Ocwen Loan Modification

Ocwen Loan Modification Process

The Ocwen Loan Modification process follows the typical loan modification process:

1. Interview Over The Phone To Trigger The Application Process
2. Complete Ocwen Request for Mortgage Assistance Paperwork
3. Complete Property Valuation (If, Applicable)
4. Negotiate Terms of Modification Review
5. Lender Provides A Response

Now we would love for it to always be that easy but it never is. There is a lot of back and forth with Ocwen. Documents tend to have to be submitted over and over again. Many times they will have you running around from Ocwen Mortgage Loan Modifiation Department to Ocwen Customers Service Department. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened.

Ocwen Loan Modification Timeline

When dealing with Ocwen Mortgage’s  Loan Modifcation timelines they may vary on some very obvious and other not so obvious parts. Here are a few of the reasons this question has such sticky answers.

• For one, Ocwen is merely a loan servicer. It even says it in their name, “Ocwen Loan Servicing, LLC” and this appears on all loan modification applications with Ocwen. As a servicer they have to abide by their PSA or Pooling and Servicing Agreement that they have with each investor. In some cases they are delegated to make decisions on behalf of the investor they are servicing the loan for and in orther cases they are not delegated (non-delegated) which means they have to request permission from the investor before being able to make any arrangements. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from most servicers. As you can imagine the more parties invovled the longer it takes and the more someone like Ocwen Mortgage has their hands tied.
• Another factor, that affects the time frame is urgnecy. Does your Ocwen Loan have a sale date? If they do, chances are you are going to get bumped up in the process. Remember servicers such as Ocwen Loan Servicing have homes going to sale every day. So if your sale is even next week they are not working it as urgently as you might think because of things pending foreclosure between today, tomorrow and the next day. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all plans were created equal. In fact you may be reviewed for a large number of programs each time you go through the modification process. In the banking world people become very specialized in their niche. Often you will be put though the modification waterfall process but you will also find regularly that you are reviewed by different loan modification departments.

Ocwen Loan Modification Timeline Conclusion: Your time frames will vary greatly. Whether the decisions can be made in house or have to be sent out for appoval, whether you fit the first plan you are reviewed for or the 10th plans, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation company’s, how fast documents are received legibly on their and much much more all effect how long it will take for your Ocwen Loan Modifiication to be reviewed.

Dealing With An Ocwen Mortgage Loan Modification Decline

Often dealing with an Ocwen Loan Modification Decline may be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your ocwen loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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