Consumer complaint received 2024-07-23 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: Mr. Cooper Group Inc.
State: CA

Complaint narrative:
Date : XXXX From : XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX XXXXXXXX, Ca XXXX XXXX To : Consumer Financial Protection Bureau Subject : Complaint against Mr. Cooper/Nationstar Company Account XXXX XXXX XXXX Dear Sir/Madam, This complaint is regarding the loan modification practice and process that is adopted and exercised by Mr. Cooper which is geared to be denied upon arrival, automatically. 
Mr. Cooper is rejecting and denying my loan modification requests, several times, for reasons which they call INVESTOR GUIDELINES, I am writing this letter to file a formal complaint against Mr. Cooper /Nationstar , a mortgage servicing company, regarding their unethical business practices and lack of transparency, threading to foreclose and denial to help and cooperate with foreclosure alternatives, like a modification with the terms that are used by all other servicing companies and are very successful among all parties. 
Instead of being cooperative and fair, Mr. Cooper came up with the following results in response to my latest request : Current Principal and Interest Payment : {$6800.00} Proposed Interest Bearing Unpaid Principal Balance : {>= $1,000,000} Proposed Post-Modification Interest Rate : 7.000 % Amortization Duration : 188 months Proposed Post-Modification Principal and Interest Payment : {$13000.00} Do you think any one of the officials in CFPB can call this a modification? I also like to find out from your organization and askHave you seen a modification with 188 months amortization and 7 percent interest rate. 
Recently, after 2 or 3 months of struggle for providing PAYSTUBS, BANK STATEMENTS, W-2, 1099, PROFIT AND LOSS and other documents, got the news that it is rejected, again. 
I appealed and asked for more information but they came up with same excuses and some surprising new ones. 
I called Mr. Cooper on XXXX around XXXXXXXX XXXX Pacific Time to follow up on my loan modification issue. 
A representative by the name of XXXX, I am not sure of the spelling, answered and went over the case. She said your modification is denied because Your account holder is a private party and their guidelines are different than any other investor or a bank. The new payments, if modified will be higher than what the original payment is. 
All other representatives said about the same things likewe are working for the investoryour account owner is a private bankthese are the investor guidelinesyour income does not matterThey dont look at your changes of income and other things I am complaining the Mr., Cooper loan modification process because ***The recorded original note, deed of trust and principle amount are all different from other documents presented by Nationstar/Mr. Cooper. 
***The present alleged amount calculated and all the numbers including but not limited to starting principle amount, interest rate and rates, years, dates and amortization period are not correct and have to be certified by valid documentations. 
They kept sending the same falsified old documents created by previous lenders, servicing companies and trustees that all got penalized and lost many complaints and lawsuits and paid Millions of dollars in fines. 
*** Regarding their claim about " INVESTORS '' guidelines, I have documents that prove the so called alleged investor/owner/debtor has nothing to do with this account. There is NO owner or debtor or investor for this account. 
***The original lender on record still shows as XXXX which became XXXX XXXX XXXXXXXX and the Trustee of the Trust is still XXXX XXXX XXXX XXXX XXXX XXXX 
Mr. Cooper keeps claiming and stating that XXXXXXXX XXXX is the investor/owner/debtor but they are not. XXXXXXXX XXXX is the trustee of the trust, only. 
Here is the title : XXXX XXXX XXXX XXXX XXXX XXXX XXXX in trust for the benefit of the Certificate holders Asset-Backed Pass-Through Certificates, XXXX XXXXXXXX On Fri, XX/XX/XXXX at XXXX XXXX XXXXXXXX XXXX sent me an email stating : Dear XXXX XXXX : This email responds to your email of XX/XX/XXXX. 
Pursuant to the Governing Agreements that govern the Trust, the Trustee has no beneficial ownership interest in the mortgage loans included in the Trust and holds legal title to the loans for the benefit of the Trusts certificate holders. 

We request that you investigate ALL the issues we mentioned in this letter related to subject property and make sure they are in accordance with Federal and State laws, California Homeowners Bill of Rights, National Mortgage Settlement, Consumer Financial Protection Bureau and New Mortgage Servicing Rules and Standards. 
At the end I like to bring to your attention that on XX/XX/XXXX your organization announced : CFPB releases mortgage servicing proposal, overhauls loss mitigation framework to amend Regulation Xs mortgage servicing provisions, which would result in a major overhaul of the existing default servicing framework. 
The proposed rule seeks to streamline existing loss mitigation requirements, add foreclosure procedural safeguards that begin as soon as a borrower requests loss mitigation assistance, revise certain early intervention requirements, We also demand Mr. Cooper and XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, to remove the Filed NOTICE OF SALE, stop all the foreclosure activities against the subject property immediately and resolve all the issues mentioned in this complaint. 

Sincerely Yours, XXXX XXXX XXXX

Company response to consumer: Closed with explanation