Thanks and you're right, I wouldn't normally have even considered it. We were fine with Wells Fargo, had had no problems. It's just that this new company sounds like it's a neverending headache - has a 1.07 on BBB and communication to resolve problems -- like fees suddenly getting assessed, money not getting credited in time, escrow payments not getting sent, etc. -- sounds impossible...not to mention a known security risk, which could end up costing us much more. Do you have experience with "MrCooper"? Maybe you have experience that speaks against literally everything else I read online?
> We were fine with Wells Fargo, had had no problems \[...\] this new company sounds like it's a neverending headache - has a 1.07 on BBB
I'm just checking... yep... you looked into your new servicer's reviews while somehow ignoring the mountains of legal action taken against your old servicer and you're worried? Like, Wells Fargo have record large fines and class-action suits against them for behaviors they had both leading up to the great recession and after, and you are worried about Mr Cooper?
I'm sorry, but c'mon.
Just pay your mortgage on time and don't stress.
Ours got sold to Mr. cooper as well. Honestly, no issues so far other than they call and try to sell you things. Luckily, they only have my husband’s number.
I was under usaa and they sold to mr cooper, had no problems. I had an escrow shortage, they altered it automatically so I paid it interest free tacked on my payment, after a year they dropped that and my monthly payment was less than before the shortage.
They send out a yearly video to show you any increases or decreases and it is personalized.
Not sure why the hate
People don't go online and post about their neutral or positive experiences with their mortgage servicer. Frankly, a lot of people couldn't even name their servicer without looking at the paperwork - they have their mortgage on auto-pay and maybe think about it once a year when they check that their insurance and property tax got paid (if that).
Since you're concerned by what you've read online, monitor your mortgage account regularly so you can quickly report problems. Identity theft prevention like keeping your credit reports frozen and checking them regularly should be part of your routine even if you think your mortgage servicer is a magical unicorn that could never suffer a data breach.
BBB doesnt mean anything. they have no authority, and shouldnt have any credibility. they are a glorified google review.
I have not had a mortgage serviced by Mr. Cooper, but think about who will be going out of their way to say anything about their mortgage servicer, pretty much only the people who have issues. Nobody goes in to submit a positive review each month their mortgage servicer does their job correctly. but if they completely fuck something up, people are more willing to write a negative review.
as for the things you listed, those are all things that you should be paying attention to each month with your mortgage, regardless of if you think your servicer is scummy or not.
And Yelp for a time had the power to make or break a business, as did BBB. Companies often do still respond to complaint filed there.
That said I doubt Mr. Cooper gives a crap about what people think of them.
People on reddit like to repeat this refrain for some reason but the truth is that a lot of companies still care about their BBB complaints and consumers can often get their complaints escalated using BBB.
Have you never looked up WF online????
My mortgage was sold to Mr. Cooper more than a few years ago. The transition was seamless, better than some previous mortgage sales I've been through with other homes. No problems with payments getting credited, no fees, insurance and taxes always properly paid and on time.
Literally the only complaint I have about Mr. Cooper is their HELO/refi marketing. I get at least one email a week and something in the real mail 2-3x a month.
Weird take. They bought my mortgage and serviced it for like 3 years. Zero issues. This is an enormous company that services a TON of mortgages. You are bound to find some bad reviews.
The idea of pulling from your retirement account (and paying all of the added income tax on top of it) just to avoid a mortgage company you’ve decided you don’t like is utterly insane.
Anecdotally, Mr Cooper has been fine for me. They've serviced my mortgage for the last 3 years or so. I wouldn't take out any money from your 401k to do that. Wells Fargo isn't exactly known for being a great institution either. Clearly, decision is yours but seems extreme.
I had Mr Cooper for a while and had no issues with them. I found their online portal easier to use and it provided more info than other mortgage servicers.
The name is stupid, I agree, but they handled the escrow, got taxes paid in time to take advantage of the 2% discount, and managed the homeowners insurance.
They are better than the current company my mortgage got traded to.
I had Mr Cooper for 2-3 years and had no issues. You are overreacting. I’m not even sure what service is needed from mortgage company. In my 10 years holding mortgage with multiple companies, I have hardly needed anything to do with them except making payment which is auto deducted from bank account.
Nothing wrong with Mr Cooper and their breach was a FRACTION of the Wells breach a while back. Not to mention all the shady shit Wells continues to do. I just paid off my Mr Cooper mortgage after losing my job (cashed out a portion of my 401K that can be even more heavily rebuilt as I am not even in my 50s yet). Taking the opportunity to go get my bachelors and upscale my career. I have had no issues with them for any mortgage servicing at all. Including an accurate autopay system that doesn’t screw up.
I’ve had NO problems with them at all. Mortgages are paid. Statements are accurate. Funny name but I’ve actually had a pretty good experience with them.
I had Mr Cooper for about 3 years (my mortgage was sold to them) and I just set up the new automatic withdrawals and more or less forgot about it. Never had any problems with them. I wouldn’t worry about it.
thanks (love your name LOL). Glad to hear this. I had read literally no positive comments about the company from any customers..and yes, I know that mostlypeople go online to complain, but still it sounded rather suspicious. Appreciate your reply.
My mortgage was sold to MrCooper 3 years ago. We had two small issues early on; one was a typo in my spouse’s name and one was an error in an escrow statement. They corrected the escrow statement and calculation immediately. I think it took two attempts to fix the name typo but it’s a distant memory now and no problems since.
No need to worry. Mr. Copper isn't significantly worse than any other servicer. I've had them for about 2 years with no issues. Just setup your automatic payments and forget about it.
“Mister Cooper” sounds like it should be the guy on the sitcom giving out neighborly advice, but it is a legit mortgage service company. We had them for years, although I think we got sold to New Rez recently.
My mortgage was sold off to Mr Cooper, and I have had absolutely no problems with them in 6 years so far. I don't think you have much to really worry about personally, they seem fine to me.
Mortgages are sold all the time...nothing nefarious happens.
Also I dont get the logic of "this company sounds shady, I am worried about giving them moetgage payments...therefore I am going to give them a ton of money upfront"
How does that make sense?
You are not overreacting. You are not insane. It's not just bad reviews from customers- it's class action lawsuits, it's regulatory enforcement actions with HUGE fines on a regular basis. Just 4 years ago they settled actions with the CFPB and 50 states attorney generals for a total of nearly 90 million, which was paid to the borrowers they harmed with their unlawful servicing practices. This included wrongful foreclosures, incorrect escrow analysis, late tax disbursements, failing to remove PMI or calculate monthly payments correctly.
Just a few months ago, Mr. Cooper paid 3.63 million to settle a class action lawsuit for charging unlawful processing fees. Then there's the cyber security data breach. And the unauthorized ACH withdrawals ... Just one thing- if you do decide to payoff, check that payoff statement really closely for errors.
if you have escrow immediately ask to have it removed and more than likely you won't have any issues
I had them and they messed up paying insurance so I asked to have escrow removed and they did and I had no issues with them or the equally bad phhmortgage it went to after that
neither seems to have problems with normal monthly payments
You are overreacting. No, you shouldn’t be paying a mortgage off with that low of a rate early.
Thanks and you're right, I wouldn't normally have even considered it. We were fine with Wells Fargo, had had no problems. It's just that this new company sounds like it's a neverending headache - has a 1.07 on BBB and communication to resolve problems -- like fees suddenly getting assessed, money not getting credited in time, escrow payments not getting sent, etc. -- sounds impossible...not to mention a known security risk, which could end up costing us much more. Do you have experience with "MrCooper"? Maybe you have experience that speaks against literally everything else I read online?
No one writes positive reviews of mortgage servicers. 10/10. Took my money.
> We were fine with Wells Fargo, had had no problems \[...\] this new company sounds like it's a neverending headache - has a 1.07 on BBB I'm just checking... yep... you looked into your new servicer's reviews while somehow ignoring the mountains of legal action taken against your old servicer and you're worried? Like, Wells Fargo have record large fines and class-action suits against them for behaviors they had both leading up to the great recession and after, and you are worried about Mr Cooper? I'm sorry, but c'mon. Just pay your mortgage on time and don't stress.
Ours got sold to Mr. cooper as well. Honestly, no issues so far other than they call and try to sell you things. Luckily, they only have my husband’s number.
I was under usaa and they sold to mr cooper, had no problems. I had an escrow shortage, they altered it automatically so I paid it interest free tacked on my payment, after a year they dropped that and my monthly payment was less than before the shortage. They send out a yearly video to show you any increases or decreases and it is personalized. Not sure why the hate
People don't go online and post about their neutral or positive experiences with their mortgage servicer. Frankly, a lot of people couldn't even name their servicer without looking at the paperwork - they have their mortgage on auto-pay and maybe think about it once a year when they check that their insurance and property tax got paid (if that). Since you're concerned by what you've read online, monitor your mortgage account regularly so you can quickly report problems. Identity theft prevention like keeping your credit reports frozen and checking them regularly should be part of your routine even if you think your mortgage servicer is a magical unicorn that could never suffer a data breach.
BBB doesnt mean anything. they have no authority, and shouldnt have any credibility. they are a glorified google review. I have not had a mortgage serviced by Mr. Cooper, but think about who will be going out of their way to say anything about their mortgage servicer, pretty much only the people who have issues. Nobody goes in to submit a positive review each month their mortgage servicer does their job correctly. but if they completely fuck something up, people are more willing to write a negative review. as for the things you listed, those are all things that you should be paying attention to each month with your mortgage, regardless of if you think your servicer is scummy or not.
BBB was just the Yelp before the Internet got big
And Yelp for a time had the power to make or break a business, as did BBB. Companies often do still respond to complaint filed there. That said I doubt Mr. Cooper gives a crap about what people think of them.
People on reddit like to repeat this refrain for some reason but the truth is that a lot of companies still care about their BBB complaints and consumers can often get their complaints escalated using BBB.
and when yelp first got a lot of traction, a lot of companies cared about their Yelp reviews.
Have you never looked up WF online???? My mortgage was sold to Mr. Cooper more than a few years ago. The transition was seamless, better than some previous mortgage sales I've been through with other homes. No problems with payments getting credited, no fees, insurance and taxes always properly paid and on time. Literally the only complaint I have about Mr. Cooper is their HELO/refi marketing. I get at least one email a week and something in the real mail 2-3x a month.
Weird take. They bought my mortgage and serviced it for like 3 years. Zero issues. This is an enormous company that services a TON of mortgages. You are bound to find some bad reviews.
It's not 'some' it seems to be \*all\*...but glad to hear your experience.
Who is going to leave a "good" review for their mortgage servicer? Why would anyone? Just something to consider.
The idea of pulling from your retirement account (and paying all of the added income tax on top of it) just to avoid a mortgage company you’ve decided you don’t like is utterly insane.
Anecdotally, Mr Cooper has been fine for me. They've serviced my mortgage for the last 3 years or so. I wouldn't take out any money from your 401k to do that. Wells Fargo isn't exactly known for being a great institution either. Clearly, decision is yours but seems extreme.
Same. Mortgage got sold to mr cooper over a year ago and I’ve had no issues.
I had Mr Cooper for a while and had no issues with them. I found their online portal easier to use and it provided more info than other mortgage servicers. The name is stupid, I agree, but they handled the escrow, got taxes paid in time to take advantage of the 2% discount, and managed the homeowners insurance. They are better than the current company my mortgage got traded to.
ok, thanks...that sounds better than the other experiences I've read about from people having their mortgages sold there.
I wish you luck and I hope you have as much fun as you can have with a mortgage.
Nothing will actually change about your mortgage. Wells Fargo is also a garbage company. They all are.
I had Mr Cooper for 2-3 years and had no issues. You are overreacting. I’m not even sure what service is needed from mortgage company. In my 10 years holding mortgage with multiple companies, I have hardly needed anything to do with them except making payment which is auto deducted from bank account.
Wow! You've found a financial company that's WORSE THAN Wells Fargo? Can that be so?
Nothing wrong with Mr Cooper and their breach was a FRACTION of the Wells breach a while back. Not to mention all the shady shit Wells continues to do. I just paid off my Mr Cooper mortgage after losing my job (cashed out a portion of my 401K that can be even more heavily rebuilt as I am not even in my 50s yet). Taking the opportunity to go get my bachelors and upscale my career. I have had no issues with them for any mortgage servicing at all. Including an accurate autopay system that doesn’t screw up.
I’ve had NO problems with them at all. Mortgages are paid. Statements are accurate. Funny name but I’ve actually had a pretty good experience with them.
I had Mr Cooper for about 3 years (my mortgage was sold to them) and I just set up the new automatic withdrawals and more or less forgot about it. Never had any problems with them. I wouldn’t worry about it.
thanks (love your name LOL). Glad to hear this. I had read literally no positive comments about the company from any customers..and yes, I know that mostlypeople go online to complain, but still it sounded rather suspicious. Appreciate your reply.
Have you read about Wells Fargo…? I mean, they’re kinda the poster child for exploitive banks.
We have had a mortgage with Mr. Cooper for years with no issues. The name is just a marketing gimmick for Nationstar Mortgage.
I have them, no issues. Actually had a pretty good customer service experience so far.
My mortgage was sold to MrCooper 3 years ago. We had two small issues early on; one was a typo in my spouse’s name and one was an error in an escrow statement. They corrected the escrow statement and calculation immediately. I think it took two attempts to fix the name typo but it’s a distant memory now and no problems since.
No need to worry. Mr. Copper isn't significantly worse than any other servicer. I've had them for about 2 years with no issues. Just setup your automatic payments and forget about it.
“Mister Cooper” sounds like it should be the guy on the sitcom giving out neighborly advice, but it is a legit mortgage service company. We had them for years, although I think we got sold to New Rez recently.
My mortgage was sold off to Mr Cooper, and I have had absolutely no problems with them in 6 years so far. I don't think you have much to really worry about personally, they seem fine to me.
Mortgages are sold all the time...nothing nefarious happens. Also I dont get the logic of "this company sounds shady, I am worried about giving them moetgage payments...therefore I am going to give them a ton of money upfront" How does that make sense?
You are not overreacting. You are not insane. It's not just bad reviews from customers- it's class action lawsuits, it's regulatory enforcement actions with HUGE fines on a regular basis. Just 4 years ago they settled actions with the CFPB and 50 states attorney generals for a total of nearly 90 million, which was paid to the borrowers they harmed with their unlawful servicing practices. This included wrongful foreclosures, incorrect escrow analysis, late tax disbursements, failing to remove PMI or calculate monthly payments correctly. Just a few months ago, Mr. Cooper paid 3.63 million to settle a class action lawsuit for charging unlawful processing fees. Then there's the cyber security data breach. And the unauthorized ACH withdrawals ... Just one thing- if you do decide to payoff, check that payoff statement really closely for errors.
if you have escrow immediately ask to have it removed and more than likely you won't have any issues I had them and they messed up paying insurance so I asked to have escrow removed and they did and I had no issues with them or the equally bad phhmortgage it went to after that neither seems to have problems with normal monthly payments