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Ocwen Finally Sees Some Relief as Complaints Fall

graph-downOcwen Financial's mortgage servicing practices have been the center of much scrutiny among its customers but new data shows that this picture is slowly but surely changing.

The Consumer Financial Protection Bureau's (CFPB) monthly consumer complaint snapshot showed that although Ocwen is still listed among the top 10 most-complained-about companies, complaints are declining at this company.

From July 2015 to September 2015, Ocwen had an average of 409 complaints. The majority  of these complaints were mortgage-related and a small amount involved debt collection.

Bank of America, Wells Fargo, JPMorgan Chase, and Nationstar also had a significant amount of mortgage-related complaints.

Year-over-year, during this same time period from July to September 2015, Ocwen complaints fell 19 percent, the only company in the top 10 to see a decrease this month. This will mark the second time in the CFPB's report that Ocwen complaints have fallen.

The CFPB found that TransUnion (53 percent), Equifax (26 percent), Citibank (22 percent), Wells Fargo (16 percent), JPMorgan Chase (16 percent), Nationstar Mortgage (15 percent), Capital One (15 percent), and Experian (8 percent) all saw increases in the number of complaints at these companies.

Bank of America was the only company to experience no growth or decline in complaints from July to September 2014 to July to September 2015.

According to the data, Equifax (1,137), TransUnion (1,123), and Experian (969) were the most-complained-about companies for July to September 2015.

The CFPB has handled about 770,100 complaints as of December 1, 2015, which includes 21,000 complaints in November.

The CFPB reported that debt collection, mortgage, and credit reporting complaints remain the top three most-complained-about consumer financial products and services, collectively representing about 68 percent of complaints submitted in November 2015.

Overall, complaints are down 12 percent from October 2015 to November 2015, the CFPB said. During the same time period,  mortgage complaints declined 10 percent.

In November, the CFPB received 4,045 mortgage complaints, bringing the total to 205,915.

Click here to view the full report.

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