Mortgage -- Trouble during payment process -- Complaint #6275550
Complaint Overview
Complaint ID: 6275550
Company: Mr. Cooper Group INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: California
ZIP Code: 95608
Date Received: 2022-12-03T12:00:00-05:00
Date Sent to Company: 2022-12-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to file a formal complaint over the changing of the terms of my loan following Mr. Cooper purchasing the loan in XX/XX/2022. My loan was serviced by XXXX XXXX almost 2 years until XX/XX/2022. In XXXX of 2022 XXXX XXXX removed PMI from my loan. When I received the escrow analysis completed by XXXX XXXX in XX/XX/2022, I called to inquire, and they stated to me that PMI was being removed due to the loan/value ratio and the substantial appreciation during the pandemic. When Mr. Cooper purchased my loan, I called in XX/XX/2022 and spoke to a Mr. Cooper representative and was informed verbally that there would be no PMI on the loan. It has recently been verified for me by a Mr. Cooper representative that there are internal notes documenting that conversation. I recently learned that Mr. Cooper staff later changed their minds and decided to add PMI back to my loan in XX/XX/2022. I have been charged 12 payments of PMI since XX/XX/2022 out of my escrow account. This changing of the terms of my loan after it was purchased is unacceptable!
Frequently Asked Questions
What is Complaint #6275550 about?
Complaint #6275550 was filed against Mr. Cooper Group INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-12-03T12:00:00-05:00.
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.