Has anyone had experience with this mortgage company? I just got a letter saying they are transferring me to Ocwen (what is that!) from GMAC. GMAC and it's affiliates are having some bankruptcy problems. I need to refinance in May 2013 - don't want any problems.
They are the worst mortgage loan servicer in the country.
Do your due diligence by searching reputable complaint sites about them. Make sure you have your ducks in a row with all the documentation of your current loan and the transfer to Ocwen. It's an excellent idea that you refi your loan. Is it possible for you to refi before the transfer? (Ocwen is that bad).
If you make your payments on time you shouldn't have anything to worry about - most of the issues arise when payments aren't made. I have several clients over the years whose loans have been sold to OCWEN and only one of them reported a problem, and that is because the original lender didn't forward the homeowners insurance information to OCWEN so OCWEN tried to force a real expensive homeowners insurance policy on the borrower (called "forced place insurance"), it got resolved by the borrower sending a copy of their insurance policy to OCWEN and then OCWEN backed off. They shouldn't cause you any trouble when refinancing, because all that is going to be requested of them is a payoff statement. They allow payments to be made online as well, so just keep copies of all of the payment confirmations.
Complain about what? Mortgage servicing rights are sold all of the time, just something people with mortgages have to deal with. No company can guaranty you the mortgage will never be sold, they can say they have a history of retaining most of their mortgages but even if they go BK (such as GMAC) they have the right to sell your loan's servicing rights.
Why do you need to make 3 more payments before you can refinance?
It's more about the loan officer than the company themselves. I'd get recommendations from family, friends, co-workers who have mortgages and talk to several of them to get various opinions on what your options are.