Consumer complaint received 2023-12-14
Company: Mr. Cooper Group Inc.
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Negative impact of inaccurate appraisal

Complaint:
To whom it may concern. 
On XX/XX/XXXX, I received a marketing call from my mortgage company. I was driving home from work, and took the call. The gentleman, I believe his name was XXXX, proceeded to ask me if I was interested in refinancing my home. I quickly responded to him that I refinanced a few years ago, when rates dropped, and cut into a 15 year mortgage from a 30 yr. He immediately responded if I had any home improvement projects I was looking to do and if I ever thought of home equity line of credit. Informed I have over $ XXXX in equity. He captured my interest, and I proceeded to he adamantly informed him, I was not interested in a refi, but would potentially be in home line of credit for some new windows. He placed me on hold and advised he would transfer me to a rep who would wrap it up. 
I was warm transferred to XXXX XXXX. 
XXXX XXXX Mortgage Professional | NMLS # XXXX The gentleman proceeded to transfer informing XXXX I was contacted and why I was being transferred. I reiterated I was not interested in a refi AT ALL and only interested in home equity line of credit. XXXX and I continued the discussion, I was clear I was only interested in line or credit, and refi was not an option. I did not need the money, but did need new windows and line of credit to get completed sounded like a great option as it was presented to me. This was made clear to XXXX. I am not interested in a Refi. While I was on my way home, I did let XXXX know I would be going through a bad area and potentially lose service, in which not long after I did. 
XXXX sent me his contact info, and I informed him to move forward with the line of credit. 
I make over $ XXXX and my credit score is currently between XXXX depending on bureau. I pride on my credit score and do not apply for items that impact my score lightly since going through a tough time in XXXX and working so hard to build back. With this, I was not concerned with being approved, it was a complete for me. 
The following day I received a call from XXXX who informed me that he didnt realize my state of NJ, and with your equity you need to take a minimum of I believe he said XXXX, leave another amount, cant take max , and a few other calculations, and as a result, there was not enough out of $ XXXX for the minimum in NJ- this is after my credit was ran. He then proceeded to ask me if I wanted to refinance. Not happy was an understatement. I again told him I was clear and had no interest in refinancing and did not authorize him to run my credit for a refi. 
As a mortgage company, I believe this diligence should have been completed prior to running my credit, and even before we proceeded down the path, as they should be aware of the rules and regulations. In addition, they contracted me. They have my information, my equity, they should have know what was/ was not available before impacting me as a consumer and impacting my credit score with this unnecessary inquiry. I feel this is a deceptive practice and they were more interested in trying to get me to refinance than listening to my request and feedback. Prior to running my credit, there should have been diligence completed to know what was/ was not available or an option. Not run my credit, then realize, ooooh. Which is how it was.

Company response to consumer: Closed with explanation