Reply to Mr. Cooper mortgage--any experience?

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Reply to "Mr. Cooper mortgage--any experience?"

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[quote=Anonymous]Mr Cooper is formerly Nationstar. The only problem I’ve had with them is they force placed a homeowner’s insurance policy on me. The cost of the policy was roughly $940
annually, but my mortgage payments increased $1882 annually. Nothing to do with my taxes. They have the right to do this if they give you 45 days notice, but I already have perfectly good insurance. They don’t ask you to send proof of coverage prior to purchasing the insurance on your behalf. I am a real estate agent and asked a friend/loan officer about this. She replied:

“ This is a common problem in the Mortgage Industry right now. Mortgage Servicers are not getting the updated policies in a timely fashion because everything is electronic and computers don’t talk to each other (hence the force place home insurance). It’s so frustrating. We have seen it at GRB. We have seen it at other lenders. It’s a non-stop problem because banks won’t pick up the phone. They all communicate electronically.

Many Mortgage Lenders service release their mortgages to large mortgage servicing companies. Mr. Cooper is one of them. Others include PennyMac, New Rez, etc….

Mortgage Servicing requires hundreds of employees – most small, local community banks don’t have space to accommodate Mortgage Servicing. I wish that could change!”

Be cautious of this. I’ve heard some lenders buy unnecessary policies because they receive kickbacks from the insurance companies. For instance, flood insurance policies for properties  not located in flood zones. [/quote]

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