Consumer complaint received 2021-05-04
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: Mr. Cooper Group Inc. (CA)

I submitted complaint # XXXX to the CFPB on XX/XX/XXXX regarding my difficulties having my mortgage payments applied correctly by Mr. Copper. I like to pay my account one year in advance, but every since Mr. Cooper took over my loan in XXXX, they apply the entire payment as additional principal and I have to call them to get it straightened out. It is NEVER resolved with just one phone call, and I have to make multiple calls every couple days before anything is done. 

The CFPB forwarded my complaint to Mr. Cooper, and they investigated. I eventually received a response from a XXXX XXXX. In his letter, he never acknowledged there is a problem with how Mr. Cooper in handling my loan and instead blamed it on me not being set up on a maximum prepay plan. He specifically states in his response, our policy does not allow an account to be paid ahead more than XXXX XXXX XXXX XXXX months ahead unless the account is setup on our maximum prepay plan. Make note that he says UNLESS the account is on maximum prepay. 

I made XXXX payments since filing the complaint, and as I expected, NONE of them were applied according to my instructions and all were credited as additional principal. I called Saturday XXXX XX/XX/XXXX ), to convert the account to maximum prepay, but the gentlemen who answered the phone kept putting me on hold wanting to review my payment history, even though I told him I just wanted to convert the account. I eventually got tired of being on hold, and hang up. I called again today, ( XX/XX/XXXX ), to make the conversion, and since I had the time, to have the XXXX payments I made applied correctly. 

The woman on the phone was very pleasant, but I highly doubt that she accomplished anything. Because I have been going through this every month since XXXX of XXXX, I know that the first thing that happens is I see a reversal of the payments by the end of the working day. Anytime I dont see that, nothing happens and I end up calling again every couple days until someone does something. These payments are not reversed on my account. Sadly, when someone finally does take action and do something, it usually turns out to be something wrong and is even more trouble to straighten out. 

The woman sent the form to convert to maximum prepay. The section for maximum prepay states that once an account is ahead XXXX  months, all additional funds will be applied to principal if no other fees/costs are due. This is the complete opposite of what XXXX XXXX told me, and the opposite of what I am trying to accomplish. 

I attached the following documents : Proof of XXXX, XXXX, XXXX, XX/XX/XXXX payments with designated distribution of funds. 

Account page showing how all except XXXX payments were applied, although it was all put to principal also. 

Mr Cooper payment information showing funds can be applied as requested if there are no outstanding fees/costs. 

Section of XXXX XXXX letter saying I can pay more than XXXX  months in advance as maximum prepay account. 

Section of form which states that under the maximum prepay plan, funds will be applied to principal if more than XXXX months ahead. 

I must also say I am highly disappointed with the CFPB. I thought their purpose was to assist the consumer and reach a satisfactory resolution. Yet, once the company gave their response, the CFPB closed the file. No attempt was made to find out if I was satisfied or felt it was resolved, and there is no place to register my dissatisfaction and request the case not be closed. I really didnt need CFPB to forward a complaint. Ive made enough complaints of my own to Mr. Cooper, so they are well aware of my issues and how unhappy I am with their company. It seems like CFPB is just another XXXX agency draining taxpayer funds, but doing nothing to actually help the consumer.