- Report: #25240
Complaint Review: Ocwen Federal Bank FSB - Orlando Florida
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Author Not Confirmed
Why?
Ocwen Federal Bank FSB
12650 Ingenuity Drive Orlando, 32826-2703 Florida, U.S.A.
Phone:
800-746-2936
Web:
N/A
Categories:
Business Rating:
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Ocwen Federal Bank FSB is a rip-off; They must think I'm an idiot. Orlando, Florida
My loan was sold to Ocwen. I was given no choice. I now want to pay off my loan & can't get a payoff amount without it costing me money.
First, they want $10 to get a payoff quote which I would receive in the mail in about 7 to 10 days. During this 7 to 10 days they are still making 17% interest on my loan. Then the quote will also give consideration to the time it takes me to mail the money to them - again giving them approximately 5 more days of interest.
They tell me they can not look at my account and give me an estimate of what I owe. They told me if I were to send in what I think I might still owe & it is not enough they may send the check back to me & continue charging me the 17% interest.
What a horrible company. These guys need to be exposed! Where's 60 minutes, or Inside Edition, or Dateline....? I have read some of the other complaints. Better Business Bureau has 'a million' complaints. Is there anything we can do? I'm ready!
Debi
Westminster, Maryland
First, they want $10 to get a payoff quote which I would receive in the mail in about 7 to 10 days. During this 7 to 10 days they are still making 17% interest on my loan. Then the quote will also give consideration to the time it takes me to mail the money to them - again giving them approximately 5 more days of interest.
They tell me they can not look at my account and give me an estimate of what I owe. They told me if I were to send in what I think I might still owe & it is not enough they may send the check back to me & continue charging me the 17% interest.
What a horrible company. These guys need to be exposed! Where's 60 minutes, or Inside Edition, or Dateline....? I have read some of the other complaints. Better Business Bureau has 'a million' complaints. Is there anything we can do? I'm ready!
Debi
Westminster, Maryland
1 Updates & Rebuttals
Henry
Orlando,Florida,
Payoff requests
#2UPDATE Employee
Wed, August 14, 2002
From the Better Business Bureau website: Ocwen Federal Bank comes under the direct supervision of the Office of Thrift Supervision, Northeast Regional Office, 10 Exchange Place, Jersey City, NJ 07302. According to a spokesperson from that agency, the company is allowed to charge these fees. The reason we could not give you an estimate of what you owe is because: 1. The Customer Relations folks you speak with when you call are not authorized to disclose any payoff amounts. 2. A Payoff amount will include the principal amount and any other unpaid balances you have, which may include but are not limited to: late fees, lawyer fees, prepayment penalties (per your original loan documentation), reinstatement fees, interest arrears, negative escrow balances, bounced check fees, etc. 3. It is absolutely required that a Payoff request be done in writing, and not verbally over the phone. That way there is a hard copy record of the amounts due and no incorrect information can be given by a Customer Relations representative. 4. Payoff requests MUST be completed by the Payoff department and no one else. 5. The only time we can give payoff amounts over the phone is if someone calls to confirm the numbers they received. Even then, the numbers must be said by the individual calling. We cannot GIVE out any numbers. It takes a standard 3-5 business days for a payoff request to be completed, which we can either mail or fax at your request. The fee to have it faxed is $20. This not only covers our long-distance phone costs, but many times, companies or individuals will request an updated payoff or a refax. The fax fee is a one-time fee. We ask for a Good Thru Date. Interest is calculated from the last payment you made up to the expiration date of the payoff quote, which is provided by the borrower or a 3rd party.
