Attorneys general, including Arizona, reach $86M agreement with mortage servicer Nationstar

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Posted at 9:37 AM, Dec 08, 2020
and last updated 2020-12-08 11:38:57-05

Attorneys general from across the country and other federal and state agencies have reached an $86.3 million settlement with Nationstar Mortgage over allegations that the company, which does business as “Mr. Cooper,” violated consumer protection laws during its servicing of mortgage loans.

Attorney General Mark Brnovich joined 50 other attorneys general in the suit against Nationstar. Arizona will receive more than $1.4 million in relief.

Thousands of borrowers nationwide had problems when their loans were transferred to Nationstar, the country's fourth-largest mortgage servicer, which may have led to foreclosures for more than 200 Arizonans.

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

Read more from the Phoenix Business Journal.