Is your Mortgage Loan with Wells Fargo? If your answer is yes you MUST READ:
Wells Fargo To Sell $39B MSR Portfolio To Ocwen
Ocwen’s servicing segment is set to acquire mortgage servicing rights (MSRs) on a $39 billion portfolio from Wells Fargo, the two companies announced Wednesday. According to the dual releases, the portfolio consists of approximately 184,000 loans and accounts for about 2 percent of Wells Fargo’s total residential servicing portfolio as of the end of 2013. The companies expect the transaction to close by the end of this year. Financial details were not disclosed.
If you are one of the millions home loans with Wells Fargo, expect your servicing to change.
For home owners seeking or in the process of a loan modification several things may happen:
Your loan maybe transferred to Ocwen’s servicing
It may take several months for Ocwen to receive you loan documents from Wells Fargo
Your loan account number may change
If you are currently in review for modification upon transfer, you can automatically be removed from active review.
You may have to start the loan modification process over
If your loan was in foreclosure without a SALE DATE you may have a SALE DATE once the loan is transferred.
Ocwen’s loss mitigation operation is out of India and they work mainly by appointments only.