Consumer complaint received 2020-06-22
Company: Mr. Cooper Group Inc.
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Homeowner since XXXX I purchased my home in XXXX ( XXXX County ) in XX/XX/XXXX, where I have lived for the past 27 years. 

Mr. Cooper is my Mortgage Service. Have predatory Rate at 8.99 % Mr. Cooper formerly NationStar - has been my mortgage servicer for approximately 13 years at a 8.99 % rate, which is extremely high in this current market environment. 

I lost my job in XX/XX/XXXX but managed to keep paying my mortgage at the required monthly installments of {$2200.00} up until XX/XX/XXXX, where I made a partial payment. Mr. Cooper refused to accept partial payments. 

I applied for a loan modification in XX/XX/XXXX to reduce my current rate from 8.99 % to below 4 %. Mr. Cooper assigned a Dedicated Loan Specialist to me who worked on the modification for about two months, then they assigned another Dedicated Loan Specialist to me by the name of XXXX XXXX, for approximately six months. During this time, I sent in my payroll stubs and bank statements and was told that I didnt have sufficient income to support a loan modification. 

I found another job in XX/XX/XXXX to add to my part-time employment. I submitted all of the necessary pay stubs and bank statements to Mr. Cooper to show an increase in income. At this juncture, Mr. Cooper had assigned me to another Dedicated Loan Specialist named XXXX XXXX. Note that between XX/XX/XXXX and XX/XX/XXXX, Ive had three different dedicated Loan Specialist. 

On XX/XX/XXXX, I spoke to XXXX XXXX, my Dedicated Loan Specialist, and he conveyed the following information to me : On XX/XX/XXXX, their loan modification department sent to their underwriter the following recommendations : Reduce my rate from 8.99 % to 4.0 % Underwriting recommended folding in the nearly {$40000.00} past due at the time into my overall loan amount of {$240000.00} ; at a 30 years fixed rate at 4 %, my monthly payment would equal approximately {$1100.00}. 
I would have to pay a monthly escrow fee of {$580.00} to cover property taxes and homeowners insurance. The grand total amount should equal {$1700.00}. BTW, I already have homeowners insurance through State Farm and its current, so I dont need to buy homeowners insurance through Mr. Cooper. 
My trial period should begin XX/XX/XXXX through XX/XX/XXXX at approximately {$1700.00} each month. Once I make those three payments, totaling {$5200.00}, then it will be permanent. 

Loan Modification Request Denied On XX/XX/XXXX, I received an email from Mr. Cooper stating they had denied my loan modification request without any explanation as to why. 

I was devastated. Felt like I was sucker punched and drop kicked at the same time. 
Since XX/XX/XXXX well over a year now - I have applied for a loan modification three times. I supplied all of the necessary documents ( i.e. recent paystubs, bank statements, household expenses ) all to no avail. 

Option to Reapply for a Loan Modification Removed from My Account Compounding the problem was the fact that after Mr. Cooper denied my request for a loan modification in XX/XX/XXXX, they also removed the option for me to reapply for a loan modification. I had no recourse because I still couldnt pay the monthly amount of {$2200.00} and could not make partial payments. All the while, the re-installment amount keeps mounting. 

XXXX Hits America Then COVID-19 hit America! The country closed down, people lost their jobs and unemployment skyrocketed. Working through HomeFreeUSA housing counselors, they were able to get Mr. Cooper to allow me to reapply for a loan modification two weeks ago on XX/XX/XXXX. 
I have income. I work at XXXX and XXXX XXXX XXXX Fortunately, I have been able to keep both jobs and have not had to file for unemployment. I have income and can begin repayment on my mortgage, but not at the 8.99 % rate. I cant afford to pay a monthly mortgage of {$2200.00} or any amount near this. A loan rate of 4 % or less ( preferably less ) will help me get back on track with my mortgage repayments. 

Loan Modification Request Open to me Again As indicated earlier, Mr. Cooper has allowed me to reapply for a loan modification as of XX/XX/XXXX. However, here we go again. XXXX XXXX who was my Dedicated Loan Specialist 6-to-8 months ago. Then I was assigned to XXXX XXXX as my DLS. Now XXXX XXXX is the DLS again. This is dejavu all over again, where Mr. Cooper keeps changing DLS specialists and asking ad nauseam for documents after documents, even though I have already uploaded the documents to their website.

Company response to consumer: Closed with explanation