Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Nationstar Mortgage, LLC dba Mr. Cooper
Current Parent Company: Mr. Cooper Group
Penalty: $74,500,000
Year: 2020
Date: December 7, 2020
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: mortgage abuses
Mega-Scandal: Mortgage Abuses
Violation Description: The Consumer Financial Protection Bureau filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper. The Bureau's action is part of a coordinated effort between the Bureau, a multistate group of state attorneys general, and state bank regulators. The Bureau alleges that Nationstar violated multiple Federal consumer financial laws, causing substantial harm to the borrowers whose mortgage loans it serviced, including distressed homeowners. Nationstar agreed to pay approximately $73 million in redress to more than 40,000 harmed borrowers and a $1.5 million civil penalty to the Bureau. State attorneys general issued their own announcements; see separate entry.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Texas
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.