[Ed. Note May 2017 – This post was updated with information for current Ocwen customers.]
Do you want to know how a company is doing? Ask it’s employees. Sure, there will always be a few disgruntled workers but overall, most companies get fair to excellent reviews from their workers. And then there is Ocwen. The nation’s largest non-bank mortgage servicer apparently has deep problems according to employee rating site glassdoor.com.
Let’s look at some recent examples:
January 25th, 2015:
Pros: They had good air conditioning. Place was pretty.
Cons: Everything. VERY unethical company. Employees are so poorly trained they don’t even realize just how unethical the company is. No one seems to understand the big picture; employees only know their little niche. An enormous waste of my time.
Advice to Management: Turn yourselves in; beg for mercy from the Justice Dept.
January 17th, 2015:
Pros: It is a job. The only thing they got going for them is a large portfolio of loans to service. About 3 million.
Cons: They are not allowed to originate loans. Presently, they cannot service loans in New York due to an order from the state. California now has brought the same type of law suit and wants to Ocwen to sell off all California loans due to consumer fraud. They use misleading bait and switch tactics to entice present clients to refinance with them. Most of the servicing calls are directed overseas.
Advice to Management: Don’t pressure employees to skirt the truth with their present clients. Treat employees with at least some respect. Don’t call them offensive names behind their backs
To be fair, Ocwen has an overall rating of 2.3 on a scale of one to five. We have seen worse. Only 32% of employees say they would recommend the business to a friend, however.
Having represented whistleblowers from many financial services businesses, we know that most employees are honest, hard working people. When a company or bank is fraught with regulatory problems, it is usually because of bad leadership. Whether at Bank of America or Ocwen, management sets the tone for the workforce.
We are currently investigating possible false claims act violations at Ocwen and other non bank servicers. Employees, former employees and other with inside information about fraud involving federally insured banks or federally backed mortgages may qualify for large whistleblower awards. The False Claims Act typically pays whistleblowers 15 to 20% of whatever the government collects. Cases are filed under seal meaning they remain secret while being investigated by the government.
May 2017 – We are now looking for current and former Ocwen customers for possible class actions. Please visit our Ocwen investigations page for more details. You may qualify for a substantial damage award.
MahanyLaw – America’s Whistleblower Lawyers