Why is it important to have Ocwen listed as the Loss Payee?
This is important for several reasons, which ultimately affect you the customer, your agent/carrier, and Ocwen. In the unfortunate event that your property suffers a loss, the insurance carrier needs this information to ensure the repairs are completed in a timely manner. Each year your agent/carrier will send out the renewal policy to ensure the servicer of your loan has evidence of insurance. Finally, for escrowed loans where Ocwen is responsible for paying the annual insurance premium, your agent/carrier must have Ocwen listed as loss payee with the correct address to ensure that we are billed timely and payment is made to avoid policy cancellation.
