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
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 Parent: 
USA
HQ State of Parent: 
Texas
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.