Mortgage -- Trouble during payment process -- Complaint #8192796
Complaint Overview
Complaint ID: 8192796
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Payment process
State: South Carolina
ZIP Code: 29710
Date Received: 2024-01-20T12:00:00-05:00
Date Sent to Company: 2024-01-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, PHH Mortgage Services received my principal-only payment of {$1300.00}. I mailed a check accompanied by a statement stub explicitly identifying the payment as principal only. Also, I added a note on the check. PHH reduced the principal payment by taking out interest on the payment. This effectively pays PHH a portion of the payment and reduces my payment to the principal of my loan. This practice has had many negative impacts on me. It prevents my efforts to reduce my loan amount, increases the amount of interest owed on the loan, incorrectly states the 1098 interest reported to the IRS, and results in an inordinate amount of my time trying to get them to reverse what they have done. The primary reason to file a complaint is the recurrence of this by PHH Mortgage. I believe PHH Mortgage is intentionally misapplying principal-only payments from customers to increase their interest revenue. The very same practice occurred by PHH to a principal-only payment I made in XXXX.
Frequently Asked Questions
What is Complaint #8192796 about?
Complaint #8192796 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-01-20T12:00:00-05:00.
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.