According to an article published by
The Wall Street Journal, Ocwen Financial Corporation, a business that specializes in risky loans,
will become the ninth-largest servicer out of all servicers in the industry,
tripling its size since 2009. Recently, the company has agreed to purchase
Litton Loan Servicing from Goldman Sachs Group Incorporation for $264
million and Saxon Mortgage Services from Morgan Stanley for $59 million.
But, why is the company growing at exponential rates?
William Erbey, a Chairman of Ocwen, states that the company has decided
to view the business as a science. For this reason, the business employs
psychologists and has done so for the past 10 years. Currently, the company
has a team of 16 social psychologists who carefully create scripts for
the employees working in the call-center. As they speak to potential borrowers,
the employees in the call-center are given pieces of dialogue through
a computer program that records the responses of homeowners. The company
believes this method allows for the psychologists to examine and assess
the intellectual and emotional states of borrowers. Using this information,
the psychologists attempt to find better ways to respond to borrowers
and engage in discussion.
Although Ocwen takes a unique approach when servicing their clients, their
business model is not infallible. In fact, one couple encountered problems
with Ocwen in 2004. At this time, the couple’s mortgage payment
was sent to the wrong address. After struggling through years of problems,
Ocwen initiated a foreclosure on the couple’s house. However, the
couple had receipts that documented their mortgage payments for the past
seven years. After the couple’s attorney was able to prove this,
Ocwen agreed to a loan modification, which lowered the couple’s
interest rate from 7.19% to 4%.
Like other companies, Ocwen has faced various issues such as losing or
misplacing important paperwork and not following up with consumers in
a timely manner. However, as of now, sources state that Ocwen has been
quick to resolve problems with borrowers.
Has a Lender Treated You Unfairly? Contact Sulaiman Law Group, LTD.
If you have obtained a loan from a lender and believe you have been treated
unfairly, get in touch with a Chicago consumer lawyer at Sulaiman Law
Group, LTD. right away. We understand that financial troubles can leave
an entire family facing difficulties in all areas of life, and that is
why we are ready to help. When you contact our team, we will review your
case and determine which strategies can improve your situation in the
shortest amount of time possible. Don’t’ wait. Get the peace
of mind that you need today by calling our team.
To discuss your case with a Chicago consumer attorney, contact Sulaiman
Law Group, LTD., or fill out a free case evaluation online. We can’t
wait to improve your future!