Troubled mortgage company Ocwen Financial fell into last place on JDPower’s 2018 survey of borrower satisfaction with mortgage servicers.
Ocwen’s score of 667 on a 1,000-point scale was the worst showing among companies that collect loan payments, JDPower said Thursday. Quicken Loans had the highest grade among for-profit companies, although it was topped by two nonprofit credit unions that serve veterans and military borrowers.
Ocwen’s score was up slightly from 2017, when its grade was 661. But last year, Ocwen placed next to last in JDPower’s survey. Ocwen also ranked last in JDPower’s 2016 survey.
West Palm Beach-based Ocwen (NYSE: OCN) has racked up thousands of consumer complaints and has been hit with state and federal regulatory enforcement actions that run into the billions. Over the decades, consumers have complained en masse about Ocwen, regaling state and federal regulators with tales of lost payments, long hold times and botched escrow accounts.
A suit filed by the federal Consumer Financial Protection Bureau said that in just two years, more than 300,000 borrowers filed more than 580,000 complaints and written notices about mistakes made by Ocwen.
While the CFPB routinely is pilloried by conservatives and the financial industry for being too hard on banks, Pam Bondi, Florida’s Republican attorney general, in 2017 filed her own suit against Ocwen that was similar to the CFPB’s action.