Ocwen Purchases GMAC Servicing Rights

Ocwen Financial Corporation is continuing to grow at a very rapid rate. They have just won an auction for Rescap’s mortgage servicing and origination assets.

What Does This Mean For My Loan?

One thing that this means is is that loans that were previously being serviced with GMAC will now be serviced by Ocwen Loan Servicing. Ocwen is a large mortgage servicer who is well known in the loss mitigation community for their extreme outsourcing to India and for their reluctancy to postpone foreclosure sale dates. With that aside Ocwen can be a fairly easy lender to work with if you are experienced in working with them. It is crucial to know how to maneuver through their systems and more so to have upper level management contacts in the states to reach out to to expedite time frames and to assist in resolving issues that arise. The move as Ocwen Purchases servicing rights can be a sign that they are still striving towards their goal of becoming the largest mortgage servicer in the industry.

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