Mortgage -- Trouble during payment process -- Complaint #8767009
Complaint Overview
Complaint ID: 8767009
Company: Mr. Cooper Group INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Escrow, taxes, or insurance
State: Colorado
ZIP Code: XXXXX
Date Received: 2024-04-13T12:00:00-05:00
Date Sent to Company: 2024-04-13T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
My monthly escrow payment with Mr. Cooper ( Nationstar Mortgage ) just went up to over {$1000.00} a month. Neither Mr. Cooper or XXXX XXXX notified me of a large increase in my Homeowner 's insurance. Nationstar paid it without notifying me there would be a {$25.00} shortage when they paid it a month in advance of the due date on XX/XX/XXXX. They are using that {$25.00} shortage as the reason they won't cancel my escrow payment. In order to pay that large increase in the escrow payment, I will need to decrease how much I invest in my 401k. I will be XXXX XXXX XXXX in XXXX and do not want to reduce my 401k contribution.at this time in my life. My new lower rate homeowners insurance with XXXX wasn't in effect yet, so I hadn't cancelled my policy with XXXX XXXX yet. It became active on XX/XX/XXXX. I am a XXXX XXXX and filed for my Colorado XXXX Property Tax Exemption, so I will have a lower property tax assessment next year. XXXX XXXX XXXX XXXX will be subtracted from my home 's value for my new tax rate effective next year. I paid my new homeowner 's insurance in full and paid the rest of my property tax for XXXX on XX/XX/XXXX. I requested that Mr Cooper cancel my escrow payment, so I can put that money in savings and pay my insurance and property tax myself. Nationstar says they won't cancel my escrow payment due to the {$25.00} shortage. As soon as I saw there was a shortage, I deposited {$2000.00} into my escrow account. I would have added money to the escrow earlier to avoid the {$25.00} shortage, but as I said earlier neither Nationstar nor XXXX XXXX notified me of the increase in the property insurance rate prior to Nationstar paying it. I pay extra every month when I pay my mortgage, which goes to additional principal. They should have known there would be a shortage and put it into my escrow instead of additional principal.I have never been late or missed my monthly mortgage payment. The outrageous new escrow payment will amount to {$12000.00} a year. The total for the Insurance & Property tax will only be about {$6300.00} next year. My mortgage payment was $ XXXX, XXXX will be $ XXXX. per the escrow assessment based on my cancelled insurance and property tax based on the rate without my XXXX Property Tax Exemption rate. Homeowner 's Ins : $ XXXX. 2024 Property Tax : {$3600.00} - According to the XXXX XXXX Assessor 's Website {$2600.00} + {$3600.00} = $ XXXX Total $ XXXX = XXXX mo
Frequently Asked Questions
What is Complaint #8767009 about?
Complaint #8767009 was filed against Mr. Cooper Group INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2024-04-13T12:00:00-05:00.
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.