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Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!
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)
"Get Qualified Now By A Loan Professional"
Robert De La Rosa
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909.271.5640 CALL NOW!!!!
9220 Haven Ave. Suite 100
Rancho Cucamonga Ca, 91730
BRE 01435824
Thursday, October 23, 2014
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"Get Qualified Now By A Loan Professional"
Robert De La Rosa
An Expert In Your Court
909.271.5640 CALL NOW!!!!
9220 Haven Ave. Suite 100
Rancho Cucamonga Ca, 91730
BRE 01435824
Monday, October 20, 2014
Just One Insurance Claim Can Prove Costly...Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!
Just One Insurance Claim Can Prove Costly
In some states, all it takes is just one claim to a home owner’s property insurance to see premiums soar by hundreds of dollars. Filing a single claim can result in a monthly premium increase of 9 percent, according to a study by InsuranceQuotes.com. A second claim? Premiums climb an average of 20 percent.
The claims can be for anything ranging from tornado damage to a stolen bicycle. Filing a small claim can increase your rates by just as much as filing a catastrophic one, according to the study.
"Winning a small claim could actually cost you money in the long run," Laura Adams, InsuranceQuotes.com senior analyst, told CNNMoney. "Home owners need to be really careful. Even a denied claim can cause your premium to go up. ... The insurers have found that people who make a claim are more likely to make another. You've become a riskier customer."
Did you know?The cost of homeowners insurance rose 36 percent from 2003 to 2010—nearly double the rate of inflation.
The most expensive type of claims that can result in the highest premium increases are liability claims—such as from personal injuries (averaging a 14 percent raise in premiums). Big premium increases also often result from theft and vandalism claims, the analysis shows.
Premium increases can vary greatly by state. Wyoming home owners see the largest hikes in their premiums, an average of 32 percent, after one claim is filed. However, the state tends to charge low premiums compared to other states—$770 a year compared to the nationwide national average of $978. Connecticut, Arizona, New Mexico, and California also saw large spikes after one claim, with premium increases of 18 percent or more, according to InsuranceQuotes.com. However, in some states like Texas, insurers are not permitted to raise premiums based on a single claim.
Source: “One Property Insurance Claim Can Hike Your Premiums by Hundreds,” CNNMoney (Oct. 19, 2014)
"Get Qualified Now By A Loan Professional"
Robert De La Rosa
An Expert In Your Court
909.271.5640 CALL NOW!!!!
9220 Haven Ave. Suite 100
Rancho Cucamonga Ca, 91730
BRE 01435824
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