December 10, 2020
Salem — The Oregon Division of Financial Regulation, working with state
and federal partners, closed a multiyear investigation on Nationstar Mortgage
LLC. Nationstar, doing business as Mr. Cooper, violated several mortgage origination
and servicing-related state and federal laws.
The violations affected more than 115,000 people nationwide, and 601 Oregonians.
Violations included charging illegal fees, missed tax payments from escrow
accounts, failure to terminate private mortgage insurance, mishandling of loan
modifications, and wrongful foreclosures.
The order includes repayment of approximately $850,000 to the 601 Oregonians
affected by Mr. Cooper’s wrongdoing, and $750,000 in civil penalties to be
distributed among participating states and jurisdictions. Oregonians affected
by the wrongdoing will be contacted by the settlement administrators about
“The collaboration between our state and federal partners is what made this
final order possible,” said TK Keen, acting administrator Division of Financial
Regulation. “We are glad to bring this to a resolution for all of the victims
and especially for the 601 Oregonians who were affected by Mr. Cooper’s illegal
The coordinated agreement included four main penalties and organizational
changes for Mr. Cooper:
- Refunds and other repayments of approximately $90 million to more than 115,000 consumers in 53 states and jurisdictions
- Civil penalties and government reimbursement of more than $6.5 million
- Enhanced servicing standards for three years
- Additional regulatory oversight and corporate disclosure to ensure the company maintains adequate risk and compliance programs
The final order resolves all outstanding issues from the coordinated Consumer
Financial Protection Bureau and state regulator examinations that began in
For more information on this settlement agreement, visit State and federal regulators finalize Mr. Cooper misconduct investigation.
For more information on the division’s insurance and financial services enforcement
actions, visit its quarterly summaries page – Taking Action.
If you have questions about your specific financial services account, contact
the company that handles your account.
If you have questions or need to file a complaint on a financial services
company or professional, contact the division’s advocacy team at 888-877-4894
(toll-free) or email firstname.lastname@example.org or email@example.com.
About DCBS: The Department of Consumer and Business Services
is Oregon's largest business regulatory and consumer protection agency. For
more information, visit www.dcbs.oregon.gov.
About Oregon DFR: The Division of Financial Regulation
is part of the Department of Consumer and Business Services, Oregon’s largest
business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and http://dfr.oregon.gov/Pages/index.aspx .