Consumer complaint received 2025-07-03 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: Mr. Cooper Group Inc.
State: OR

Complaint narrative:
My wife and I established a home equity line of credit ( HELOC ) with XXXX XXXX  on XX/XX/XXXX. We drew {$50000.00} from the line of credit at closing and another {$120000.00} a week later. We pay interest monthly on the due date of the first of every month. We also have historically paid down the principal balance by {$2000.00} each month on the same day. We make our payments via automated withdrawals from a XXXX XXXX  deposit account, as this affords us a 0.25 % reduction in our annual percentage rate ( APR ). As of XX/XX/XXXX, our principal balance was {$130000.00}. 

XXXX transferred servicing of the loan to Nationstar Mortgage LLC d/b/a Mr. Cooper effective XX/XX/XXXX. We received a Notice of Servicing Transfer dated XX/XX/XXXX. 

Each of the three monthly loan statements issued since the transfer has contained errors. Copies of these statements are included in this complaint submission. Some of the errors were inconsequential and had no effect on the amount of interest owed, but they do suggest that Nationstar is working with erroneous data about our account. Other errors were more significant and resulted in incorrect interest calculations. The nature of these errors is detailed in the Qualified Written Request ( QWR ) letters we have sent to Nationstar, copies of which are included in this complaint submission. 

We attempted to resolve their errors in several telephone calls in XXXX, XXXX and XXXX to their customer service department. Nationstar never did anything to address our concerns in response to our calls. They never returned calls when we were assured they would do so. Furthermore, they never informed us we had to submit QWRs in order to fully preserve our rights under the law. 

We have now sent three QWRs to Nationstar, one for each of the erroneous statements. The letters regarding the XXXX and XXXX statements were sent on XX/XX/XXXX. The letter regarding the XXXX statement was sent on XX/XX/XXXX. 

Nationstar responded to our QWRs regarding the XXXX and XXXX statements in a letter dated XX/XX/XXXX. A copy has been included in this complaint submission. In it, they determined that, after reasonable investigation, no errors occurred. We disagree with their conclusions. 

They stated, Our records reflect that we received your ACH payment of {$2900.00}, on XX/XX/XXXX It would be more correct to say they drafted the payment on XX/XX/XXXX. Had they been prepared for the transfer of our account on XX/XX/XXXX, they could have done so on the established due date. We were prepared on XX/XX/XXXX for the transfer of the {$930.00} finance charge and a {$2000.00} pay down on our principal balance. Their failure to do so resulted in four days of our being charged interest on a higher principal balance for no other reason than their lack of preparation. They are correct that the notice of transfer said there may be a slight delay in drafting your first payment. They also said it would not result in a late fee. We consider the extra interest they received to be a de facto late fee. In addition, they never said that their delay in drafting our payments would delay the crediting of our account. 

They state that our records reflect that between XX/XX/XXXX, through XX/XX/XXXX, the interest rate was 9.48 %, and between XX/XX/XXXX, through XX/XX/XXXX, the interest rate was 9.49 %. First, these dates and interest rates do not even agree with the finance charge calculation in the XXXX loan statement. Second, the APRs they cite simply are wrong. This suggests to us that they have incorrect data regarding our account. 

They state, It is important to note, the interest rate is subject to change This is correct if and only if there is a change in the prime rate, as we argued in our QWRs regarding the XXXX and XXXX statements. We cited the language in our loan agreement that establishes how our APR is calculated and the amendment that establishes the 0.25 % discount. Our APR is 9.24 % and has been so since the last change in the prime rate on XX/XX/XXXX. They offered no legal or contractual justification or documentation for this unfounded assertion. 

We recognize the sums of money involved are small. However, they grow more significant with each day that passes without their correcting their mistakes. Furthermore, we do not trust Nationstar to act in a responsible manner, and as a consequence, we have not been comfortable making payments to reduce the balance of our outstanding principal, as we normally would. Were this not the case, our principal balance arguably would be {$6000.00} less today than it is, with attendant decreases in our monthly finance charges.

Company response to consumer: Closed with explanation