More than 1,500 Washington homeowners will soon receive letters regarding a share of over $2 million in compensation due to mismanagement by Nationstar Mortgage. This follows a multistate resolution involving one of the largest mortgage servicers in the United States.
Eligible recipients can expect payments ranging from $250 to $840, depending on individual circumstances. The amounts may increase if fewer claims are submitted than anticipated. Claims must be filed by March 3, 2025.
Attorney General Bob Ferguson stated, "This money will help more than 1,500 Washingtonians after Nationstar failed to fairly service their loans. Buying a home is a significant investment and mortgage companies must play by the rules."
DFI Director Charlie Clark emphasized the importance of compensation for affected individuals: "It is imperative to make sure the people of Washington are compensated when harm is done."
The resolution with Nationstar, also known as Mr. Cooper, stems from a multiyear investigation by state and federal partners, including Washington's DFI and Attorney General. Violations included improper fees and wrongful foreclosures due to records mismanagement.
Nationwide, over 115,000 consumers were impacted by these violations. As part of the settlement, more than 1,500 Washington residents will receive over $2 million collectively. Additionally, Nationstar is required to pay $750,000 in civil penalties.
Homeowners will find detailed information about the claims process in their mailboxes this week. Further inquiries can be directed to 1-866-404-0137 or administrator@nationalnationstarsettlement.com. Additional details are available at NationalNationstarSettlement.com.