Southwest Florida Title Insurance & Real Estate Blog -

Ocwen Continues to Grow

Posted by Jillian Dohack On March 13

The transferring of services to Ocwen continues.

I recently started a new Short Sale that was being serviced by Homeward Residential as it was an original mortgage with American Home Mortgage only to find out Ocwen has recently acquired Homeward Residential.

Homeward Residential brings with it approximately $422,000 mortgages with an unpaid principal balance of over $77 billion.

A major frustration with a file being service released is that it typically means a whole new set of documents from that new lender are required which creates major setbacks with the short sale process. 🙁

In even more recent news, Ocwen continues to grow as they won an auction for Rescap’s mortgage servicing and origination assets.

Files that were previously being serviced by GMAC will now be serviced by Ocwen.
Ocwen is a large servicer who is well known in the Short sale community for its outsourcing and unwillingness to postpone sale dates.

My past experiences led to many frustrations from not being assigned a single point of contact, challenging customer service representatives and an overall slow short sale process.

I have recently found that Ocwen’s process has improved immensely over the last year. They have created an easier system for short sale submissions and for the processing/review of the short sales.

To start a short sale with Ocwen:

  1. You now submit the Short Sale documents via email.
  2. Once the Short Sale package has been received, Ocwen now assigns a single point of contact/Relationship Manager immediately.
  3. Then they’ll set up appointments with you to discuss the file every few weeks.

If you need to speak to your Relationship Manager outside of these meeting you will have to call in and schedule another appointment. This can be frustrating if you are looking for an immediate response.

However, they are very good about making the calls when they are scheduled. My recent experience was quite pleasant. I submitted the initial package on December 20th and it was approved Jan 22nd. I would say that is a success and hope this is what we can expect with all of our Ocwen Short Sales.

Need assistance with a short sale in Florida? We are happy to help you navigate these sometimes treacherous waters! Contact us for more information or get the process started now.

-Jillian

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