Loan sold to "Collection Company" (PMI, loan officer, property tax)
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Can someone help me understand what "loan servicer" is?
We closed in June and our loan was serviced by Cherry Creek mortgage. It was later sold to their subsidiary (I think) - Dovenmuehle Mortgage Inc. I made our August payment to them. Several days ago we received a letter that our loan was transferred again, to Ocwen Loan Servicing. I already talked to our mortgage broker, and she told me that previous servicer sent "good-bye" letters too early, and new servicer will not send anything until early September.
I always pay our mortgage bill at the end of the previous month, so now is my usual time for mortgage payment. This is not our first house, but I never had my loan sold more than one time and never had to wonder where I should send my payment. Normally I just pay them online through my bank's bill payment.
I tried calling Ocwen and got a somewhat disturbing message - I was informed that Ocwen is a debt collector and they help homeowners (great!), then, after a pause, got a "This is a wrong account number". No prompt to enter account number (not that I had one at that time), no way to get through to the live person.
I then called our previous servicers and there weren't helpful either. I was basically told that they don't have my loan anymore and have no idea what is my new loan number with Ocwen is. I since spoke to my mortgage broker and I hope we can get to the bottom of where my September payment goes, but what bothers me is that from what I looked up on Ocwen website (https://www.ocwencustomers.com/oc/home.jsp) they are a company servicing high-risk loans.
Our loan is not considered high risk, as far as I know. We put 10% down and paid PMI in advance. Our scores are in the high 700 low 800. Should I be worried that we are now in the hands of "debt collector"? I probably can't do much about it anyway, but if someone can give me any insights of what I should expect, I would appreciate it.
I don't know if this still takes place, but in recent history they would bundle loans and then sell them. Maybe yours was part of a bundle. It shouldn't affect your credit rating.
I'd talk to Cherry Creek Mortgage and have them help you. Just be aware that there can be no late payments held against you (if you didn't know where to send payments for instance) when you loan is transferred to different servicers for 60 days.
Can someone help me understand what "loan servicer" is?
We closed in June and our loan was serviced by Cherry Creek mortgage. It was later sold to their subsidiary (I think) - Dovenmuehle Mortgage Inc. I made our August payment to them. Several days ago we received a letter that our loan was transferred again, to Ocwen Loan Servicing. I already talked to our mortgage broker, and she told me that previous servicer sent "good-bye" letters too early, and new servicer will not send anything until early September.
I always pay our mortgage bill at the end of the previous month, so now is my usual time for mortgage payment. This is not our first house, but I never had my loan sold more than one time and never had to wonder where I should send my payment. Normally I just pay them online through my bank's bill payment.
I tried calling Ocwen and got a somewhat disturbing message - I was informed that Ocwen is a debt collector and they help homeowners (great!), then, after a pause, got a "This is a wrong account number". No prompt to enter account number (not that I had one at that time), no way to get through to the live person.
I then called our previous servicers and there weren't helpful either. I was basically told that they don't have my loan anymore and have no idea what is my new loan number with Ocwen is. I since spoke to my mortgage broker and I hope we can get to the bottom of where my September payment goes, but what bothers me is that from what I looked up on Ocwen website (https://www.ocwencustomers.com/oc/home.jsp) they are a company servicing high-risk loans.
Our loan is not considered high risk, as far as I know. We put 10% down and paid PMI in advance. Our scores are in the high 700 low 800. Should I be worried that we are now in the hands of "debt collector"? I probably can't do much about it anyway, but if someone can give me any insights of what I should expect, I would appreciate it.
I'd talk to Cherry Creek Mortgage and have them help you. Just be aware that there can be no late payments held against you (if you didn't know where to send payments for instance) when you loan is transferred to different servicers for 60 days.
----If you pay the old lender. You can't just hold payment you have to send it in. If you don't pay anyone you will have legitimate pate payments reported.
Thanks all. I ended up paying our "old" servicer after talking to my loan officer. Also, I received a bill from the old servicer for September, as usual. I paid on August 29th, and on August 30th called their automated system to confirm it was applied - it was, principal was reduced and payment was on file. I read the letter more closely, and you guys are right - any payment to the old servicer within 30 to 60 days of a mortgage transfer is NOT considered late. Hopefully, my loan gets transferred to Ocwen with September payment applied. And, hopefully, they can service a super-client like me
Thanks all. I ended up paying our "old" servicer after talking to my loan officer. Also, I received a bill from the old servicer for September, as usual. I paid on August 29th, and on August 30th called their automated system to confirm it was applied - it was, principal was reduced and payment was on file. I read the letter more closely, and you guys are right - any payment to the old servicer within 30 to 60 days of a mortgage transfer is NOT considered late. Hopefully, my loan gets transferred to Ocwen with September payment applied. And, hopefully, they can service a super-client like me
I'm curious to know if you are now having troubles with Ocwen, as most folks do...regardless of whether or not you are good with your payments. After Ocwen took over "servicing" our mortgage, payments were held until considered late and we were charged late payments and property taxes went unpaid causing our property to go to Sheriff's sale (we were able to stop it thank goodness) They ruined what little credit we were working on correcting, and I am constantly in the threat of foreclosure.
And...since Ocwen is a debt collector and not a bank, there is no way for them to Help Homeowners as they state... they do not refinance and loan mods are a joke.
So....all good or completely frustrated , OP?
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, OP?
