BAYVIEW LOAN SERVICING

BAYVIEW COMPLAINT:

Submitted:      December 2014

Reported By:     Deborah Postema in Weston, FL

Report Link:   CLICK HERE

We have applied since beginning of 2013 for mod. was given If you are directed to Bayview Loan Servicing for home mortgage service- run as fast as you can in the other direction! I moved to Florida for a new job and I needed help with my home in Michigan. It took me on month of attempting contact before I spoke with someone that could provide me with any information at all. Finally, it was recommended that I apply for a deed in lieu, which I did immediately. This was the beginning of October, and I presented all of the requested information by the second week of October. During that time, the assessment manager changed 3 times- the final "gentleman" that was assigned was not helpful at all- the date on my application was actually over a month later than when I actually began the process!! Bottom line, my deed in lieu was denied, I ended up providing sensitive information no less than 3 times, and I have still not received any documentation in writing as to the reason why. Additionally, the mortgage company replaced my realitor's lock box with a box of their own and did not inform anyone- so when the realtor brought potential buyers for a showing, they could not get in the house!! If there's a real estate lawyer reading this, I'd love to pursue action against them to recoup the thousands of dollars I've lost.

END CONSULTING ADVICE:

First let me apologize on behalf of Bayview Loan Servicing as their unfair and abusive servicing of your mortgage loan not only violates your consumer rights (Bayview is still at this time violating your consumer rights) but should be considered abhorrent as well since the only option provided to you by Bayview was to execute a Deed-in-Lieu - benefitting only Bayview - versus providing you with ALL the options that Bayview is legally supposed to provide to you per the FTC, CFPB, RESPA and Dodd-Frank Act (at a minimum) as a mortgage servicer.

 

It is not too late to fight for your rights but it would behoove you to begin immediately. Furthermore and if you have not yet competed a MHA HAMP application, I would advise that you do so immediately and submit it to Bayview via email or fax to prevent the escalation of foreclosure; follow this link to get started: http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx.

You can learn more about your consumer rights and the responsibilities of Bayview as a mortgage servicer by visiting the CFPB's website and becoming educated about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB. Here is a link to the current rules that went effect in 2014 and stronger rules are forthcoming in 2015: http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

We routinely look for posts to answer in hopes that it will not only bring optimism to those homeowners and borrowers in distress but also some basic information to assist in fighting the banks that are "too big to fail" but yet don't appreciate the bailout that we provided in their time of need. The debt collectors like Bayview, SPS, SLS, Green Tree, ASC, Ocwen and Nationstar are simply just piranhas but they can be beat at their own game too just like the big banks can be defeated.

 

Thank you as I commend you for taking the first step in asserting your consumer and constitutional rights by complaining about the situation in an effort to shed light on the abuse and encourage change. With that said, you have overlooked the key aspect to your fight, which is putting the violations and abuse in writing in the form of a proper QWR and attaching proof of your consumer and constitutional rights that have been violated; they have certainly been violated in this case per your posted complaints. 

A QWR is an integral tool in getting what you desire and all of the aforementioned mortgage lending and debt collection companies MUST answer your Qualified Written Requests (QWR); if they refuse then you take your fight to all the regulatory agencies outside of Nationstar that assist in fighting for your rights like the CFPB; it’s a shame that these more than profitable and previously bailed-out companies engage in this type of consumer abuse.

I would be more than happy to educate you as to how to fight for your rights as my firm routinely seeks out complaints online so that we can educate as to how to fight back on our weekday show called "The Daily Complaint” where we review a complaint and how to tackle it successfully.

We reviewed your complaint on the show if you would like to listen, visit www.TheDailyComplaint.com

As mentioned above, you can learn more by visiting the CFPB's website and becoming educated about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB. Here is a link to the current rules that went effect in 2014 and stronger rules are forthcoming in 2015: http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

In the event you have further questions, you can contact me via email, web or phone (full contact information is below) as I would be more than happy to answer your questions, call Bayview with you and/or point you in the right direction.

Every new beginning comes from some other beginning's END

Respectfully,

Dana Shafman

Managing Member

END Consulting

(888) 234-7006 Ext 101

Dana@ConsultingEND.com

www.TheDailyComplaint.com

NATIONSTAR MORTGAGE

NATIONSTAR COMPLAINT:

Submitted:      December 2014

Reported By:     1RabidRabbit in California

Report Link:   CLICK HERE

We have applied since beginning of 2013 for mod. was given a forbearance payment schedule. after 2 mo we were no longer qualified for the program as wife went back to work. we approached and notified Nationstar about the situation. the rep said that we were correct in our assessment of the situation and that we would have to file for another mod. our rep asked if it made any sense for us to continue with the payments, and was told "No since we no longer qualified for the forbearance program. at that point we stopped making payments, and was of the impression that we had to wait another 60-120 days to file for a mod as that is what was required in the beginning and we were of the impression that we were considered, at that point, up to date on our payments. 

We submitted the new mod request and were told it would be 30 days or more before underwriting finished with the docs. We thought everything was going ok at this point. Then we were turned down as we were told that we were, in their words, 300 short on our income. We were able to increase our income, and resubmitted, this time along with the hardest hit fund backing. Long story short, we have submitted 4 times for a mod. In that time we went from being underwater on our mortgage appox 50-60% to having an equity amount, according to them and the comps in the area of between 2-15000, depending on who you ask. But the ultimate kicker is that they told the Hardest hit fund program here in CA that we were turned down because we were delinquent on our forbearance program. 

WHAT!!! That was the first I heard of it. Then they told us. I have tried to reason with them over this, saying that we were only doing what we were told to do by them and also our understanding of what was told to us, but in no way did we default. They have our house on the block for (get this) 1/07/15 and for 8000 more than what we owe on the note. I have offered to let them get this place appraised for an actual value, and have been on the phone with their reps on several occasions trying to reason this out with them. We have lived here for over 13 yrs and, it's not so much the house, as it is the neighbors that we feel are being ripped away. We did what we were told. We bent over backwards for this company to meet their demands. This was not a decision we came to easily as it took us 2 months agonizing over the decision to apply for the mod. The Hardest hit fund for this state approved us 3 times. 2xs just to reinstate the loan. They still said no even though they would have gotten up to 25000 that was back owing. 

It does not make sense since having a loan working makes the company money, not foreclosure. I'm just confused, mad, and downright disappointed in the program that was supposed to help us improve our situation and stay in our home. I still don't get it. Can't afford a lawyer, but I don't understand how we could have been turned down in the first place when the money was available from the fed to offset the difference of the loan. Do they get to turn people down and still pocket the money? I feel like they were just waiting us out. I want to keep my mortgage and house, but at a rate I can afford and in the program I was originally qualified to apply for.

END CONSULTING ADVICE:

I am so sorry that you have been a victim of Nationstar Mortgage as it is easy to see that your consumer rights have been violated at a minimum not to mention your constitutional rights most likely. It is unfortunate that Nationstar does not patrol their own yard so to speak but I can assure you that there is assistance out there for you outside the walls of Nationstar as outlined below. 

Furthermore and in my personal opinion, I believe that you get better and swifter results using regulatory and government pressure versus a lawsuit that Nationstar is already prepared to fight; in essence, you catch Nationstar off guard by going around them and basically beat them at their own game. Unfortunately, it is a game and you will need to arm yourself with knowledge and the a

ppropriate documentation in order to achieve the desired results.

The fact that Nationstar Mortgage is not only blatantly breaking the very rules that protect you as a consumer but also falsely denying your mortgage assistance requests is not only absurd but egregious and abhorrent…the exact definition of Unfair Deceptive Abusive Acts and Practices (UDAAP). Nationstar is at a minimum violating your consumer rights and laws governing mortgage servicing behavior that went into effect on January 10, 2014.

You can learn more by visiting the CFPB's website and becoming educated about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB. Here is a link to the current rules that went effect in 2014 and stronger rules are forthcoming in 2015: http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

We routinely look for posts to answer in hopes that it will not only bring optimism to those homeowners and borrowers in distress but also some basic information to assist in fighting the banks that are "too big to fail" but yet don't appreciate the bailout that we provided in their time of need.  The debt collectors like SPS, SLS, Green Tree, Ocwen and Nationstar are simply just piranhas but they can be beat at their own game too just like the big banks can be defeated.

Thank you as I commend you for taking the first step in asserting your consumer and constitutional rights by complaining about the situation in an effort to shed light on the abuse and encourage change. With that said, you have overlooked the key aspect to your fight, which is putting the violations and abuse in writing in the form of a proper QWR and attaching proof of your consumer and constitutional rights that have been violated; they have certainly been violated in this case per your posted complaints. 

A QWR is an integral tool in getting what you desire and all of the aforementioned mortgage lending and debt collection companies MUST answer your Qualified Written Requests (QWR); if they refuse then you take your fight to all the regulatory agencies outside of Nationstar that assist in fighting for your rights like the CFPB; it’s a shame that these more than profitable and previously bailed-out companies engage in this type of consumer abuse.

I would be more than happy to educate you as to how to fight for your rights as my firm routinely seeks out complaints online so that we can educate as to how to fight back on our weekday show called "The Daily Complaint” where we review a complaint and how to tackle it successfully.

We reviewed your complaint on the show if you would like to listen, visit www.TheDailyComplaint.com

As mentioned above, you can learn more by visiting the CFPB's website and becoming educated about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB. Here is a link to the current rules that went effect in 2014 and stronger rules are forthcoming in 2015: http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

In the event you have further questions, you can contact me via email, web or phone (full contact information is below) as I would be more than happy to answer your questions and point you in the right direction.

Every new beginning comes from some other beginning's END

Respectfully,

Dana Shafman

Managing Member

END Consulting

(888) 234-7006 Ext 101

Dana@ConsultingEND.com

www.TheDailyComplaint.com

Ocwen To Pay $150 Million Toward Homeowner Aid For Abuse (Wall Street Journal)

Erbey’s Exit Ends Heady Era at Ocwen

William Erbey to Step Down as Executive Chairman, to Be Replaced by Barry Wish

http://www.wsj.com/articles/new-york-financial-regulator-announces-settlement-with-ocwen-1419257065 via @WSJ

The executive chairman of embattled mortgage-servicing firm Ocwen Financial Corp. has agreed to step down and pay $150 million toward homeowner aid after a lengthy probe of the company’s treatment of homeowners.

New York’s top financial regulator said in Monday’s settlement that it found deficiencies at Ocwen including wrongful foreclosure. 

Ocwen Financial Corp. will have to move past a punishing regulatory settlement without the driving force of Executive Chairman William C. Erbey.  Many investors aren’t sticking around to find out to find out if it will succeed.

The company’s shares plunged 27% Monday on the news that Mr. Erbey resigned as part of the embattled mortgage-servicing company’s $150 million settlement with New York’s top financial regulator. In the agreement, the firm also agreed to appoint two new independent directors. An outside monitor, appointed by the regulator, will oversee and track the company’s dealings with homeowners for up to three years.  

But the exit of Mr. Erbey, a low-key billionaire who built Ocwen into a stock-market darling, marks the most dramatic change for the firm.  Mr. Erbey “was the main architect of the corporate structure we see today,” wrote Kevin Barker, an analyst with Compass Point Research and Trading, in a note to clients. He added that Mr. Erbey’s resignation will likely cause some to “question whether they will continue to support the company.”

But the company won’t be in entirely new hands: Mr. Erbey will be replaced as chairman by Barry Wish, a current Ocwen director who has worked with Mr. Erbey for three decades.  Mr. Erbey, who has been chairman of Ocwen since 1996, also is resigning from positions as the chairman of the board of four related companies. Shares of those companies all declined Monday, with Altisource Portfolio Solutions SA losing more than one-third of its value.

The 65-year-old Mr. Erbey cut his teeth in the home-lending business at General Electric Capital Corp., where he was president of the firm’s mortgage insurance unit until 1983. He became chief executive at Ocwen in 1988.  Ocwen’s stock soared after the financial crisis as the company started acquiring business from big banks exiting the mortgage-servicing business.

“Banks want to focus on their core business,” not “highly delinquent loans to a customer base which is not core to them,” Mr. Erbey explained in an interview earlier this year with The Wall Street Journal.

“I am deeply proud of all that we have accomplished,” Mr. Erbey said on a conference call with investors Monday evening, adding that he is leaving “with the utmost confidence that Ocwen is in capable hands.”

Mr. Erbey’s strategy drew praise after the crisis as Ocwen was able to modify more loans than many competitors. It used data, psychology and an approach that minimized costs through using offshore call centers in places including India and Uruguay. It also incorporated units in places that lowered taxes for Ocwen. Mr. Erbey himself moved to St. Croix to lower the company’s taxes.

Orin Kramer, an investor who runs hedge fund Boston Provident LP, said he has known Mr. Erbey for more than 20 years and that “he works something like 90 hours a week because he’s completely committed to his businesses,” says Mr. Kramer. He said Mr. Erbey doesn’t golf or own a boat, and stays in modest hotels when he visits New York.

Last year, Mr. Erbey earned a total of $2.94 million and in 2012 he earned $19.6 million as executive chairman of Ocwen, according to the company’s regulatory filings. He has been the highest paid member of management even though he hasn’t been CEO since 2010.

Benjamin Lawsky , the New York State Department of Financial Services Superintendent, started to raise questions with Ocwen’s rapid growth in late 2012, demanding that a monitor be put in place to oversee the company’s mortgage operations.

The following October, Ocwen’s stock peaked. Since then, shares have fallen more than 70%, erasing billions of dollars in market value as the company came under increasing scrutiny from Mr. Lawsky and federal regulators. In December 2013, the company reached a $2.1 billion settlement with the Consumer Financial Protection Bureau and 49 states over alleged homeowner abuses. In February, Mr. Lawsky halted a deal for the company to collect payments on $39 billion of loans from Wells Fargo & Co., citing concerns about Ocwen’s growth.

In Monday’s agreement with Mr. Lawsky’s office, the company acknowledged that it didn’t properly deal with distressed homeowners, may have saddled them with excessive charges from affiliated companies and failed to maintain adequate systems for servicing hundreds of billions of dollars in mortgages.

Bose George, an analyst at Keefe, Bruyette & Woods, who has covered Ocwen and known Mr. Erbey for years, said Mr. Erbey was the creative source for the company’s growth. “But his flaw was on the operational side. It was the operational issues that derailed them,” he said.

Mr. Wish, a former investment banker, was the chairman of the board at Ocwen from 1988 to 1996, and he was the founder of the Oxford Financial Group, which was the corporate predecessor of Ocwen, according to Ocwen’s regulatory filings.

In a phone call with analysts on Monday afternoon, Ocwen CEO Ronald Faris said the company will withdraw from the business of servicing mortgages backed by the U.S. government. He said that Ocwen would be selling off that servicing portfolio and instead would focus just on so-called nonagency mortgages. He said that shift and the sales would free up about $1.7 billion in capital that would be reinvested or returned to Ocwen’s shareholders.

Going forward, Ocwen will build its currently small business in originating new mortgages and engage in transactions in which it will acquire some residential mortgage-backed securities and repackage the underlying mortgages in new securities, which Mr. Faris said would be profitable.

Despite the problems it has faced, Ocwen has conducted more loan modifications under the Treasury Department’s program for helping distressed borrowers than any other servicer. According to the Treasury’s data, Ocwen has modified more than 300,000 loans as of the end of the third quarter, including principal reductions and other modifications, as well as short sales, keeping many of those homeowners in their homes.

Write to Alan Zibel at alan.zibel@wsj.com and James Sterngold at james.sterngold@wsj.com

We are here and happy to help…

Happy Holidays!

END Consulting

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www.TheDailyComplaint.com

Every new beginning comes from some other beginning’s END!

Helpful Consumer Protection links…

CFPB Rules Establish Strong Protections for Homeowners Facing Foreclosure

http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

CFPB Proposes Expanded Foreclosure Protections

http://www.consumerfinance.gov/newsroom/cfpb-proposes-expanded-foreclosure-protections/

Debt Collection Consumer Rights (FDCPA)

https://www.boundless.com/business/textbooks/boundless-business-textbook/business-ethics-and-social-responsibility-3/consumer-rights-36/basic-consumer-rights-185-1149/