Ocwen Selling $9.8 Billion in Federal Freddie Mac Mortgages to Nationstar
Ocwen, which previously serviced loans owned by private investors as well as loans owned by the government, no longer wants to service government-owned loans. The loans it is selling to Nationstar consist of 81,000 mortgages owned by the federally owned Freddie Mac. The sale is expected to be complete by March 31, 2015.
Not sure if your loan is owned by Freddie Mac? You can look it up online in seconds using the Freddie Mac Loan Look-Up Tool.
If your loan is transferred from one servicer to another, there are important rights that you have under the Real Estate Settlement Procedures Act (RESPA). The transferring bank must send you a written notice at least 15 days before the transfer, and any payments you accidentally make to the old servicer during the 60 days after the transfer cannot be treated as late or assessed late fees.
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