Mortgage -- Trouble during payment process -- Complaint #5091901
Complaint Overview
Complaint ID: 5091901
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: California
ZIP Code: 93065
Date Received: 2022-01-10T12:00:00-05:00
Date Sent to Company: 2022-01-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Phh Mortgage/XXXX XXXX is the mortgage company I am dealing with for an insurance claim with water damage and construction. There is an escrow account because the insurance funds were endorsed to me and the mortgage company. The initial check of {$57000.00} was sent to the mortgage company and endorsed by myself and my public adjuster ( endorsed as directed by the bank, and in the same way the public adjuster has endorsed thousands of checks, including checks I have been able to deposit to my own accounts for housing loss of use without any problem ). The mortgage company first received the check on XX/XX/XXXX. Construction and demolition started XX/XX/XXXX. After a lengthy argument and multiple phone calls they would not accept the endorsement, sending it back on XX/XX/XXXX, received XX/XX/XXXX. I followed the mortgage co instruction for how they wanted the endorsement corrected and sent it back overnight mail for {$40.00} to be received XX/XX/XXXX. Once again they refused to accept the endorsement. I had the mortgage company and the owner/authorized signer/public adjuster on the phone together and they still refused to accept the check as endorsed giving different instruction for how they wanted it endorsed. Once again I received the check back and overnighted it again, which they indicate was not logged as received until XX/XX/XXXX. In the meantime I received another check for {$7200.00} that I sent in for endorsement by the mortgage company. I requested an inspection anticipating 5-7 days to schedule as outlined by the mortgage company on XX/XX/XXXX since our contractor anticipated 6-8 weeks construction or less. By making phone calls to the mortgage company every day, they finally released {$40000.00} which was received on XX/XX/XXXX. It took until XX/XX/XXXX and daily phone calls to get an inspection done to get the next funds released. My contractor had to slow work until I could provide more funds. On XX/XX/XXXX the check was mailed and I requested another inspection. Another check for 60 % of the work complete was received on XX/XX/XXXX. Again, there was a delay and it took until XX/XX/XXXX to get an inspection which indicated 90 % of the work was complete, therefore the rest of the funds should be released. As of today XX/XX/XXXX the funds are still being held and are supposedly pending the " inspection results '' which per the inspector were sent the same day as the inspection. They have approved an " emergency fund release '' of half of the balance to be sent today, but the remaining $ XXXX is still not released. The construction is wrapping up this week and PHH. Mortgage/XXXX XXXX are holding the funds hostage. These ongoing delays and inappropriate handling of funds is not acceptable, yet there is very little recourse that I seem to have to do anything about it. DO NOT work with PHH/XXXX XXXX if you want a fair and effective mortgage company.
Frequently Asked Questions
What is Complaint #5091901 about?
Complaint #5091901 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-01-10T12:00:00-05:00.
How did Ocwen Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Ocwen Financial Corporation?
Yes, visit the Ocwen Financial Corporation company profile at readthecomplaint.com/company/ocwen-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.