Consumer complaint received 2023-10-12
Company: Mr. Cooper Group Inc.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process
Sub-issue: Payment process

Complaint:
email sent on XX/XX/XXXX ( cc XXXX XXXX XXXX. of XXXX XXXX ) Mr Cooper/Nationstar : Seems the " research '' department failed to " investigate '' my latest query regarding the amortization schedule. A correct schedule is attached for your reference as there is a large discrepancy ( over {$8500.00} ) that must be rectified immediately. Had the HAF funds been properly allocated in a timely manner... 

Secondly, the 3 additional payments of {$23.00} on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX were never applied to the principal balance ( not reflected in attached amortization FYI ) Explanation required for {$80.00} on XX/XX/XXXX Detailed breakdown of the {$29000.00} in deferred interest is also required. 

Response on XX/XX/XXXX We received your correspondence and an email directly from the customer on XX/XX/XXXX, and after an investigation, we are sharing with you what we found. 
Homeowners Assistance Fund ( HAF ) and Payment Application Mr. Cooper previously received similar inquiries which raised duplicative concerns. As such, we have enclosed copies of our response letters dated XX/XX/XXXX ( XXXX ), and XX/XX/XXXX, which serves to address the payment application concerns related to the XXXX funds received. 
In our prior responses, the customer was provided detailed information regarding our communication with the State and details regarding the application of the XXXX program funds, and the funds that were remitted directly by the customer to the account from XX/XX/XXXX, through XX/XX/XXXX. Our line- by-line review did not identify {$8500.00} in misapplied HAF Payments. The customer indicated that the HAF payments were not applied timely. On XX/XX/XXXX, we sent a request to the State to have the XXXX funds of {$7900.00} that were previously returned to the State in error on XX/XX/XXXX, be returned to Mr. Cooper. We received the Bulk Transaction ( B Record ) on XX/XX/XXXX, for the returned funds that were wired to Mr. Cooper on XX/XX/XXXX. Please be informed that the XXXX funds received from the State are bulk transactions, which must be reconciled before the funds can be posted, as the B records contain approval amounts for multiple accounts. The XXXX funds were posted with the effective date that they were received ( XX/XX/XXXX ). 
As such, on XX/XX/XXXX, we reversed the payments that were applied on the account back through XX/XX/XXXX, and reapplied all of the XXXX funds received for the Unemployment Program to the account on XX/XX/XXXX, and XX/XX/XXXX. The XXXX funds of {$5900.00}, received on XX/XX/XXXX, and funds remitted directly by the customer in the amount of {$56.00} on XX/XX/XXXX, and {$2000.00} on XX/XX/XXXX ( total {$8000.00} ), were reapplied as the XX/XX/XXXX, through the XX/XX/XXXX, contractual payments, each in the amount of {$2000.00}, and {$0.00} was applied to the suspense account. 
The XXXX funds of {$7900.00} that were received on XX/XX/XXXX, were applied as the XX/XX/XXXX, through the XX/XX/XXXX, contractual payments, each in the amount of {$2000.00}, and the remaining XXXX funds of {$1900.00} were applied to the suspense account. On XX/XX/XXXX, we received a partial payment of {$74.00}, which was combined with funds withdrawn from the suspense account in the amount of {$1900.00}, and applied as the XX/XX/XXXX, contractual payment of {$2000.00}. On XX/XX/XXXX, we received funds of {$2000.00}, which were applied as the XX/XX/XXXX, contractual payment. 
Trial Period Plan ( TPP ), Loan Modification, and Capitalized Delinquent Interest In the customers most recent correspondence, she inquired about XXXX ( XXXX ) additional payments each in the amount of {$23.00} on XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. Please note that the account was approved for a Flex Modification that was contingent upon the completion of a TPP, as evidenced by the enclosed approval letter dated XX/XX/XXXX. The terms of the TPP indicated XXXX ( XXXX ) trial payments each in the amount of {$1300.00}, due by XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX, consecutively. The customer actually remitted XXXX ( XXXX ) payments in the amount of {$1400.00} each on XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. The payments were applied as the first, second, and third trial payments on the aforementioned dates, each in the amount of {$1300.00}. As such, the remaining funds from each payment remitted was in the amount of {$23.00}, which were all applied to the suspense account, bringing the suspense account balance to {$80.00}. The suspense account, also known as the unapplied funds balance, is set up to temporarily hold any funds that have not been allocated to the loan account. 
The customer requested an explanation regarding the funds of {$80.00} and the deferred interest amount of {$29000.00} reflected on the account history on XX/XX/XXXX. A loan modification was completed on the account effective XX/XX/XXXX, as evidenced by the enclosed executed Loan Modification Agreement. The amount of capitalized delinquent interest ( added to the principal balance ) was originally {$29000.00}, which was reduced by the suspense account funds of {$80.00}. As such, the amount of delinquent interest that was capitalized with the completion of the loan modification was {$29000.00}. 
Please be informed that the aforementioned delinquent interest was capitalized to the principal balance and was not deferred. There is no deferred principal balance with the completion of the loan modification or currently reflected on the account. The amount of {$29000.00} reflects the delinquent arrearage of interest that accrued from the past due payments of XX/XX/XXXX, through XX/XX/XXXX. 

I need HELP!!!!!! With so many lawsuits against this company I am SHOCKED that I must continue to battle these criminals with no resolve. Their amortization schedule is costing me over {$8000.00} on my principal and upon further investigation regarding the deferred interest another $ XXXX is owed back to me. As more time goes by these numbers are compounding. Need this fixed ASAP!

Company response to consumer: Closed with explanation