State financial services regulators from 53 jurisdictions, with assistance from the Conference of State Bank Supervisors (CSBS) and American Association of Residential Mortgage Regulators, closed a multiyear investigation of Nationstar Mortgage LLC, d/b/a Mr. Cooper, one of the largest mortgage servicers in the nation.
This joint effort also involved 51 state attorneys general and the federal Consumer Financial Protection Bureau. The special inspector general for the Troubled Asset Relief Program and her staff provided technical support during the examination resolution process. State regulators also addressed servicing issues impacting borrowers in bankruptcy in coordination with the United States Trustee Program, a component within the Department of Justice.
The coordinated government agreements secured refunds and other redress of almost $90 million to more than 115,000 consumers in 53 states and jurisdictions. The company will also pay more than $6.5 million in civil penalties and government reimbursement.
Download the Settlement Agreement and Consent Order: