- November 21, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder can help in this situation by:
– Analyzing the loan agreement and terms from Umpqua Bank to determine if there were any clauses related to fees for insufficient funds in the escrow account.
– Reviewing the communication from Mr. Cooper and identifying any legal obligations they may have in providing documentation for the alleged fee.
– Providing clear and concise explanations of any legal jargon or terms related to the mortgage process, helping the individual navigate the situation with more confidence and understanding.
– Generating templates or guidance for requesting documentation from previous loan providers, streamlining the process of gathering evidence to dispute the fee.
– Offering support and guidance in understanding the rights and responsibilities of both the individual and the loan providers in this scenario.
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****** just grabbed a
Be extremely careful with anything you’ve recently received from Mr. Cooper. They had a security breach that we aren’t sure the full extent of.
There’s a real good chance they are trying to redirect your payment to a scammer claiming the old payment bounced.
They bought our mortgage a few months back. At first we thought it was a joke with their company name. Then the data breach this month were not impressed at all.
Have you gone back to your prior lender and confirmed you do or do not own it?
Sounds like the fee is actually unrelated to Mr Cooper at all
If the fee is erroneous and they won’t remove it, file a complaint with the Consumer Financial Protection Bureau.
I donÔÇÖt trust anything from Mr Cooper right now. IÔÇÖd call and talk to someone
I just closed end of September, made my first payment November 1 and a few days ago got a letter my mortgage is sold to mr cooper and payments to them start October. Should I be concerned?
Mine was also recently transferred and I saw a $31 fee for insufficient funds. I received a letter today outlining that they performed an escrow review and were requiring an additional payment per month due to increased insurance/taxes. Maybe yours is similar.
Ugh. Umpqua bank.
Would be unsurprised if the screw up was on their end.
(Sorry, I know that’s not helpful. It’ just they’re my local bank and I always have to be on top of them for everything.)
Payment aside, I would make sure your credit is frozen. Customer data has been exposed.
For what itÔÇÖs worth I had an Umpqua mortgage that was recently transferred to Mr Cooper, and there were no additional fees.
$35 fee sounds like a recording fee for the assignment of mortgage to the new lender. Typically they dont pass that on to the borrower but
I have a feeling there is an ongoing industry-wide scam for collecting bogus fees.
ÔÇØMortgage Co Accidentally Tries Taking $2.3B from Its Customers Mortgage Co Accidentally Tries Taking $2.3B from Its CustomersÔÇØ
[https://youtu.be/TtTQrhngEC0?si=F6bXP_zg2oJHMGQG](https://youtu.be/TtTQrhngEC0?si=F6bXP_zg2oJHMGQG) May be of interest to you. It happened back in 2021 but may still be relevant.
Had a previous mortgage sold to the same company and had the same issue. Ended up talking to a “tier 2 account rep” who said she was unable to find anything noting what the fee was for and waved it.
They got hacked and shut down for over a week. Just call in and they should delete the late charge.
It could be as simple as insufficient funds for escrow which was not remedied properly by your previous bank. Escrows change commonly due to tax and insurance changes so I wouldnÔÇÖt be surprised if thatÔÇÖs what it is.
They cannot charge you and NSF fee for an escrow shortage- also they have a federal duty to validate the debt, meaning if they are charging you for a fee, they have to validate where it stemmed from, even if they go through the prior servicers pay history.
File a CFPB complaint online period. If you must email Mr Cooper, only use their [email protected] email. ItÔÇÖs for escalated issues.
My mortgage got sold to MrCooper a few years ago, I thought they sounded shady and found that the name was basically a rebranding of another lender with a not very good reputation. So before I paid them a dime, I refinanced with my local CU.
I work servicing escalations. First write the servicer. In light of their security breach, do not write an address on a recent notice or address given over the phone. Find the written correspondence address on their known website and write/fax/email a request. If you have a copy of an old mortgage statement from your previous servicer, preferably the one just before transfer, that doesnt show the fee send that too.
Simply state the statements from the prior servicer do not reflect this fee and you are disputing it. They need to provide written statement on when it was assessed and why.
Now if i had gotten this complaint i would check your supporting documentation and the statements provided to us from the prior servicer to see if said fee is present. If it was I’d respond saying it was assed on xy statement and reflected on the last statement from then under (advances, fees, outstanding payment, unpaid expenses) everyone lists it differently.
If it did not show, then i would ask the prior servicer for justification prior to responding to the customer. I may even waive it outright depending on what their prior statements show
Either way send a written request, the peoplr on the phone ate collection agents they cannot do detailed research.
I wonder if they buy 100k mortgages at a time and apply the 35$ fee, in hopes that 90% of the people won’t notice or spend the time to track it down.
Been seeing lots of complaints about Mr Cooper online.
I see a class action in their future
My favorite. I had a mortgage with one provider. I had to deposit one full month in advance in order to have automatic payments every two weeks. Recently my mortgage was picked up by a new loan service and they required me to do the same thing again.
Had the same thing happen 18mo ago. They bought my mortgage and suddenly $25 fee. I called and argued it and escalated it to no avail. They weren’t trying to collect it and I got busy and forgot about it. When I checked a few months ago it was gone, no record what so ever of it on their site.
Don’t hesitate to file a CFPB complaint ASAP. They get stuff done.
I don’t have any specific advice for you. However, I was a developer there for the property listings website and I can tell you this.
Anytime an exec got an email from some unhinged dude demanding that his property be removed from the map, and especially threatening lawsuits, we acted fast. The more unhinged, the faster we acted.
Sorry, Australian here. ELI5 – you can have a relationship with one financial institution and if they sell your loan you cease that relationship, commence another and you get no say in when or how, or even if this transition should occur?
I understand the part of the financial system where loan financiers borrow against assets they hold, but you’re telling me that they can quite literally dispose of a loan and as a (now former) customer, you can get an unsolicited letter in the mail that basically says “your house belongs to us now, you owe us money”, and you get no choice in this?
That’s wild, or am I miss understanding?
I hate mr cooper. They didnÔÇÖt pay my property taxes last year. So annoying. And in every call I had trying to get my escrow funds to pay my property taxes myself they asked if I wanted to refinance. So stupid. Why would I refinance a 3% interest rate for an 8%? And why would I refinance with a company who canÔÇÖt even pay my taxes on time?
HATE THEM.
ItÔÇÖs up to the lender to have adequate funds in the escrow account. Not the customer, because the customer has no say over it. Every lender IÔÇÖve ever had assumed at least 10%, usually more, of the total for taxes and insurance, to assure that theyÔÇÖd have adequate funds when those were due.
Honestly, I donÔÇÖt know if you legally are responsible for their lack of due diligence in keeping funds for you. But you certainly can check with your state, which governs such things.
Mr. Cooper is abysmal and the mere mention of their name makes me see red. I absolutely loathe them from when they bought my mortgage and it was an absolutely awful process transitioning to them.
I was beyond relieved when I refinanced during Covid when the rates were low.
[https://www.youtube.com/watch?v=TtTQrhngEC0](https://www.youtube.com/watch?v=TtTQrhngEC0)
Happened in 2021, apparently, but maybe related?
It’s definitely possible you got this fee under Umpqua and just didn’t notice it. When a payment presentation is rejected due to nonsufficient funds, the payee (Umpqua) can try three times in total to get the funds. They may charge you NSF fees for each failed attempt. Your own bank may do the same but it is possible they don’t charge NSF fees or only when all 3 are rejected. Finally, fees like this often aren’t required as part of the monthly payment, so you may not have noticed that it was assessed on your account.
At the same time, Mr. Cooper has a reputation for disorganization, so there may have been some records mix up during the servicing transfer. I would reach out to Umpqua to check their records and if they confirm that you never had a fee with them, ask for documentation of that to provide to Mr. Cooper.
Sorry to hear; we were fined & told our payment was overdue when their own screen showed a check pending with the payoff amount, which was more than the regular monthly payment. HUGE hassle to clear their mistake; if thereÔÇÖs any way you can refi & change mortgage co, do it & be prepared for Mr C to try to screw it up by ignoring their own info
Yet another reason to not do escrow accounts.
Fuck that.
If they didn’t adjust your mortgage payment for the tax increase they shouldn’t be able to make you pay a fee for it not being enough.
I don’t know who Mr. Cooper is but they sound like dicks.
Mr cooper is the most incompetent mortgage company IÔÇÖve ever dealt with.
Make them prove it to you. If they were to foreclose on you over it, they’d have to prove it in court anyway. I’d myself absolutely not put a single second of additional time into this.
How big are these mfs? They seem like they bought half or RedditÔÇÖs mortgage in the past couple months
Yeah Mr Cooper is garbage. Had our loan sold to them and we were with them for a year. They didnÔÇÖt pay our home insurance out of escrow and missed one of our property tax payments. Luckily I did some research about them and realized they used to be called something else and had terrible reviews when they had the other name. So i was tracking my home insurance and property taxes and just paid them out of pocket. But left them within the year and moved to rocket mortgage.
My legitimate fees (INF in my case too) are not taken out with my ACH monthly payment. They just keep forwarding until I cut them a check. Sometimes that could be months before I even notice. Not something that is ever pressed. You would probaly have to trace back that incident through your bank records, to assure yourself.
My mortgage was also recently bought by mr Cooper
They said they would send me something in the mail explaining all the details
IÔÇÖve gotten absolutely nothing
Has anyone experienced anything like this before?