Mortgage -- Trouble during payment process -- Complaint #7406634
Complaint Overview
Complaint ID: 7406634
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Indiana
ZIP Code: 46307
Date Received: 2023-08-15T12:00:00-05:00
Date Sent to Company: 2023-08-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am attaching a debit statement from my bank demonstrating the payment history on my mortgage since XX/XX/XXXX. My mortgage was serviced by XXXX XXXX XXXX from XX/XX/XXXX through XX/XX/XXXX. All payments were in the amount of {$1400.00}. In XX/XX/XXXX the service transferred from XXXX to XXXX, who continued to charge me {$1400.00} for the next seven months. However, in XX/XX/XXXX the mortgage payment XXXX {$250.00} a month to {$1600.00}. Since I was on autopay, I had not taken immediate notice of the increase. XXXX collected this increased amount for the next XXXX months before transferring the service to PHH in XX/XX/XXXX. The transfer to PHH is when I noticed the increase. Upon investigation, I discovered XXXX increased my home insurance by $ XXXX and my property taxes had increased by {$170.00} annually. A {$380.00} annual increase did not seem sufficient to justify a $ 254 monthly increase in my mortgage. I called PHH and they informed me this was due to an escrow shortage. I spoke to four different reps, but I was unable to receive an explanation as to HOW my escrow incurred such a massive shortfall, to the point where it went negative. I also called XXXX, but after XXXX minutes on the phone the rep hung up on me. Finally, I called XXXX, but they are unable to find me in their system. PHH has been collecting monthly payments ranging from {$1600.00} to {$1700.00} for the last XXXX months. They explain the increase is to build my escrow back up, but can not explain how it went negative in the first place.
Frequently Asked Questions
What is Complaint #7406634 about?
Complaint #7406634 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-08-15T12:00:00-05:00.
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.