Tag Archives: Nationstar

Nationstar facing CFPB fine over HMDA violations

Nationstar Mortgage is facing a fine from the Consumer Financial Protection Bureau over the nonbank’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act, the company revealed Thursday.

Nationstar disclosed the potential fine in its 10-K filing with the Securities and Exchange Commission.

In the filing, Nationstar said it is “currently in negotiations with the CFPB regarding the payment of civil monetary penalties for the alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act.”

The Home Mortgage Disclosure Act, referred to as HMDA, was originally enacted in 1975 and requires many financial institutions to collect data about each company’s housing-related lending activity.

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NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

New York Attorney General Eric Schneiderman is investigating practices related to the servicing of reverse mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage, as the state further heightens its recent focus on reverse mortgages, an article in The Wall Street Journal by Annamaria Andriotis stated.

“The inquiry, which is in early stages, is examining whether businesses employed tactics that pushed elderly borrowers into foreclosure,” the article sated.

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Trustee claims Nationstar Mortgage wrongfully foreclosed on property

SAN FRANCISCO — A special trustee has filed suit against a mortgage company for allegedly wrongfully foreclosing on a property.

3216 Balboa LLC filed a complaint Oct. 5 in U.S. District Court for the Northern District of California against Nationstar Mortgage LLC, alleging that the Texas company breached its duty of good faith and fair dealing.

According to the complaint, the plaintiff alleges that on May 19, 2014, 3216 Balboa LLC’s sole managing member, David Rienhart, was named as a special trustee by his former wife, together with Joanna Cheung, who later quitclaimed all of the trust’s interests in the subject property to the plaintiff for the benefit of his children.

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Mortgage mistake nearly leads to foreclosure

A mortgage mistake nearly cost a St. Charles County woman her home. Credit: KMOV

ST. CHARLES COUNTY (KMOV.com) –

A mortgage mistake nearly cost a St. Charles County woman her condo.

Kathleen Rasmussen claims she paid Texas based Nationstar each month.

“I don’t want to lose the roof over my head, I should not be in foreclosure.”

Rasmussen provided News 4 with letters from Nationstar along with returned checks intended to pay her mortgage.

“I don’t understand why they keep sending it back to me.”

A Kansas City law firm representing Nationstar sent Rasmussen a letter saying their office would “commence foreclosure proceedings.”

After trying to resolve the issue on  her own, Rasmussen contacted News 4 Investigates.

“We’re going round and round in circles and we’re not getting anywhere,” she said.

A Nationstar representative followed up with Rasmussen immediately after hearing from News 4. Rasmussen said, “right after that the VP of Nationstar called me and wanted to settle it right away.

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Lawsuit says Nationstar, Bank of America overcharged homeowners

Reuters:

Nationstar Mortgage Holdings and Bank of America have been hit with a proposed class action accusing them of inflating the amounts owed by mortgageholders when their loans matured.

Filed on Friday in federal court in Fresno, California, the lawsuit seeks damages for borrowers nationwide who were allegedly charged “extortionate” amounts not listed on their mortgage payment schedules, putting them at risk of foreclosure.

Mortgage-servicer faces allegations of foreclosure fraud

ORDOVA, TN (WMC) –

A Shelby County Circuit Court lawsuit and government records revealed a pattern of fraud allegations against mortgage-servicing company Nationstar Mortgage.

The WMC Action News 5 Investigators launched an investigation of the Dallas-based mortgage-servicer after it foreclosed on the Cordova, Tennessee, home of Linda Howard. Howard and her husband had owned the home since 1998. Her attorney Kevin Snider produced records that proved Howard never missed a payment since Nationstar Mortgage started servicing her mortgage in 2011.

Also according to the records, Nationstar Mortgage suddenly started refusing her monthly payments in February of this year. From February to May, the company sent her payments back with statements posting thousands of dollars in unexplained fees like “property inspections” and “disbursement insurance.”

“I wrote them. I called them. And I got no response,” Howard said.

Snider said Nationstar Mortgage kept returning Howard’s payments and kept ignoring her requests for explanation of the fees until it foreclosed on her house in May, then sold it at auction. “Nationstar improperly foreclosed on the property,” Snider said.

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Meet Mr. Cooper, an established mortgage company with an altered ego

COPPELL — Inside the airy lobby, long robin’s egg blue banners bear encouragement to be, “Challengers. Champions. Cheerleaders.”

In a stairwell nearby, employees bustle past while Kevin Dahlstrom points out a soaring, crayon-box bright mural of an open hand.

It was painted by the Spanish artist Adrian Torres as part of an artists in residence program — a concept he “shamelessly stole” from Facebook, Dahlstrom notes.

Visitors may not realize this is the nerve center of Nationstar, one of the country’s biggest nonbank mortgage servicers. And odds are that even if they do, their feelings about an institution like Nationstar — vaguely bankish, closely associated with the mortgage crisis that shattered the economy — won’t be positive.

But will they like Mr. Cooper?

Not Mr. Cooper, as in, “Hangin’ with …” or the guy in “High Noon.”

It’s “Mr. Cooper,” as in Nationstar’s exhaustively researched, head-turning-by-design new identity.

Executives at Nationstar have spent more than a year and roughly $5 million on the branding overhaul in hopes that consumers will see the new name as an extension of the company’s new ethos: Personable, customer-focused and easily navigable online.

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