Frequent Contributor

Just got an email from USAA about mortgage being sold to Nationstar. The email stated I'd receive the same service that USAA provides. BS!

Had a previous loan bundled and sold to them by Bank of America. Nationstar is the worst company I've every dealt with. Last year they had a F rating by BBB

This year they gone up to D+. Check it out.

If you pay your insurance in a lump yearly sum directly to your insurance company guess what no more.

You are screwed.

 

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68 REPLIES

Concerned too,

 

Thank you for posting in the Community. We understand this matter is important to you and have escalated your concerns. A representative will reach out to the member to discuss further.

We are scheduled to close on our new house tomorrow. I finally receive the closing statement with the associated cash at closing required and other documents. Within the documents is the statement of who our loan servicer will be....Nationstar. Google the name and enjoy the negative reviews.

The loan on our previous home was done by SunTrust, who turned around and sold it to Nationstar. Nothing new there, lenders do it all the time. However, Nationstar continually messed up when dealing with our mortgage. We would send in our payment on time, often early and over the amount required to try to pay down the loan early. They would send back a check to us for a different amount. After 30 min to an hour of being on hold, they would say that we sent too much money, and that it was a refund for sending in extra funds. We kindly explained to them that we wanted the additional funds to be applied to the principle. They said they understood. Same thing happens three months in a row. What are you not understanding Nationstar? Then, it comes time for us to pay our annual property taxes, and guess what...our escrow account is underfunded by nearly $5000!!! When trying to contact someone within their organization, no one knew what was happening, or we would be transferred continually to someone else with zero knowledge of our account.

Here is where my disappointment in USAA comes from. I asked USAA early on in the loan application process who they sold their loans to, and I specifically mentioned Nationstar. I explained our horror story to the USAA mortgage representative, and that we wanted to make sure we staryed away from anything to do with Nationstar. USAA said no, and stated they only sold them to three specific banks (Nationstar not being one listed). Now, a day out from closing and I get this knife to the heart? Needless to say, I was on the horn immediately with our USAA loan processor and followed up with a less-than-happy email to him and his CoC. They reply..."No, we can't change the loan servicer."

What the heck USAA?!?!, Have you not read the customer complaints and abhorrent reviews about this company?

USAA knows perfectly well that Nationstar (now known also as “Mr. Cooper” to hide the stench) is a horror show. They sold the loans to the cheapest bidder. I never received a late notice and now they are foreclosing. They won’t accept Bank of America’s proofs of payment for many months. Complain to the CFPB until they get a real servicer.

@Karma4U  We regret to hear of your experience. This is not the type of service we expect for our members. I have forwarded your feedback to our subject matter experts to review. ~Dana

Unfortunately, the CFPB has had their budget reduced to zero and the new appointed head is working on changing its Mission Statement so that it will provide exactly zero of the protection for consumers that it was created to in the first place.  The consumer has few rights and no one to help enforce them.  We are all at the mercy of the corporations, bankers and foreign governments who ensured their puppet would be enshrined in office.

Perhaps USAA could post here a document that explains why USAA does not keep our loans in the USAA family, and why a company with a D+ rating with Better Business Bureau was chosen to service our mortgages?
As a person that has a loan through Nationstar...I am sorry for you, they truly suck. Ended up having to declare bankruptcy on them to get them to even work with me.

JAFO1,

 

We understand this matter is important to you. The loan originators who took your application have no way of knowing who will end of servicing your loan. That is not determined until later on in the process. I have taken this opportunity to share your feedback on this matter for review.

Look, here's the deal. Our experience during te home loan process through USAA was horrible - essentially no one working in the application or closing team was competent or would take responsability for problems or fix them. Documents lost, figures changing for no explainable reason, calls never returned. Our USAA agent as it turns out was fired days after we closed on our house. Both of her supervisors were no better.

 

Now we find that USAA has "chosen Nationstar Mortgage, a trusted service provider, to service your loan on USAA’s behalf." 1) Nationstar is NOT trusted. Neither the BBB nor Yelp trust them. The number of complaints from invalid forclosures and fines is, in a word, staggering.

 

We are beginning our refinance today. Our rate with USAA is frankly excellent. We will gladly accept a slightly higher interest rate to get out from under Nationstar. This is not a reputable company. I can only assume they paid the highest amount to aquire our debt.