Ocwen Financial Reviews | Glassdoor

Ocwen Financial Reviews

Updated August 12, 2018
723 reviews

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3.2
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John Britti
4 Ratings

723 Employee Reviews

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Pros
Cons
  • "Work - Life balance - Traffic - travelling to pritech park office will leave you drained" (in 27 reviews)

  • "No work life balance huge politics no farm work in company" (in 11 reviews)

More Pros and Cons

  1. Featured Review

    "Friendly environment and good people"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Negative Outlook
    Approves of CEO

    I worked at Ocwen Financial full-time

    Pros

    HR really works with you
    Management is open to critiques and encourages suggestions
    Lots of networking events for women
    Family like work environment
    Open door policy
    Good benefits
    Exit process easy and explained well

    Cons

    Business practices aren't the best
    In a lot of hot water so your job isn't guaranteed
    CEO is very straight to the point
    A lot of job sectors being liquidated

    Advice to Management

    Keep listening to your people and make sure you operate within compliance better so you don't have to let good people go

    Ocwen Financial Response

    Apr 16, 2018 – Human Resources

    We’re happy to hear that our company culture was to your satisfaction while you worked with Ocwen. The nature of our industry is temperamental so we do have to restructure in certain events, but we... More


  2. Helpful (1)

    "Great Employer focused on helping customers"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Ocwen Financial full-time

    Pros

    employee friendly policies; senior leadership direction

    Cons

    financial strength is improving but taking time

  3. "Manager - Reporting and Analytics"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    Great pay, they hire smart after rigorous testing, relaxed culture and heavy diverse.

    Cons

    401k match could be bumped up a little.

    Advice to Management

    Put together a solid system to govern change control


  4. Helpful (1)

    "Default Relations Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Default Relations Manager in West Palm Beach, FL
    Former Employee - Default Relations Manager in West Palm Beach, FL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Ocwen Financial full-time (More than 3 years)

    Pros

    Ocwen is a GREAT place to work , in my department everyone worked together as a team, we were like family. I made sure as a Manager, that everyone's opinion mattered and that everyone was treated with the respect they deserved, no matter what their grade level was, everyone was treated equally. That's what made OUR team great in West Palm Beach.That's what makes Ocwen Superior, they care about their employees as well as their customers. I Love and miss my co-workers!!!

    Cons

    There is room for improvement with communication between Managers , employees and internal business units.

    Advice to Management

    Work more on receiving suggestions and opinions from all grade levels internally and act accordingly on building a stronger and trusting bond between Management and employees, once this is MASTERED internally, there would be minimal complaints ...showing that you value, appreciate and love your employees is a start to greater things...


  5. "Poor communication for its employees."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Coppell, TX
    Former Employee - Anonymous Employee in Coppell, TX
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Ocwen Financial full-time (More than 5 years)

    Pros

    Ok place to work for

    Cons

    Constant changes and lack of communication. Always downsizing departments

    Advice to Management

    Better communication with employees


  6. "Overall good company but some critically poor decisions"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loss Mitigation Supervisor in Addison, TX
    Former Employee - Loss Mitigation Supervisor in Addison, TX
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Ocwen Financial full-time (More than 5 years)

    Pros

    They are committed to improving the corporate culture.
    They are generally fair in how employees are treated.
    Compensation is generally in line with the industry.
    Good relationships up and down the chain.
    Committed to improve processes.
    They really do care about helping homeowners, so you go home with a great sense of satisfaction that you have helped someone in need and your company has supported you and the homeowner throughout the process.

    Cons

    Some executive level decisions have crippled the company. For example, they had the opportunity to switch to an industry standard servicing platform when they took over GMAC Residential Capital but they doggedly stuck with their proprietary platform. In the end, regulators/states sanctioned them from boarding new business to their servicing platform because of its deficiencies which has led to a downward spiral in business. You cannot survive in mortgage servicing if you cannot board new business to your platform. Also, in the past they have had poor controls in place which has led to servicing errors impacting customers. This resulted in multiple fines and sanctions. These are lessons that they had to learn the hard way because there was a "we don't need your advice, we know what we're doing" attitude. They only changed after being sanctioned, which demonstrates poor foresight. The worst impact of all of that has come at the expense of over half of their workforce. There are layoffs about every 6 months (often occurring in December right before Christmas).
    You are not going to make a career for yourself at Ocwen. At least not at this time. There is a hiring freeze and no opportunity for internal advancement.

    Advice to Management

    Get ahead of the game. Too many decisions have been reactive and resulting from fines or sanctions rather than looking ahead to see how to build a world class mortgage servicing business. Get your management out on the floor. Our executive level management (Directors and up) were rarely seen except on the way to their car at the end of the day - and their offices were just outside of our work area. There is absolutely no reason a Director or VP cannot spend an hour a week walking the floor, asking employees how they're doing, and soliciting feedback.


  7. "Customer service representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Customer Service Representative in Waterloo, IA
    Former Employee - Customer Service Representative in Waterloo, IA
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at Ocwen Financial full-time (More than a year)

    Pros

    In-depth training, consistent manager involvement, potential for big bonuses, and of course multiple bathrooms

    Cons

    Frequently told it didn't matter how well we did if it was cheaper to pay someone from India or Manilla. Cut throat layoffs, everything was scripted for the CSRs who didn't speak English well overseas, corporate refused to admit they made mistakes and basically called us incompetent when no one could explain the incorrect escrow calculations.

    Advice to Management

    Having someone come to our office to talk to everyone who was performing really well just to say that it doesn't matter to corporate if it's cheaper to pay someone overseas is insulting. After everyone in our office but customer service was laid off there was literally no hope at a future with the company.

  8. "Anonymous"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Ocwen Financial full-time

    Pros

    Amazing company, always trying to do what’s right by their borrowers. They listen when there’s an issue.

    Cons

    No job security. They’re constantly laying off the best employees by department, not by capability.

    Advice to Management

    Cut your deadweight, not by location.


  9. "Process Associate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in West Palm Beach, FL
    Former Employee - Anonymous Employee in West Palm Beach, FL
    Recommends
    Negative Outlook
    Approves of CEO

    I worked at Ocwen Financial full-time (More than a year)

    Pros

    Good Learning Experience for the freshers

    Cons

    Less Growth and not satisfied with salary.

    Advice to Management

    Growth and satisfied salary.


  10. Helpful (2)

    "Ocwen (Premier Park) West Palm Beach Fl"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in West Palm Beach, FL
    Current Employee - Anonymous Employee in West Palm Beach, FL
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Ocwen Financial full-time (More than 5 years)

    Pros

    Work/home balance
    Central location
    Compensation and benefits are aligned with other servicers

    Cons

    1. If supervisor is deficient in reporting, she/he becomes dependent on team leads. Team leads are elevated to god status and are permitted and protected as the team is unfairly mistreated.

    2. Team leads will target and negatively alter production numbers, if you mention areas of risk, concern or improvement to supervisor or above.

    3. Poor behavior and having influential friends are key to promotion and remaining employed.

    4. Husband and wife teams seem to get promotions and favorable treatment regardless of knowledge or seniority.

    Advice to Management

    Hire/promote qualified management team, instead of those suggested by friends with little to no prior Financial Services management experience. Perhaps, the underdogs may have pertinent and useful information that is being hidden and unaddressed that could improve company performance (increase revenue).


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