Mr. Cooper
Reviews and Complaints

Sec sues former fannie, freddie executives
• article
By chad bray
New york—the securities and exchange commission sued several former executives of fannie mae and freddie mac, including their former chief executives, alleging they misrepresented to investors their exposure to subprime mortgage loans.
The lawsuits, filed in manhattan federal court, alleged senior executives at federal home loan mortgage corp. , or freddie mac, and federal national mortgage association, or fannie mae, made false and misleading statements about their exposure. The executives include former freddie mac chief executive richard f. Syron and former fannie mae ceo daniel h. Mudd.
The sec alleged that the fannie mae executives misled the public about the government-sponsored firm's exposure to subprime mortgages and so-called alt-a loans between december 2006 and august 2008. Freddie mac executives allegedly did the same regarding its exposure to subprime loans between march 2007 and august 2008.
Fannie and freddie reached civil nonprosecution pacts with the sec under which they agree to accept responsibility for their conduct, but did not admit or deny wrongdoing. Fannie and freddie also agreed to cooperate in the sec's litigation against the former executives.
The sec sent wells notices, indicating it planned to pursure enforcement actions, to mr. Syron, mr. Mudd and other executives earlier this year.
Lawyers for mr. Syron and mr. Mudd couldn't immediately be reached for comment friday.

Comment:
Mr. Mudd is ceo of fortress investment group which owns nationstar mortgage.

Very poor customer service on the phone over an hour trying to get an answer for the $200 increase in my monthly payment which they could not explain. I was transfered 5 times having to give my information every transfer and still no answer to my $200 month increase. Tried for loan modification turned down even with OBAMA'S BS new program. This is by far the most frustrating experience I have ever had in dealing with a mortgage co. I need help and don't know where to go at this point. Does anyone hav einformation on a contact at this monkey run organization who can give answers to customers

The following message was e-mailed to the bbb.

To the better business bureau, dallas, texas:
Home owners have the expectation of honest and competent business intercourse from their mortgage servicer. As the better business bureau receives additional information regarding nationstar mortgage I hope your organization carefully considers the complaints that you have received. Also please review the many complaints that have been posted on the internet web sites such as complaintsboard. com and consumeraffairs. com. My problems with nationstar mortgage are small regarding dollar amounts when compared to what some others have experienced. With me it has never been about gaining a dollar advantage; in fact I have been trying to pay more of what I owe. My complaints have been all about the way nationstar mortgage conducts business.

My loan was sold to this company by Flagstaff Mortgage for some reason in October. I haven't read anything good about them and was unable to contact anyone at the CS department. They provide one number that directs you through a computer menu forever. To get a live body you have to select escrow or refinance. Then they hang up on you. My loan was paid off in 6 weeks due to obtaining financing with USAA and now trying to get $4500 plus excess escrow back has been a hassle. They closed off my internet access to my loan since it was paid off, but still has a balance due to me. I wouldn't recommend this company to any of my enemies. Worse company that I've ever been forced to deal with. Right up there with Cox Cable!

Nationstar mortgage is a complete disgrace when it comes to services and obtaining loans. They promise you the world and never follow through with anything that they say. The "processors" as they call it are a joke, the operations are so unorganized that no one knows anything on your file, and one person is telling you one thing, while another is stating something different. If you are thinking of refinancing, purchasing with them, think again. They may offer good programs but good luck getting to the closing table. Good luck having someone call you back, believe me it will not happen. If you are an employee, get out while you can, unless your one of the ones that fit the description above, ten stay with them until they collapse, believe me they will collapse.

Called looking for answer on our modification loan. Refused to listen to what I was saying. Told me I WORKED for HIM and when I asked for a supervisor, was told "NO, that's NOT how things work around here." Then, put me on hold for several minutes, came back and asked "NOW are you ready to talk to ME?" I said no and asked for a supervisor again, and then he hung up on me.

I know writing this complaint isn't going to bring much resolution, but it will make me feel better. Our experience with Nationstar would be comical if it wasn't hurting us financially. My husband is self employed and needless to say, our income has decreased in the past couple of years. We had an interest only loan through SunTrust and were in the process applying for loan modification. We met all of the requirements. However; our loan was sold to Nationstar in the middle of our trial period for our loan modification. SunTrust assured us that we would not have to start the long process over again. Unfortunately, that was not the case. Nationstar claimed they new nothing about our application and SunTrust claimed they sent them all the paperwork. To no avail, we conferenced in a government advisor tied to HARP. She heard the run around we were getting and advised us to start over. We did and were declined. We then tried to refinance our underwater loan. We worked with Jeff Cree at Nationstar for months. He assured us we were locked into our loan, we even paid a small fee to ensure our rate stayed where it was. When it came close to closing, Jeff did a bait and switch. He told us we were not able to get approval for the rate we locked in. The option he did give us was going to cost us thousands in closing fees and was not going to get us closer to digging out of our bad loan. He called us back a few days later and said, that he was mistaken and he was able to get approval for the loan he promised us months ago. So this brings us to today. We were supposed to close last week and we got a call from Jeff saying there were some issues on their end with IT and this was going to delay the closing. We called Jeff every day for the last week to get an update. He never returned our calls. Instead after working with him for 4 months on this, he sent an email this afternoon that said, "sorry for the inconvenience, I couldn't get your loan approved. thanks". Unbelievable. If we weren't expecting our first child this December, I would mail him our keys.

Bought our home in March of 1999, we as lot of other Americans do, we refinanced. After a few more years we refinanced again, and the last time was approx. 4 years ago, right before this economy took a crap.

Our loan is through Fannie Mae, yet the servicer at that time was Flagstar.We had okay dealings with Flagstar, which we had to. Like a lot of us, we had to file for the Hardship Program. We got accepted. Our monthly mortgage was before the hardship was $2, 048.30 (OUCH) We had sent in all of our letters, our check stubs, all that was needed. We got accepted, for this hardship.

We had spoke to a lady by the name of Patricia L. very friendly, and really wanted to work with us. She got our payment down to $683.00 per month for three months, then we had to do this all over again yet we had gotten approved for another modification with Flagstar, basically another trial modification. We then filled out the paperwork and sent in all required papers to Flagstar for the Hamp program.

Okay, NOW, on the sixth payment, third payment of the second modification, Flagstar SOLD our loan to what we call """"""""""""""""""""""""""""""""""""""""""""""""""""""THE NIGHTMARE from HELL mortgage Company"""""""""""""""""""""""""""""""""""""""""""'""""""""""""""""""""""". """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""NATIONSTAR""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""".

here now its time to pay our third installment of our second time around modification, and we receive a letter two days before its due saying they ""SOLD"" our loan to Nationstar... Having nothing but this paper saying we sold your loan to this Company..

NO account number, NO address, NOT even a phone number. We look them up on the internet, find this Nationstar, and they have NO information on us and NO information to give to us. We call Flagstar, they tell us; we have sold your loan, and you no longer have the account with us, and to contact Nationstar to find out where to send payment... (OOPS) payment is now late and we are now in default... Finally, after a few months, YES a FEW Months, we finally know where to send the money to, but its not the $683.00 its the full amount along with the months, we are now behind...

At this time, the ECONOMY, is really in the crapper, and Im not working, my husbands business has slowed down to a minimum and we are barely making ends meet. We cut back on everything, food, lights, clothes, gas, electricity, ETC. We're living sometimes off the means of our friends and family. (Thank you to Dave and Karen Wiley, Mr. Steven Hallsted and the others we were able to pay back)

At this point, Ive given up, thrown my arms up and said F*** it all... So my poor husband now is in charge of everything, bills, dealing with Nationstar, working and trying to provide for his family...

One day I over heard him talking to Nationstar (Chad) OMG-ness this boy/man/rude person on the other end couldn't be from our mortgage company. Well, it was. He was yelling and cursing at my husband putting him on speaker, then cracking jokes, like Are you on drugs Mr. B. finally after Chad hung up on my husband, thats when I decided I would take over the mortgage company. Not to say I was going to find someone nicer, or I would even be nicer, yet I needed to give my husband a break from the insanity of Nationstar.

On July 1st of this year, I took over. I have recordings of all I have spoke to, I have recordings of them after they ask me all the Pertinent Information, I ask for their name, they hang up on me. I have all the Dates, times, and how long these conversations or lack of conversations lasted. Either Ive recorded them or Ive written it down, down to the seconds on the phone with them...

Its now August 24, 2010 and now our dealing are with a lady/girl named Chizo ( Chizbo )~ LOSS MITIGATION REP~ . Some of their names I felt as though I was going into a cartoon. One I talked to was named: Pinkie, OO'kay whatever...
Three days ago she wanted us to send her $2, 048.30 and keep the money they had gotten from Flagstar $1, 376.70

No Modification, Chizo and I had gotten into a bit of a tado and I said I was going to call back. I called back around 2pm central, so about 5 minutes into a conversation I was put on hold by Justin, and Chizo got on the line. This was not looking good. she proceeded to tell me to hang up and call back, as she wasnt going to discuss my file due to she didnt have it on the screen. my replay " this is me calling back, I didnt ask to speak to you, just put me on hold and I will wait. Brian the Manager of these reps. supposedly got on and looked at my file and said our HAMP had been denied. REALLY? and what time did this happen, I asked, Brian replied, at 2:17pm Central. The next thing out of my mouth was, Uhmmm what a conundrum I just got put on hold with Chizo at 2:14pm and mow my HAMP had been denied? Chizo, whatever she did, she did wonders, he replied... Yes, she sure did, my response to him...

So now, our home is going up for auction on the 16th of September, 2010 at 9:30am

Chizo called today and told my husband we had to pay by the 26th of August $4, 098.60 and we have NO idea if we will get qualified, if not we just gambled our money away...

These people here at this Company, have lied to us.

1st lie made by Chad: We never received any type of paperwork, yet we have the fax sheet that says he received it all 31 pages

2nd lie made by Chad: telling us to send him $683.00 for what, we're still unsure. maybe he wanted us to pay his back child support, naw, now we know.

3rd lie made by Chizo: I really want to work with you to safe your home

4th lie made by Chizo: we need a contractual payment of $2, 048.30 by the 26th of August, (which) this lie runs into the lie that was today.

5th lie made by Chizo: We need $4, 098.60 by the 26th of August, 2010

So my friends, this has been OUR story dealing with ==============NATIONSTAR MORTGAGE===========

THE LONG AND SHORT OF IT, THEY DON'T WANT TO WORK WITH YOU. They will take your money and the Free Government money and DENY, DENY and DENY! Just waiting for housing prices to go up. we are the tenants, and caretakers of our homes, yet their not paying us to take care of them...

Did you know this: The HAMP program has only qualified 31% of the people.

The Government set aside 50 billion dollars, yet has only used 1.5 billion in a year and a half

For one, the banks don't want to do the paperwork, they take the money and collect interest on it, you know the FREE money the government has given them

Second: People are paying off their mortgages that aren't worth the value of their home. Ex: they are depleting their 401k's (if they have one), borrowing money (if someone has the money to loan them.)

Americans need to take a stand, call your congressman, write them letters, do whatever it takes to make them listen. Don't make any deals unless you know exactly what your getting. Take that last Stand, don't do upgrades to your home, thinking your going to get approved, cause the LOOONGG and short, the chance of you being that 31% who get approved, is slim to none. Good luck!

AS FOR NATIONSTAR, YOU CAN TAKE OUR HOME, AND MAKE IT YOURS... WE SURVIVED WITHOUT YOU FOR YEARS, AND WE WILL SURVIVE WITHOUT YOU AGAIN. Karma, is a Bit** so to all those folks that we spoke to at Nationstar, remember us in your dreams, because when its your time, you will be judged by the one and ONLY!

Recently had mortgage in good standing purchased by Nationstar from local bank. Received one statement of account, and after paying three months via certified mail to Nationstar, called to find out why we were not receiving monthly statements, and could not login online. Was told by CSrep (when finally able to reach one through path of auto system) that we were a bankrupcty discharge? We never filed bankruptcy in our lives! They obviously had some misinformation, but the Bankruptcy Dept couldn't tell me where this came from (while I am vapor locking over this news) he checked with the court records and found no bankruptcy (YA THINK?) and would remove it from the record. It would take 5 days to clear the account. WHAT? Meanwhile I ask why they had accepted and processed my payments (which included additional payments to principal to pay it down) if it was a discharged bankruptcy and the BD person said it was NationStar's policy to continue taking the payments.
If this is what happens when a mortgage is sold to this company, BEWARE!

I am keeping a chronology of my dealings with this company, but below summarizes my experience with within the first three weeks of them acquiring my mortgage (From flagstar bank).

1) I have had no problems making payments with the previous two mortgage companies (Gmac and flagstar). Their online payment scheduling has set good precedence and indicates a standard practice in the mortgage community. Why is nationstar violating this standard practice? Why should home owners, already stressed by the current economy, forced to pay $7 more for every payment? This is poor customer service, unethical practice, and smacks of a racket that benefits the mortgage company and wester union at the expense of the home owner.

2) nationstar mortgage has already set bad precedent through last minute, unexplained cancellation of scheduled payments. They waited two weeks to cancel the payment and provided no explanation. Since it is in nationstar’s interest to receive late payments (They receive an addition $150+ for late payments) , this smacks of undhanded loan shark practices.

3) nationstar’s only published means of contacting them via electronic correspondence is through their online form submission. This online form does not provide an automated record of correspondence (I. E. An email acknowledgement of form submission) , thereby depriving home owners the ability to maintain correspondence records for legal purposes. This is further exacerbated by the fact that nationstar does not answer online form submissions, ensuring customers have no ability to keep records of correspondence. This violates standard, ethical industry practices that are used by the majority of banks and commerce sites. Again, I am sure nationstar recognized this stands to line their own pockets with late fees that cannot be protested because no records are available to the customer.

This is the worst Mortgage Company on the planet. They applied my payment to someone elses account and then returned it to mine in suspense. I have spent countless hours trying to speak to someone who has the ability to think without reading from a debt collectors script. When you ask them a logical question they simply put you on hold until you hang up. They advised me that "according to their records" I missed a payment 5 months previous. I contacted my bank and sent them a copy of the cashed check and they still don't have the human ability to correct the problem. Consequently, they charged me late charges for every month since and continue to do so, even though I have made every single payment they have billed me for. This company is an absolute nightmare. I am literally fighting them to make my payments ...on a house that is over one hundred thousand dollars upside down. I have come to believe that this Mortgage company WANTS their customers to go into foreclosure. Of course, when my previous (sensible) mortgage company sold my loan to Nationstar, I was not consulted in advance.

Nationstar bought my home loan from MoreEquity this year and ever since than, our mortgage went from approximately $3, 600 to approximately $4, 300! They stated they paid our insurance and escrow accounts. With MoreEquity, we paid our own insurance for less and always maintained a good escrow account with no problems. Now with Nationstar, we are living from paycheck to paycheck and barely making ends meet! We also try modifying but, Nationstar brought our payment down to $4, 100.00! I don't understand why they are allowed to do this, who do they answer to because it seems like I am getting pushed around with no answers. Who can I talk to? Who can help the regular citizens who are trying to keep their home?

Nationstar took over our home loan in August of this year. I mailed them payments for August and September, but they evidently never credited them properly to my account. This has resulted in numerous phone calls and letters. Each time, I am told that the problem has been resolved, but then I receive another call (often on a Sunday afternoon, and often during a football game), and they tell me I am behind in my payment. Now I have to go to the bank to copy both sides of my cancelled checks and fax them the copies. If this doesn't fix the problem, I might talk to a lawyer!

I am very disappointed in this company. My father has a current account with them. I do help my father once in awhile in paying his mortgage thru my banking account with bank of america. I had a associate call my number that my dad needs to make a payment will I had agree on that one payment. I had informed them it is only one payment. I had told them they may not used it for any other futher transacations. I had informed them by e-mailing my father account online. A week later after informing them I had a transacation on my bank of america account for another payment. I had called and e-mailed them again. I had called my bank to informed them. They send back the check and gave back my $35.00 dollars on the over drafted fee. Know as of today they tried it again sending in the payment. I have e-mailed this company nationstar mortgage but they still do it. It is sad I am not on my father account at nationstar mortgage nor is my father on my account at bank of america. I had already file a complaint with the federal trade commission. Signed off elizabeth valdez corpus christi texas

This company is horrible - plain and simple. The most disorganized unprofessional mortgage group I have ever dealt with. The company assumed my loan from Amtrust about a year ago and I believe they are attempting to steal my homeowners escow funds! It took nationstar a year to change or request a change on the homeowners policy, something that should happen automatically and imediately. A year later they they tell me I have no homeowners insurance - the claim is they dont know what insurance company to pay - yet two months ago there was a deduction from my escrow statement for homeowners. When asked what happened the the payment, where did it go? - they say what payment. now they want me to purchase their policy for four times the amount that covers last year.