To ease the burden of loan payments, Ocwen Financial sometimes adjusts mortgage terms for eligible homeowners, as the New York Times explains. These adjustments are partly based on information provided by applicants on the firm's loan modification package forms, according to Delmarva Home Relief.
Ocwen Financial is a mortgage servicing company that receives mortgage payments from its clients and then distributes the money to those investors and banks that underwrite the loans, according to the New York Times. Because of the role that Ocwen plays, the firm is sometimes able to alter the terms of a loan to lower payments for qualifying homeowners.
The process of loan modification at Ocwen starts with applicants filling loan modification package forms, as Delmarva Home Relief explains. These documents are a modified version of the Request for Mortgage Assistance forms developed by the U.S. Department of Treasury. Ocwen and the mortgage underwriters then use the information provided by applicants on the forms during the loan review process.
The loan modification package contains a number of forms, according the Delmarva Home Relief. These include a document that requests information about an applicant's past income, current financial situation and the level of modification needed among other details. Another form requires an itemized breakdown of an applicant's monthly household expenses, and homeowners with debt-to-income ratios below certain thresholds may be ineligible for loan modification. Ocwen may also require applicants to submit supporting documents such as tax transcripts, bank statements and recent utility bills.