Mortgage -- Trouble during payment process -- Complaint #8453691
Complaint Overview
Complaint ID: 8453691
Company: Mr. Cooper Group INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Escrow, taxes, or insurance
State: Massachusetts
ZIP Code: 027XX
Date Received: 2024-02-29T12:00:00-05:00
Date Sent to Company: 2024-02-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
For the second year in a row, Mr. Cooper failed to pay my homeowners insurance premium out of escrow on time. Last year, I caught the mistake on time. This year, I did not. My insurance company canceled the policy and would not rewrite it. As a result, I had to switch to a new insurance company to secure new homeowners insurance. Mr. Cooper 's repeated negligence caused me to suffer substantial damages. Those damages include ( XXXX ) Loss of my existing policy and its coverages ( XXXX ) Cost of exorbitantly priced and under-serviced interim policy purchased by Mr. Cooper to cover the gap. The interim policy that Mr. Cooper purchased " on my behalf '' was more than double the premium of my previous policy, for only a small fraction of the coverage. I wrote to Mr. Cooper directly asking them to ( XXXX ) Acknowledge the error in failing to pay my homeowners insurance premium in a timely fashion to XXXX XXXX via our escrow agreement ( XXXX ) Absorb the cost of the force-placed hazard insurance policy, as it was placed only because they failed to make the escrow payment per their obligation. ( XXXX ) Close my escrow account immediately, refund the remaining balance to me, and remove escrow payments from all my future monthly statements. In the future I would like to make all my insurance and tax payments directly so that I can be certain they will be done. I spoke to a Mr. Cooper representative on the phone, who told me that he could not cancel my escrow account because there was an instance of my real estate taxes not being paid on time. I reminded him that Mr. Cooper also pays my real estate taxes out of the same escrow account, and again that would be their failure. They could not tell me anything more about the supposedly late real estate tax payment, but if that did in fact happen it would be the third instance of Mr. Cooper failing to make an escrow payment on time ( and they have only had this mortgage for XXXX years... ) Since I could not get anywhere over the phone, I sent my complaint in writing via their online system. They responded XXXX weeks later that they were forwarding it to another department. Now, XXXX weeks after that, I still have heard no additional response. Their system of correspondence seems to be set up to simply fatigue you into giving up. After countless calls, automated phone trees, content-less letters, I still can not get any answers or action out of them. After a couple months of dealing with this to no avail, I am turning to the CFPB.
Frequently Asked Questions
What is Complaint #8453691 about?
Complaint #8453691 was filed against Mr. Cooper Group INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-02-29T12:00:00-05:00.
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.