directly with the CEO and tell them about how terrible Ocwens India Customer Service is doing. Tell them about all the mistakes, time delays, misinformation etc...
Here's a few Numbers to help you begin your process
Lehman Brothers - Richard Fuld Jr.
Fitch - Thomas Crowe at 212-908-0227 or Kathleen Tillwitz at 212-908-0239
Standard and Poors - Richard Koch - 212-438-2513 or John Bartko - 212-438-7368
Moodys - Fern Wang - 212-553-4621
Try also - Credit Suisse Bank -

If these numbers don't work, call 411 for updated info but call the decision makers about your issue.

Here's another way to help you with your Indian problem. So that you don't have to speak with an Indian agent, tell Ocwen to raise the USAO code on your account. USAO stands for 'USA representative ONLY' both in and outbound calls that are made to you and when you call in. If you want to hurt ocwen, tell an Indian agent how bad of a job they are doing. Tell them to get out of your countries business and off your phones. Use their names on this website, get their email addresses and tell them to look on ripoffreport.com and how you've plastered their names on the site. Keep in mind, India doesn't have a mortgage system as in this country so they are learning on the job with your mortgage. Making many mistakes and causing you problems.

Contact your congressman and legislators about the security of you information being transmitted and availability in another country. Make ocwen show what type of policy and procedure is in place to safeguard your info. Demand from your congressman that Ocwen keep your private matters in this country, to safeguard against 3rd party disclosure, language barriers, and mistakes that hurt the servicing of your loan.

Again, India doesn't have a morgage system in their country, they are learning on the job with your loan, screwing up the servicing then trying to fix the issues before they get to bad or you sustain a problem they have to fix.

From what I've seen, Bill Erby and his upper management idiots at the top make decisions that affect the consumer negatively then expect front line customer service to deal with all the screwups that their decisions cause. It's as though they are trying to create new ways to improve this or that or make more money, try out the process that goes way beyond and out of control, upper management hands down another decision to correct and causes more and more chaos on your loan. All of upper management is out of touch with normal, common everyday issues that the borrower has and they don't care about all the negative issues India causes. They are playing the percentages. Upper management believes the money saved by having operations in India outweighs India screwups. Keep in mind, an Indian agent with a 4 year degree or more makes about 5-8 thousand a year in India. An American makes 30-40-50 thousand or more. For Erby, it's a no brainer, but who pays the price with crappy service, unnecessary problems, potential security issues etc... you do. His salary is about 800 thousand a year, Faris is about 600 thousand a year. SO... reduced cost for Erby meaning more money for Erby and team, crappy service and problems for you. What a deal.

Here's a few more contacts for you to voice your concerns

William.erbey@ocwen.com - 561-682-8520
ronald.faris@ocwen.com - 561-682-8560
scott.anderson@ocwen.com - 561-682-8913
call into the switchboard and 407-737-5000 and ask for other members of upper management email and phone number

more later....

Anonymous
Galion, Ohio
U.S.A.

Click here to read other Rip Off Reports on OCWEN Federal Bank Financial Services

                                                               
                                                       
                                                                       
                                                                                                                                                                       

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                                        What mortgage brokers don't want you to know                                
                               
                                       
                                                                               
                                               

Passport Problems?

                                               

The federal government didn't live up to its promise to deliver the expedited passports within 14 days.

                                               

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Quote 0 0
Man I wish this kind of thing was around when I was dealing with Ocwen azz's.
Quote 0 0
O -

Pay back time! It's Great!  Sinking in a Ocwen...of stock holders.
 
They should close down these rating company's and start 1 new one.
Quote 0 0
Mac, love to talk to you. Please send me an email. Thanks!
Quote 0 0
BB> Joseph Lewis
 
 
British billionaire Joseph Lewis rebounds in Bear Stearns
New York Daily News - 2 hours ago
British billionaire Joseph Lewis, who controls more than 170 companies, is betting on a rebound in Bear Stearns stock - putting up $860 million to acquire 7% of the Wall Street giant.
Currency Trader Joseph Lewis Buys Bear Stearns Stake (Update6) Bloomberg
Billionaire Snaps Up Bear Stearns Stake Forbes
Channel News Asia - The Money Times - BBC News - Moneyweb
all 150 news articles »  BSC
Quote 0 0
This could be fun.

A new majority stockholder at Bear Stearns.

What will he do to protect his investment?

Will he, force out the present officers?

Will he partner up with Putnam to control every move that is made.

One thing I don't expect is that he will give much of a damn for borrowers
being pummeled by EMC, their mortgage servicer. 

At least this guy can be identified and could be given salient information
about BearStearns and EMC at a stockholder's meeting. 

Dee
Quote 0 0

This same thing needs to be done to Litton's stockholders, if there are any left.

Quote 0 0
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