Mortgage -- Trouble during payment process -- Complaint #6019521
Complaint Overview
Complaint ID: 6019521
Company: Mr. Cooper Group INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: California
ZIP Code: 91360
Date Received: 2022-09-25T12:00:00-05:00
Date Sent to Company: 2022-09-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My servicing transfer from XXXX XXXX XXXX to Mr. Cooper ( Nationstar ) on XX/XX/XXXX won me a payment increase of 9 %. I completed a loan modification with XXXX XXXX XXXX on XX/XX/XXXX that includes impounds for taxes and insurance. At that time my escrow was analyzed and monthly payments for property taxes and hazard insurance were properly calculated. Mr. Cooper decided to increase my payment to add 2 months of 'cushion ' and when I called them to ask about my property tax and hazard insurance payments year over year, they told me my property taxes were the same and my hazard insurance decreased. Why should I be harmed by a servicing transfer that I have no control over and a new company that wants 2x, 3x, 4x or whatever they choose to ask for 'cushions? ' I know that the CFPB is considering allowing consumers ( borrowers ) to be able to choose which company they want to service their loan. Cases like mine illustrate why that is a phenomenally good idea. Mr. Cooper wants fat escrow balances so that they can get large interest income in a rising rate environment. I'm sure they look for this as part of their servicing acquisition modeling and strategy.
Frequently Asked Questions
What is Complaint #6019521 about?
Complaint #6019521 was filed against Mr. Cooper Group INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-09-25T12:00:00-05:00.
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.