Ocwen not extending closing dates from approvals prior to 3/1/14 .. Blames Consumer Finance Protection Bureau (CFPB)

I was informed by Ocwen today that they will not extend any short sale closing dates with approvals prior to 3/1/14 because of new guidelines set by the Consumer Finance Protection Bureau (CFPB).

I find it hard to believe this was the intentions from a CONSUMER PROTECTION agency.  To me it just sounds like spiteful retaliation from Ocwen.

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Seems odd, but on another file with PNC they advised me the CFPB requires a change in paperwork requirements effective in Jan. so we had to submit a new package on previously approved expired short sale, no extensions could be granted due to new guidelines.

On another note,Ocwen short sale dept. have become increasing
difficult to get ahold of. Yesterday there were 98 callers ahead of mine
with an average hold time of 42 min. Day before that 50 callers ahead of mine...ect.

There's an easy solution to the frustration. 

No longer take any Ocwen, Hubzu, Altisource, short sales.  Same with Nationstar / Auction.com

Talk about "into the valley of death" - I would tell the seller they are doomed and throw the file away !

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