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.