Consumer complaint received 2021-01-16
Company: Mr. Cooper Group Inc.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
XXXX XXXX XXXX current home loan is with Mr. Cooper and on or about XX/XX/XXXX we started a refinancing application with Mr. Cooper with a locked in interest rate of 2.375 %. This application and process continued for several months with the XXXX XXXX providing and re-providing numerous duplicate and refreshed documents to Mr. Cooper through their website/portal, numerous emails and phone calls by the XXXX XXXX to Mr. Cooper requesting application status, asking what the XXXX XXXX can and need to do to move the application forward to close, the XXXX XXXX obtaining and paying for a Home Inspection, and Mr. Cooper countless times extending the application and timeline to complete the refinance application. Also and all though out the months, the XXXX XXXX application was passed on to 3 if not 4 different loan processors. In or around the end of XXXX, Mr. XXXX received a phone call from XXXX XXXX advising that due to Federal Law, our refinance application had to be closed due to timeliness. Mr. XXXX and Mr. XXXX discussed the reasons for our application had to be closed and Mr. XXXX was XXXX is saying this is/was purely Mr. Cooper 's fault for handling our application correctly per Texas Regulations. 

Mr. XXXX advised Mr. XXXX that Mr. Cooper could re-open a new refinancing application, but Mr. Cooper could not offer the 2.375 % interest rate because interest rates had changed. Mr. XXXX found this unacceptable and requested to speak to the Supervisor/Manager of Mr. XXXX. Mr. XXXX was referred to XXXX XXXX and after speaking Mr. XXXX offered to take this issue to XXXX XXXX for approval for the 2.375 % interest rate for the XXXX XXXX 2nd refinance application. Mr. XXXX called Mr. XXXX in Early XX/XX/XXXX to advise that Mr. XXXX had approved the 2.375 % interest rate for the XXXX XXXX 2nd refinancing application, to advised one of Mr. Cooper 's best loan processors would be assigned to th XXXX XXXX file, and Mr. Cooper was assigned a XX/XX/XXXX closing date. 

Mr. XXXX was the XXXX XXXX point of contact on the second refinance application and on XX/XX/XXXX the XXXX XXXX re-uploaded all of their documents as requested from Mr. Cooper. Through XX/XX/XXXX Mr. Cooper requested additional documentation, to which the XXXX XXXX responded and supplied. On XX/XX/XXXX the XXXX XXXX received an email introducing XXXX XXXX as our new loan processor. Through XX/XX/XXXX, Mr. Cooper requested additional documentation, to which the XXXX XXXX responded and supplied. At some time in XXXX, while Mr. XXXX was responding to a Mr. Cooper request through the Mr. Cooper website, Mr. XXXX noticed the locked-in interest rate was updated to 2.5 %, from the previously locked-in rate of 2.375 %. Mr. XXXX called Mr. XXXX and Mr. XXXX concerned about this change. Mr. XXXX called Mr. XXXX and advised this is a clerical error and the interest rate would be updated back to agreed-upon 2.375 % interest rate. As of XX/XX/XXXX the interest rate has not been updated and the interest rate on the Mr. Cooper website and on current loan documents lists 2.5 %. 

On the morning of XX/XX/XXXX, MrXXXX XXXX received two emails from Mr. XXXX, the first email was requesting a way to verify Mr. XXXX XXXX employment and the second was requesting a new paystub from Mr. XXXX because the " previously submitted had expired. '' Mr. XXXX called Mr. XXXX to expressed concern and frustration about the continued request for duplicate and refreshed documents and about Mr. Cooper meeting the XX/XX/XXXX closing date. Mr XXXX advised he had been promoted to a new position and XXXX XXXX has taken over his previous position and team and provided Mr. XXXX 's phone number. Mr. XXXX called and spoke with Mr. XXXX to express concern and frustration on the entire history and experience of the XXXX XXXX attempts to refinance their home with Mr. Cooper. 

On the afternoon of XX/XX/XXXX, Mr. XXXX received a third email from Mr. XXXX stating and requesting, " Now I note that you have property tax that is currently due. For borrowers who do not impound tax and insurance like yourself, if there is any tax due within 60 days of the loan close, it must be paid first. So can you please make that tax payment and get us confirmation from the county ( a transaction summary from the bank will not suffice )? '' Mr. XXXX responded to Mr. XXXX 's email, with a copy to Mr. XXXX and Mr. XXXX, on XX/XX/XXXX expressing the XXXX XXXX dissatisfaction with having to pay their Property Tax earlier than they are required to do so, " So XXXX and I have to either pay our XXXX Property Tax Bill earlier than we want and are legally required to, albeit by 16 days, or we become the delay to the refinance closing. If the first refinancing application had been properly adjudicated, we won't be placed in this situation by Mr. Cooper and once again, Mr. Cooper has us over a barrel requesting additional action, in this case money, to get our house refinanced. We have no choice to pay our Property Tax Bill early and will have to do so tomorrow. '' Mr. XXXX responded to Mr. XXXX XXXX email on XX/XX/XXXX advising there is nothing he can do regarding our Property Tax Payment and that with him just getting involved he will " work on getting the rate where it should be. ", but no response on the closing date of XX/XX/XXXX. 

The XXXX XXXX are requesting the Texas Department of Savings and XXXX XXXX please contact Mr. Cooper requesting documentation from Mr. Cooper to look into our two ( 2 ) refinancing applications with Mr. Cooper and for Mr. Cooper to provide explanations on the failure of the first refinancing application and the status of the second refinancing application to include a closing date. Also, what remedy and possible remuneration is available to the XXXX XXXX given Mr. Cooper 's errors and lack of timeliness with the XXXX XXXX first refinancing application timing out. 
On the afternoon of XX/XX/XXXX, Mr. XXXX received a third email from MrXXXX XXXX stating and requesting, " Now I note that you have property tax that is currently due. For borrowers who do not impound tax and insurance like yourself, if there is any tax due within 60 days of the loan close, it must be paid first. So can you please make that tax payment and get us confirmation from the county ( a transaction summary from the bank will not suffice )? '' Mr. XXXX responded to Mr. XXXX 's email, with a copy to Mr. XXXX and Mr. XXXX, on XX/XX/XXXX expressing the XXXX 's dissatisfaction with having to pay their Property Tax earlier than they are required to do so, " So XXXX and I have to either pay our XXXX Property Tax Bill earlier than we want and are legally required to, albeit by 16 days, or we become the delay to the refinance closing. If the first refinancing application had been properly adjudicated, we won't be placed in this situation by Mr. Cooper and once again, Mr. Cooper has us over a barrel requesting additional action, in this case money, to get our house refinanced. We have no choice to pay our Property Tax Bill early and will have to do so tomorrow. '' Mr. XXXX responded to Mr. XXXX XXXX email on XX/XX/XXXX advising their is nothing he can do regarding our Property Tax Payment and that with him just getting involved he will " work on getting the rate where it should be. ", but no response on the closing date of XX/XX/XXXX. 

The XXXX XXXX are requesting the Texas Department of Savings and XXXX XXXX please contact Mr. Cooper requesting documentation from Mr. Cooper to look into our two ( 2 ) refinancing applications with Mr. Cooper and for Mr. Cooper to provide explanations on the failure of the first refinancing application and the status of the second refinancing application. Also, what remedy and possible remuneration is available to the XXXX XXXX given Mr. Cooper 's errors and lack of timeliness with the XXXX XXXX first refinancing application timing out.

Company response to consumer: Closed with explanation