Consumer complaint received 2021-04-01
Company: Mr. Cooper Group Inc.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX Mr. Cooper assumed servicing of our newly established mortgage for our home from XXXX XXXX XXXX XXXX XXXX XXXX XXXX. We closed on the purchase of our home on XX/XX/XXXX with our initial mortgage payment due on XX/XX/XXXX. 

There were two consequential mistakes made within the first few weeks of the transfer of our mortgage regarding our escrow account. I have made numerous attempts to get these mistakes corrected as you can see from the attached document named Updated Interaction Summary. One of the errors was corrected in response to my letter of XX/XX/XXXX. Unfortunately, the other error was not completely addressed. When I requested further information on the unresolved error, I have received no response nor even an acknowledgement of my request. At this point, it seems I have no recourse but to escalate my complaint by involving the CFPB. 

The outstanding issue is an incorrect crediting of the balance of our escrow account at the time of the transfer. Our mortgage was purchased by Mr. Cooper and transferred immediately after closing on our newly purchased home ( before any payments or disbursements would have occurred ). Below I am going to detail the events chronologically ( and provide documentation ) leading up to this error by Mr. Cooper as well as my most recent experiences. 

XX/XX/XXXX We received a tentative Initial Escrow Account Disclosure Statement ( attached ) for review prior to closing. This tentative statement indicated an initial escrow deposit of {$1800.00} with both county and city property taxes to be paid in XXXX and XXXX from the escrow balance. **This statement was revised before closing** as property taxes were paid by the closing firm at the time of closing resulting in a much lower funding need for the escrow account. From prior conversations with representatives of Mr. Cooper, they are in possession of both this tentative statement and the one signed at closing. 

XX/XX/XXXX Closed on property financed by this loan. At closing, we paid {$500.00} to fund our escrow account. This amount is shown as the Initial Deposit on the signed Initial Escrow Account Disclosure Statement XXXX attached ). 

XX/XX/XXXX Mr. Cooper correctly added {$500.00} to our escrow account labeling it an escrow adjustment. 

XX/XX/XXXX Mr. Cooper subtracted {$1300.00} from our escrow account again labeled as an escrow adjustment. This left a negative balance of - {$820.00}. This is the errant transaction for which we still have not received a valid explanation. 

XX/XX/XXXX XX/XX/XXXX A further error was made when Mr. Cooper paid our property taxes although they had already been paid at closing. This error was finally corrected in the resolution letter of XX/XX/XXXX. I am going to omit details of this error as it is now resolved, but mention it to assist anyone reviewing the internal records to understand the transactions they see. 

XX/XX/XXXX Received a resolution letter which stated regarding the escrow transaction on XX/XX/XXXX *** " After reviewing your account, we found that when the loan was acquired from XXXX XXXX on XX/XX/XXXX, it was received with {$500.00} in the escrow account. However, XXXX XXXX transferred the loan with the incorrect escrow balance. The account should have transferred with - {$820.00}. " *** XX/XX/XXXX Requested via email, as instructed in the resolution letter, documentation validating the above quoted statement. We have received no response to this request or to our following requests. See attachment ( Updated Interaction Summary ) for details of additional interactions. 

XX/XX/XXXX Personally contacted XXXX XXXX XXXX XXXX XXXX to confirm the amount that our escrow account was transferred with. They confirmed as the signed Initial Escrow Account Disclosure Statement indicates an initial deposit of {$500.00} is the transferred balance.

Company response to consumer: Closed with explanation