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 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.
