Consumer complaint received 2021-03-04 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Mr. Cooper Group Inc.
State: MD

Complaint narrative:
On XX/XX/XXXX I closed on the refinance of my home with Mortgage company Mr. Cooper. I was given 3 days to rescind if I was unhappy about any of the terms of the loan. I contacted my XXXX XXXX XXXX XXXX, to question the interest rate I was given because upon checking I learned that rates were lower than what I had obtained. He told me that he could not do any better than the 3.25 % rate that they were giving me. I spoke with another company who could. I expressed my dissatisfaction to him and exercised my right to cancel on XX/XX/XXXX. He called me a few days later to follow up with me regarding some escrow items. I shared with him that I have already submitted the Notice of right to cancel on XX/XX/XXXX. He then proceeded to say that he could beat the deal I was getting from the other lender. I asked why he had not offered me those terms in the first place. I told him I would not move forward with Mr. Cooper. 

In the meantime I applied for a loan with another lender who offered me 2.75 % with better terms than what Mr. Cooper offered. During that process, the title work was conducted and it was discovered that despite me delivering the cancellation to Mr. Cooper in writing per their specifications ; by signing dating and emailing the document called " Notice of right to cancel '' to them, they did not cancel the recording of the Deed of Trust. Therefore it appears that I have an additional mortgage that needs to be paid off. 

I asked my friend to assist me with resolving this issue, as she is more familiar with these processes than I am. On XX/XX/XXXX she contacted Title 365, who recorded the mortgage on behalf of Mr. Cooper via email. She requested that the lien be released so that I can move forward with my other lender. Title 365 has said that they have been asking Mr. Cooper to prepare the release so that the Deed of Trust can be released from county records and I can move forward with recording my new and correct Deed of Trust. It has been over 30 days since our initial contact. As of the date of this complaint they have not provided a release or any indication of when it will be available to me. In the meantime, my rate lock has expired once, and will expire again within the next 7 days. Title 365 has reimbursed me for the cost of the initial rate lock. However, as stated before, my lock will expire again if I am unable to close due to the lack of action on the part of Mr. Cooper I will be subject to additional expenses for the rate lock and or a higher interest rate. 

The notice of right to cancel states that If you cancel the transaction, the mortgage/lien/security interest is also cancelled. Within 20 calendar days after we receive your notice we must take steps necessary to reflect the fact that the mortgage/lien/security interest on your home has been cancelled This has not been done. Why is it taking them 30 plus days to prepare a release when clearly an error was made on their part. This is unacceptable and reproachable behavior on the part of Mr. Cooper.

Company response to consumer: Closed with explanation