Consumer complaint received 2021-03-30
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Mr. Cooper Group Inc. (CA)

RE : NationStar Mortgage dba Mr. Copper Refinancing | Company is not responding as promise ; even in writing complaint. 
Subject Property : XXXX XXXX XXXX, XXXX, CA XXXX Loan number : XXXX Borrowers : XXXX XXXX XXXX XXXX XXXX Dear CFPB Representative, First, I am grateful to have this agency that I can turn to for help in a situation when I feel that I have exhausted my effort appealing to the company to respond to my refinance file. Thank you for your help. 
In mid XX/XX/XXXX, I started calling Mr. Cooper who is the current holding of my mortgage note, asking about the new rate and expressing my interest in refinance with the company. In XX/XX/XXXX, the mortgage application was completed and my wife and I signed all the loan disclosures. The Loan Officer, name XXXX XXXX told us that the file would take 90 days to close because of the pandemic. He also explained that It would take 60 days to straight refinance and 30 extra days due to our request to have our current HELOC with XXXX XXXX XXXX XXXX to be subordinated. About 2 or 3 weeks after XX/XX/XXXX, our file was conditionally approved and appraisal was ordered. During this period, I provided Mr. Cooper all the requested documents such as the current bank statements and W2s. The appraisal was then completed on XX/XX/XXXX. I finally was able to talk to the processor name XXXX via telephone at the end of XX/XX/XXXX, and reconfirmed to her that I wish to have my HELOC with XXXX XXXX XXXX XXXX to be subordinated. XXXX stated at the time that she would be having the subordination document ordered from XXXX XXXX XXXX XXXX. This happened on XX/XX/XXXX. She told me that the process would take proximately two weeks period. 2 weeks went by in mid XX/XX/XXXX, there wasnt any status updates or any communication from Mr. Cooper. I Thus called XXXX and again to follow up in about mid XX/XX/XXXX, and it took me two days to be able to get hold of her. At this time XXXX told me that escrow department was responsibility to order the subordination documents and it would be best if I can call XXXX XXXX XXXX XXXX and push them since they might be responding faster to customer request. I waited couple of days and hoped that the file might be done within that extra a few days of waiting. I then called XXXX XXXX XXXX XXXX since I did not see any moving on my file. When I called XXXX XXXX XXXX XXXX and I found out that there wasnt any request on the file for my HELOC. I expressed the concerns of the possibility of losing the request to the XXXX XXXX XXXX XXXX Representative. XXXX XXXX XXXX XXXX reconfirmed to me that all requests would come in and be logged into one system so that the requests would not be mis-placed. I called XXXX back and and told her that XXXX XXXX XXXX XXXX did not have the request for my HELOC subordination request. I asked her to escalate my file to her manager. Another 2 weeks gone and my file was not moving at all. 
By XX/XX/XXXX, I wrote an email to XXXX at Mr. Cooper and asked her to treat my email as a formal written complaint. In this email, I asked XXXX to have her compliance department to explain what was holding up my file. I also asked to reprice the interest rate on my file since interest was dropping lower than what I was locked-in and the lock-in does allow to reprice if the interest rate drop before the loan was funded. 

By XX/XX/XXXX, XXXX replied and told me that she escalated my file to her manager. 

I waited for a few weeks and no communication from her manager or XXXX. 

By XX/XX/XXXX, I wrote XXXX an email to follow up. 
XXXX replied on this email and told me that there was no subordination documents yet and credited to may be because of power outage issue in Taxes during XX/XX/XXXX. 

I waited for a few more weeks. 

By XX/XX/XXXX, I wrote an email to XXXX, my second complaint email and asked for the status update and mentioned that I might need to ask CFPB to help in my situation. 

By XX/XX/XXXX XXXX XXXX, XXXX supervisor responded to my XX/XX/XXXX email and told me that the subordinate request was sent to XXXX XXXX XXXX XXXX on XX/XX/XXXX and it would take 25 business days to process the request. This meant that it was taking Mr. Cooper over 1 and half months just to send out the request. On top of this, I made the request for the HELOC to be subordinated since day 1 back in XX/XX/XXXX. Even if the process would take 25 business days to complete, it would have been done on XX/XX/XXXX but the obvious is the file is still at the same place. 

I also responded to XXXX XXXX asked her to explain as why would it would take this long just to send out a request. I also expressed that I was not satisfied with my last written complaint email since there was no one answered my concerns of why the file was taking that long and no answer on the request for repricing of the lower interest rate. XXXX told me that she was not aware of my last written complaint. She also threatened to cancel my file by asking me to consider to cancel my refinance, after I had paid for the appraisal fee and waited 4 months by now. 

As a company, Mr. Cooper did not want to explain as why my refinance was being prolonged, I believe because Mr. Cooper would like to keep me paying the higher rate than the new refinance rate. I am currently paying Mr. Cooper at 3.375 % and the new rate would have been at 2.875 %. This calculate that I am paying over {$160.00} more on my mortgage payment per month at the current rate before the refinance. 

I sent XXXX XXXX an email expressed my dismay that she asked me to consider to cancel my refinance with Mr. Cooper. She should have been looking into her company procedures and to try to ratify the situation to make the customer whole. 

By XX/XX/XXXX, I received an email from XXXX XXXX, a sales manager stated that the request for subordination request was sent out on XX/XX/XXXX, week different then what XXXX XXXX told me on her email on XX/XX/XXXX as the request was sent out on XX/XX/XXXX. All these discrepancies are recorded on their email which I can provide if need them. XXXX also stated that it would take 30 days to complete this process. Again, it is different than what XXXX stated on her email of 25 days to process. Regardless of 25 days or 30 days, today is XX/XX/XXXX either 25 days or 30 day had long passed and file is till not moving. 
I am feeling unjust. First, my refinance was not done on time, 90 days as NationStar Mortgage, Mr. Cooper had promised when I completed my application. If for some reason NationStar Mortgage can not handle the volume, I should have been told from day 1 so that I can look for other mortgage banks who can do my refinance. Second, due to delay in closing the file, I incurred paying the higher interest for the month of XXXX and now going into the month of XXXX since the file is still not done as of today. My refinance should have been closed on XX/XX/XXXX as 90 days from XX/XX/XXXX. By now the file has been in the system for 140 days. Third, the NationStar Mortgage failed to respond to customer complaint and request for answer. As of today no one from NationStar Mortgage / Mr. Cooper had given me a response to my request of repricing since the interest rate had been dropped in XXXX and XXXX. I am asking Consumer Financial Protection Bureau for help to intervene in this unfair practice. 

I sincerely appreciate for your help in making the different in the consumers lives.