Mortgage -- Trouble during payment process -- Complaint #4812392
Complaint Overview
Complaint ID: 4812392
Company: Mr. Cooper Group INC.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
State: Arizona
ZIP Code: XXXXX
Date Received: 2021-10-15T12:00:00-05:00
Date Sent to Company: 2021-10-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I recently requested from my loan servicer Mr. Cooper ( Nationstar ) to remove the PMI from my loan as the LTV has dropped below the 80 % threshold, I have had no late or missing payments in the 5 1/2 years I've had the loan, and the property value has increased substantially. I received a call today from a person in their Insurance department, and he told me that the removal of PMI was based solely on the original amortization of the loan, and I told him that the guidelines clearly state that it also states 'based on actual principal payments '. Mr Cooper is in violation of the XXXX Guide section 8203.2 ( a ) Borrower-requested cancelation of Borrower-paid mortgage insurance based on the original value. The original purchase price of the home was {$130000.00} in XX/XX/2016, and the loan was originated with a 5 % down payment, which brought the pricipal balance down to {$120000.00}, or 95 % LTV. With my most recent payment, the principal balance is now {$100000.00}, or 79.74 % LTV.
Frequently Asked Questions
What is Complaint #4812392 about?
Complaint #4812392 was filed against Mr. Cooper Group INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-10-15T12:00:00-05:00.
How did Mr. Cooper Group INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Mr. Cooper Group INC.?
Yes, visit the Mr. Cooper Group INC. company profile at readthecomplaint.com/company/mr-cooper-group-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.