Mortgage Giant Says 'Sorry' to Home Owners
Ocwen Financial, one of the nation's largest mortgage servicers, has posted an open letter of apology to home owners after the company was accused of backdating letters to borrowers about loan modifications and foreclosures. The New York Financial Services say that hundred of thousands of borrowers who were facing foreclosure received letters from the bank that were dated from months earlier.
What's Wrong With Them?!
In the letters, the bank denied the borrowers' loan modifications, but the letters were dated more than 30 days before they were mailed, and the deadline had expired for home owners to appeal the decision.
Ocwen CEO Ron Faris issued letters to affected home owners apologizing for the incorrectly dated letters and assuring them that the bank was committed to "ensuring that no borrowers suffer as a result of our mistakes."
"Historically, such letters were dated when the decision was made to create the letter versus when the letter was actually created," Faris writes in the letter. "In most instances, the gap between these dates was three days or less. In certain instances, however, there was a significant gap between the date on the face of the letter and the date it was actually generated."
Faris says that Ocwen is hiring an independent firm to investigate how the backdated letters were sent.
"We apologize to all borrowers who received misdated letters," Faris writes. "We believe that our backup checks and controls have prevented any borrowers from experiencing a foreclosure as a result of letter-dating errors. We will confirm this with rigorous testing and the verification of the independent firm. … Having potentially caused inadvertent harm to struggling borrowers is particularly painful to us because we work so hard to help them keep their homes and improve their financial situations. We recognize our mistake. We are doing everything in our power to make things right for any borrowers who were harmed as a result of misdated letters and to ensure that this does not happen again."
Source: “Ocwen to Hire Independent Firm to Probe Backdated Foreclosure Letters,” Reuters (Oct. 24, 2014) and “Ocwen Posts Open Letter and Apology to Borrowers,” HousingWire (Oct. 27, 2014)
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