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New York Regulator Sends Letter To Nationstar

New York Regulator Sends Letter To Nationstar

New York’s top financial regulator Benjamin Lawsky is probing the business practices of Nationstar Mortgage Holdings Inc., widening his investigation of nonbank mortgage servicers amid concerns about the companies’ rapid growth.

Mr. Lawsky sent a letter on Wednesday to Nationstar, the fifth-largest U.S. mortgage servicer based on the size of its servicing portfolio, seeking information about the company’s servicing portfolio, staffing levels, recent acquisitions, vendor relationships and other aspects.

“We have received hundreds of complaints from New York consumers” about Nationstar mortgage practices, including problems related to mortgage modifications, improper fees, lost paperwork, and numerous other issues, Mr. Lawsky wrote in the letter.

A spokesman for Nationstar couldn’t be reached for immediate comment.

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