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Miller Joins $86.3 Million Settlement with Mortgage Servicer Nationstar

Iowa Attorney General Tom Miller, 50 AGs, and other agencies settle allegations of violations affecting thousands of Mr. Cooper customers.

Iowa TorchbyIowa Torch
December 7, 2020
in State Government
Reading Time: 1 min read
Miller Urges Congress to Extend Deadline to Use CARES Act Funding

Attorney General of Iowa Tom Miller

DES MOINES, Iowa – Attorney General Tom Miller has joined with 50 other attorneys general and other federal and state agencies to reach an $86.3 million settlement with Nationstar Mortgage. Nationstar is the country’s fourth-largest mortgage servicer.

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The consent judgment resolves allegations that Nationstar, which does business as “Mr. Cooper,” violated consumer protection laws during its servicing of mortgage loans. The settlement provides restitution for a variety of harms that were identified in the investigation. Thousands of borrowers had problems when their loans were transferred to Nationstar, leading to foreclosure in some circumstances.

This settlement holds Nationstar accountable for harms to homeowners in Iowa and across the country,” Miller said. “This agreement requires Nationstar to adopt rigorous servicing standards to help prevent future improper mortgage servicing.”

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The consent judgment, filed in the U.S. District Court for the District of Columbia, provides approximately $79.2 million in relief affecting 55,814 loans nationally. It covers conduct by Nationstar occurring from Jan. 1, 2011, until Dec. 31, 2017.

In Iowa, the settlement affects 312 loans for a total of $220,817. Miller’s office helped lead the investigation, and the state will separately receive $455,450 from the settlement.

The consent judgment also requires Nationstar to follow a detailed set of rules or “servicing standards” in how it handles certain mortgage loans.  These servicing standards are more comprehensive than existing law and will be in place for three years starting on Jan. 1, 2021.

The settlement was signed by attorneys general from all 50 states and the District of Columbia. The state AGs negotiated the settlement with the state mortgage regulators and the federal Consumer Financial Protection Bureau, which filed separate settlement documents.

Tags: Attorney General of IowaMr. CooperNationstarTom Miller
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The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

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