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Violation Tracker Individual Record

Company: Nationstar Mortgage LLC
Current Parent Company: Mr. Cooper Group
Penalty: $17,000,000
Year: 2018
Date: April 11, 2018
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Department of Financial Services fined Nationstar Mortgage LLC $5 million for violations of New York State Banking Law, stemming from the company's failure to develop effective, scalable controls that could keep pace with its rapid growth. As a result of DFS examinations, Nationstar made restitution of $7 million to New York borrowers. Under the consent order with DFS, Nationstar also agreed to donate $5 million in residential real property or first-lien mortgages to one or more non-profit organizations to assist in the rehabilitation of vacant and abandoned properties.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
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)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.