Consumer complaint received 2021-01-29
Company: Mr. Cooper Group Inc.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have a mortgage with Mr. Cooper, a division of NationStar XXXX Per our mortgage agreement, I have the option, one time, to pay a large sum of monies down toward principal and have the loan re-amortized. The loan was originated with XXXX XXXX and sold to Mr. Cooper lending sometime around XXXX of XXXX. My intention is to have my {$470000.00} balanced loan reduced by {$430000.00} with the one-time payment of {$430000.00} which I wire transferred today to Mr. Cooper 's bank, XXXX XXXX. The recast application provide by Mr. Cooper lending requires a minimum of {$10000.00} to be paid at one time to qualify for the recast/re-amortization of the mortgage loan. There is no maximum cap or maximum percentage detailed anywhere on the Recast Application provided by Mr. Cooper lending. See attachment. 
To best detail the events, I have copied and pasted the email I sent to Mr. Cooper 's Subordination Department today for your review. 
Dear XXXX XXXX, Please forward a copy on my response herein to your legal department as I believe your actions on behalf of Mr. Cooper lending violates disclosure obligations required by the Federal Reserve Boards regulatory authority over the operations and disclosure obligations of all banks. Additionally, I believe the Office of Comptroller of the Currency charters will be investigating your questionable actions. 

Please note that nowhere on any of your Mr. Cooper recasting application or documentations does it reference a cap of 85 % or any percent so long as the borrower pays a minimum of {$10000.00} toward recasting/re-amortizing the loan. Additionally, on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX, having spoken to numerous Mr. Cooper representatives regarding my intention to pay a $ XXXX lump sum payment toward our loan balance, did ANY Mr. Cooper representative state there is a cap restriction of 85 % of the loan balance. In fact, I was told to wire the monies today by your representative at XXXX this morning since the recast application and {$250.00} application fee, paid by money order, were received by Mr. Coopers office. The Mr. Cooper representative understood that my goal was to ensure Mr. Cooper received the funds prior to XX/XX/XXXX to the loan could be re-amortized before the XX/XX/XXXX payment due date. 

So, here we are with {$430000.00} of my money sitting in the Mr. Cooper XXXX XXXX XXXX  in XXXX XXXX and per your email received today after my wires were complete, these funds may not be applied, may be returned, or may be held until XX/XX/XXXX before being applied to the loan balance. None of which is acceptable, and I will have been irreparably harmed financially by your unethical and unfounded actions. I respectfully request that since I was not apprised of any cap restrictions or your newly notated three-month delay in having these funds applied to my loan # XXXX, these funds ( {$430000.00} ) be immediately applied to my outstanding loan listed above. I look forward to your reply by end of business today or you can discuss this further with my attorney on Monday. 

Respectfully, XXXX

Company response to consumer: Closed with explanation