Product: Mortgage

Re : Mr. Cooper Covid Relief Forbearance / Gap in Credit Reporting Background Info : I am a small business owner, so in XXXX had to make several quick decisions with my business and personal finances in light of the shutdowns. Namely, this complaint case starts before the CARES Act was passed. 

Sequence of Events : XX/XX/XXXX I called to inquire about Covid relief forbearance as I was waiting to see what relief the federal government would offer. When I spoke with an agent, I recall being clear about the risk forbearance poses to your credit score and was told there would be no negative reporting. We decided to opt-in XXXX We received a letter from Mr. Cooper dated XX/XX/XXXX that forbearance " may impact our ability to refinance. '' This disclosure was not clear to me from the call in mid-XXXX. 

Mid-XXXX I received XXXX and XXXX  disaster funds. 

XX/XX/XXXX Forbearance period closed, so I called Mr. Cooper to discuss repayment. We could either pay the missing three months in full or distribute those payments over the upcoming three months ( XX/XX/XXXX ). Again, I asked about potential impacts to credit and was assured that opting into a repayment plan would have no negative impact on our credit report. Before Covid, we had been planning to refinance, so I asked to be transferred to Mr. Cooper 's refinancing department. I spoke with a loan officer and was informed that we would be unable to refinance for 12 months to the date of getting our account in good standing. The loan officer then explained that while there would be no negative reporting, there would be a gap in our credit history that is viewed negatively by lenders. 

XX/XX/XXXX We called for further clarification and to finalize our repayment options. We asked to open an escalation case to have the XXXX phonecall reviewed to see if the proper disclosures were read to me before I proceeded with forbearance. We were told that we would receive a callback either before or shortly after the Fourth of XXXX holiday. 

XX/XX/XXXX At this time, we still had not received an update so I called Mr. Cooper back. I asked to be transferred to the Escalation Department. The agent I spoke with was helpful but it was clear that our case had not been properly documented. I spent an hour on the phone with the agent reviewing what had happened. I was told that our point of contact from XX/XX/XXXX was out of the office and that I would have to call back. I asked to be transferred to a supervisor and was told that " all available supervisors were in a meeting. '' I was told by the agent that he messaged someone and that I could expect a callback within 24-48 hours. 

XX/XX/XXXX After 48 hours, I had not received an update so I called again. I was unable to reach a representative and kept getting caught in an automated loop telling me I had called the wrong number. The automated message stated the exact number I was calling. I tried at least 5 times and was not able to speak to anyone. 

XX/XX/XXXX I still have not heard from Mr. Cooper and am filing with CFPB and XXXX I posted a comment to Mr. Cooper 's XXXX account to alert their social media team and caution other consumers. An agent responded and I am awaiting a call.