Mr Cooper Names Chris Marshall Company President
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Mr Cooper reports profit surge, looks into mortgage servicing issue
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Nationstar allegedly began purchasing mortgage servicing portfolios in 2012 and as the loan data was transferred, borrowers that sought payment modifications and assistance with payments fell through the cracks, according to the lawsuit.
The lawsuit also alleges Nationstar failed to oversee third-party vendors hired to inspect and maintain properties owned by delinquent borrowers and improperly changed locks on their homes.
Borrowers in this category will receive a minimum payment of $250.
While borrowers that fell through the cracks as Nationstar transferred loan data, as alleged in the lawsuit, will receive a guaranteed minimum payment of $840.
The settlement by Morningstar occurred the same day the U.S. Department of Justice reached an agreement for $74 million with Nationstar, U.S. Bank National Association and PNC Bank over noncompliance with bankruptcy code and federal bankruptcy procedure.