Ocwen Failing? Who cares — they don't do the "Servicing" anyway

It’s only when you do the work — burrowing into all the data that the truth emerges. From many prior cases it has been obvious that the “boarding process” was a ruse. It was cover for the real parties who were manipulating data to suit their own needs contrary to their duties to the alleged investors and borrowers.

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see The real IT platforms masquerading as Ocwen

For years I have been saying and writing about the fact that the apparent servicer actually does nothing. Ocwen’s source of data capture and maintenance has been Altisource and now is supposedly being transferred to Black Knight, which we all remember is name change from LPS, who won fame by fabricating documents through its subsidiary or division, DOCX.

My educated guess is that Altisource was never the actual IT provider using the trade name “RealServicing.” It was always LPS n/k/a Black Knight and that is who is the hub in a wheel and spoke infrastructure designed to create the illusion of normal loan servicing.

Changes in servicing announced by one party or another would therefore have been just another change in musical chairs — where the names changes but the actual functions always stayed in the same place, which is why there were so many errors revealed when the REALServing platform was accessed from time to time. It reminds me when I studied auditing in my MBA program where the joke was revealed about French bookkeeping — one set for myself, one for my partner and the third for the government (and possibly a fourth for the spouse).

So when you have a witness from Ocwen who says that Ocwen “Boarded” the data or claims that the business records are those maintained by Ocwen on an IT platform controlled by Ocwen the answer is “not so fast.” As I have found in dozens of cases, the witness is unable to answer obvious questions that should have obvious answers. Follow up in your questioning and you might strike gold — once you plan out your cross examination of the robo-witness.

Altisource was under investigation by the CFPB, but the investigation was ended without charges. That investigation was “focused on the REALServicing platform and certain other technology services provided to Ocwen, including claims related to the features, functioning and support of such technology.”

The CFPB, in its lawsuit against Ocwen, claimed that REALServicing, the system Ocwen used to process and apply borrower payments, communicate payment information to borrowers, and maintain loan balance information, was riddled with errors and technologically deficient.

Over the last several months, Ocwen has reached settlements with nearly all of the states that brought regulatory action, and each of those settlements stipulated that Ocwen develop a plan to move away from REALServicing.

So the obvious take-away is that REALServicing was neither real nor a reliable basis to perform service. And that means that Ocwen’s claims to strict “boarding” of loans could not possibly be true.

But if you look deeper, you find that Altisource was not being paid or not being paid enough to justify the service. This enhances my argument that they were only a conduit for data that was at all times controlled by LPS n/k/a Black Knight.

Tags: Altisource, Black Knight, LPS, Ocwen, REALServicing, TRUTH
Posted in Corruption, discovery, evidence, Fabrication of documents, Servicer |