Consumer complaint received 2021-11-30
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Mr. Cooper Group Inc. (WI)

Mr. Cooper, who is my current mortgage lender, consistently sent me promotional materials to lure me into refinancing with them and to take advantage of historically low rates. Their targeted communications were borderline harassing and took the form of letters, emails, and several phone calls from sales people on a weekly basis for several months during 2021. When I finally got lured into their " promotion '', they sent me a " preapproval '' letter after complying with submitting requested documentation ( W-2s, credit report, verification of employment, etc. ), as well as other electronic paperwork and requirements. They informed me that I must pay {$500.00} for an appraisal. I told them that I didn't have that money at hand and would have to wait to gather the funds. Mr. Cooper 's representatives continuously pressured me into paying for the appraisal for weeks. They directed me with one of their " trusted vendors '', XXXX XXXX. This company sent a local appraiser, XXXX XXXX, who spent a total of 15 minutes at my house. Her appraisal was incorrect, and came in thousands of dollars lower than the true assessed value. When contesting this, both Mr. Cooper and XXXX XXXX were unresponsive and shifted the responsibility and blame to each other. I provided both organizations evidence of properties in my vicinity that were selling well over {$300000.00} multiple times in my emails. In fact, 2 years ago, I had placed my home on the market listed at {$270000.00} and had an offer at {$270000.00}. The sale did not go through, and I had explained this to both Mr. Cooper and XXXX XXXX. Two years later in the current XXXX market, it doesn't make sense that their appraisal would come in at {$250000.00}, which is significantly lower. I also asked them to revise and correct the appraisal report, which they refused to do. As a result, my refinancing did not go through as promised on their pre-approval letter. They offered to refinance, but the offer was not attractive to me, as they were now rolling in thousands of dollars in fees, coupled with a higher than anticipated rate. After much frustration, wasted resources, unanswered questions, and back and forth with both Mr. Cooper and XXXX XXXX, the appraisal report was never corrected, I lost {$500.00}, and Mr. Cooper did not take ownership of this error, nor did they advocate on my behalf as their loyal customer. Mr. Cooper is complicit with XXXX XXXX, and together they mislead their customers like me to pay for an erroneous appraisal report with a lower than market value, to subsequently corner their customers into accepting a higher than promised interest rate, and rolling in thousands of dollars in fees. This is a scam, and they are not looking out for the best interest of their customers. Their predatory lending practices seek to make a profit at the expense of their customers, who they bring to their mercy by luring them to " refinance '', partnered and complicit with XXXX XXXX who intentionally provide a lower property value under their directive, and roll in thousands of dollars in " '' refinancing fees ''. 

Below is the last email I sent Mr. Cooper, pleading them to advocate for me as a customer. I have also attached the erroneous appraisal report and other documention : I just spoke with XXXX XXXX from XXXX XXXX, and they indicated that any corrections need to be addressed with my lender ( Mr. Cooper ) via a " portal ''. Therefore, I am reaching out to you again and requesting you give XXXX the directive to either correct this false report or request a full refund on my behalf since they will not respond to my request. 

The updates and corrections to the appraisal report are as follows : Page 1 : " neighborhood boundaries '' - my neighborhood/home is bordered by XXXX XXXX XXXX XXXX NOT XXXX XXXX to the north as indicated on the report. XXXX XXXX is a totally different zip code and neighborhood, and XXXX XXXX XXXX XXXX from our address. This neighborhood 's value is also not as desirable as the neighborhood where the house is actually located XXXX XXXX XXXX XXXX in XXXX, WI XXXX ). 

Page 1 : the report indicates 1.0 bath when the home has 2 full baths Page 2 : the appraisal report indicates 1.0 baths again vs. 2.0 baths Page 7 : the appraisal report indicates 1.0 baths again vs. 2.0 baths Page 8 : the appraisal report indicates 1.0 baths again vs. 2.0 baths Page 14 : the appraisal report & side view information indicate 1.0 total bathrooms Page 15 : the appraisal report has pictures and evidence of 2.0 bathrooms, but does not reflect this in the entirety of the report It is my expectation that this information be corrected and these corrections be reflected on the report and appraised value. 

When giving them examples of other properties sold within my neighborhood/property, below is the information I provided : These are recently sold examples within the 6 month timeframe in addition to the examples below : XXXX XXXX XXXX XXXX XXXX XXXX, WI XXXX sold on XXXX for {$320000.00} ( mentioned below ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX, WI XXXX sold on XXXX for {$330000.00} XXXX XXXX XXXX XXXX XXXX XXXX XXXX, WI XXXX sold on XXXX for {$340000.00} I am also attaching the seller 's report that indicates 2 full bathrooms at our property. 

With the current erroneous appraisal report, does the refinancing go through? 

I understand XXXX is a vendor, but why would Mr. Cooper partner with such an unethical and unprofessional company that jeopardizes the experience and and finances of their loyal customer base? I hope you and your superiors take this feedback seriously and reconsider your relationship with them. This has not been a positive customer experience. As I mentioned below, there are multiple errors throughout the report that I outlined below that they must correct. Mr. Cooper  is the liaison because you sent me directly to them, and XXXX refuses to communicate directly with me. I still can't understand how XXXX can provide an erroneous report that Mr. Cooper validates as part of the refinancing process. Again, I invite you to review their horrible ratings and business practices on line. 

Sincerely, XXXX XXXX XXXX