Homeowners Say Goodbye to Ocwen, Hello to Chase
Approximately 266,000 mortgages worth $45 billion are being transferred from Ocwen to Chase in a recent sale, according to news releases. As a result, many homeowners whose loans were previously serviced by Ocwen will soon be getting notices that their payments should be sent to Chase.
Ocwen — which has recently been in trouble for regulatory violations — decided to discontinue servicing mortgages that are owned or backed by government-related agencies. All the loans being transferred are owned by government-managed Fannie Mae.
Ocwen had recently sold another $25 billion worth of mortgages to Nationstar a few months ago.
Under federal law, homeowners whose loans are being transferred should receive letters in the mail informing them that their loans are being transferred.
To see whether your loan is owned by Fannie Mae, the government has set up a Fannie Mae loan look-up website.