Anyone have their asset transferred to Ocwen yet? When did you hear from Ocwen that you were keeping the listing?

I have two Litton's and haven't heard a word from Ocwen and I have to cancel them tomorrow, but would really like to keep them.

Any insight would be greatly appreciated.

I received this email today. It looks like your listing will be pulled and assigned to an Altisource Agent!

Dear Real Estate Partner;

This asset will be service released by the Investor at end of day on September 30, 2011.

• Please stop all activity on it and send any outstanding bills to: ________@mdwebbinc.com BY FRIDAY OCTOBER 7, 2011. ANY INVOICE RECEIVED AFTER OCTOBER 7,2011 WILL NOT BE PROCESSED. We understand that it may take longer for final utility bills; you will have until OCTOBER 14, 2011 TO SUBMIT FINAL UTILITIES BILLS ONLY. Should you have any issues getting final utility bills by October 14th.

• Please make sure you remove the property from your MLS and remove your sign. Shut off all utilities and have them taken out of your name if applicable.
IF YOU ARE CURRENTLY NEGOTIATING AN OFFER, PLEASE CONTACT YOUR MDWA ASSET MANAGER IMMEDIATELY TO SEE IF THE OFFER CAN BE ENTERTAINED.

M.D. Webb & Associates, Inc. appreciates all your hard work during the servicing of this property. We cannot be successful in what we do without the cooperation and support of our listing agents. We would like to say thank you for all you do and we look forward to working with you again in the very near future.

Please confirm you have received this notice as it will be the only notice sent regarding this service release. Please call if you have any questions.

is Ocwen still exclusively using their in-house broker in California?

I believe so. I had my assignment for 3 years. I've been through 2 court appearances and 1 lockout only to have the tenants break back in. MDWA did not want to arrest them for trespassing and had to file another Stay of Relief.

We did the 2nd lock out last week and Ocwen sent the property preservation team. Their contractor let the sheriffs in and I new something was out of wack when they put the Altisource keyless entry pad on the front door. I still believe that Ocwen would let us list it but then this happens and they take it away. You win some and you lose some.

If you get the listing back, count on giving Ocwen 67 percent referral fee. That's what I had to give back for an asset that was transferred from NRT to them.

I'm not in state that has 1 broker for all Ocwen listings. They are listed by about 4-5 different agents in my area depending on town. That's why I was wondering if I had an inkling of chance of keeping them.

At this point, I don't mind the low listing fee, I did an open house on one of them on Wednesday and picked up 4-5 potential buyers. I would like to do it again next week, it is a good location with lots of traffic and people were coming in almost non-stop for 3 hours, but sadly I may not have it.

I was wondering if Ocwen contacts the former listing agent after it is transferred or before.

I guess it is just wait and see.

Ocwen didn't contact me prior to the transfer. I e-mailed them after the transfer requesting to know if I would be assigned the listing after the transfer. They confirmed I would retain the listing. I never received any further communication from them until they were ready to market the property. Weird.

Thanks SeeSaw for the tip on emailing them. I did this morning and was CC'd on an email that was forwarded to the other side of the world, so hopefully I'll hear something Sunday, which might be Monday there.

Not 30 minutes after pulling the sign and lockbox today did 2 agents show up to show one of them.

Ocwen/ altisource told the previous asset mangement company we would keep the listings... They emailed me today that they would not be honoring what they stated in the email.

I emailed Ocwen on Friday when one of mine was cancelled. I got a new listing agreement from Ocwen first thing this morning. The other one was not actually on the market yet, I would kind of like to keep it, but it has mold in it so it might sit for awhile on the market.

Wasnt sure if I should start new subject or not. But anyone else seeing ALOT OF CHATTER in regards to Ocwen opening brokerages nation wide? I have been seeing A TON on linked in just wondering what my favorite forum has to say?????
Personally I think were all (not meaning just reo agents or reg agents but all and including the normal american in general)
Just think if every bank follows in there lead???? GOOD BYE BROKERS YOUR NO LONGER NEEDED (yes bad thing for ALL OF AMERICA)

Ocwen has been shifting to that model for a while now. Atlantic/Pacific is also doing the same thing. The Ocwen situation is that it's a FSBO thing. They are the servicers of the property they sell. At least that's how I understand it, but feel free to correct me if you know otherwise. AtPac on the other hand is an actual brokerage, no different then any other national francise and as such they can also list other properties. Agsin, if others have differening info, I, and probably others, welcome clarification.

Thanks Jack REO,just seems wrong on so many levels.... Maybe im missing something....Ocwen is selling other assets other than there own thoe would be my argument?!?!?!??

I suppose if they're the servicer that could be the way around a non-fsbo thing since they are more or less in control of the property.
Just a little history here. About 18-20 years ago I was dealing with a company named Berkley Federal. Great people and a real nice company to work with. They were bought out by Ocwen which is NewCo (new company) spelled backwards. My primary AM quit since he didn't like the direction the new company was going. Slavery was his comment.
When Ocwen received the VA contract it was with the understanding that the properties would be handled stateside. This was at the point in time when Ocwen had begun shifting portions of the business overseas. Ocwen kept enough folks in Orlando to keep up appearearances but all the back room functions went to India. Once they pulled that stunt I dropped the account. It just stuck in my craw that properties owned by folks that risked their lives defending this country were being handled by folks that could care less about this country. My take was hire vets, don't ship their jobs outside the country. But that's just my political statement. Fortunately, I wasn't the only party that felt this way and now B of A has it. Still ineffective, but US jobs.
Back on track.
Ocwen has a different business model then we're used to. The local folks are expendable, they see a way of reducing commission. Face it, the largest number on a HUD is generally the commission. Thus, they attacked this large number by hiring "remote" agents to list, hiring agents to handle the BPOs and using their photos and values, and hiring national PP companies to handle the preservation. This allowed them to bypass the talented REO agents since they no longer needed parties that had an overall grasp of the business. In effect they did what many REO agents do, they delegated the tasks among many. While that may work on a local level with an supervising agent keeping close tabs on their staff, it doesn't run as efficiently when the supervising party is 7,000 miles away. But in their minds that big number has disappeared off the HUD. Another major difference was that by paying peanuts they ended up with monkeys. An old adage, but an apt analogy in this case.
Another item that has disappeared is a large number of HUDs coming through the pipeline. If one looks at how the VA properties piled up and and now the other properties Ocwen holds are piling up, it becomes apparent that, while the individual profit associated with a property looks decent to them, the properties aren't selling at the same rate as the properties owned by those utilizing the "old" method. The "monkey" method just doesn't get the properties sold.
If there's an upside to the Ocwen experiment, it's that the other major companies are well aware of the pitfalls associated with the India method and have seen the backlog in inventory associated with Ocwen. We are seeing somewhat of a shift from "sole responsibility" associtaed with the single agent scenario in that most companies now use national PP folks. However, that's driven more by hiring underfunded agents then by any real savings.
I just don't see the Ocwen model as becoming the norm. I also don't see the hiring of underfunded agents as lasting much longer.

Good info Jack.

I don't know about the Litton-to-Ocwen stuff, but when Ocwen bought HomEq, I asked to cancel my active and pre-list listings, and ended any possible "relationship" with Ocwen due to negative information on this forum.

Thanks guys!

Life's too short and bank accounts too volatile to become involved with a sh*t company.