Mortgage -- Trouble during payment process -- Complaint #5501811
Complaint Overview
Complaint ID: 5501811
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Colorado
ZIP Code: 80214
Date Received: 2022-04-26T12:00:00-05:00
Date Sent to Company: 2022-04-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Dated XX/XX/2022 I received an annual escrow statement from PHH mortgage regarding a shortage in my escrow account, a normal occurrence. At no point on this form from PHH mortgage was there an option, or a statement as such, that I have the legal right to pay that shortage in its entirety up front, I was only given the notice that my monthly payment would go up by double the shortage for the next 12 months. They are required to give me this option and they did not, and such they should be investigated and fined for misleading the public and misrepresenting the rights the consumer has. I called PHH mortgage and was 'escalated " who stated they are in complete compliance with RESPA, which they are not. The form they send out for an escrow shortage is required to have the option to pay the shortage in its entirety and offer a paystub to do just that. I also requested a servicing transfer which they immediately denied.
Frequently Asked Questions
What is Complaint #5501811 about?
Complaint #5501811 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-04-26T12:00:00-05:00.
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.