Nationstar AKA Mr Cooper Settles With NYDFS For $17 Million

NYDFS Squeezes $17 Million In Fines Out Of Nationstar aka Mr Cooper For Violating New York Finance Laws

Nationstar aka Mr CooperThe New York Department of Financial Services has announced reached a $17 million settlement with Nationstar aka Mr Cooper.
The NYDFS accused the lender of violating a plethora of NYS financial laws.
Lending Website Housingwire stated:
NYDFS stated the investigation uncovered numerous deficiencies and violations of the state’s banking laws. The violations occurred during Nationstar’s servicing and origination operations between 2011 and 2014.
NYDFS audits found evidence that Nationstar aka Mr Cooper failed to develop effective controls that kept pace with its growth. These issues caused damage to homeowners.
The settlement covers both Nationstar’s mortgage origination and servicing activities in the state.

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