Lenders Make Mistakes, Too
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 Atlas Consumer Law
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 Atlas Consumer Law 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.
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