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NationStar Mortgage

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by csrep, May 2, 2013.

  1. csrep

    csrep LoanSafe Member

    We were approved for a trial modification in October, 2012 by Bank of America. The payments were lowered to an awesome amount. So excited. We signed the acceptance form and sent it back. When it came time to send in our first payment we were notified by BOA that NationStar Mortgage had bought our mortgage. Okay no problem I thought I'll just send the payment to NationStar. Wrong!!!! NationStar would not honor BOA's trial plan and we had to start all over again. Since I had copies of all the paperwork from BOA it wasn't too hard resubmitting to NationStar. On March 1, 2013 NationStar said we had been approved for a trial modification plan. The monthly payment was $185 higher per month than BOA but we could live with that. We were also told that after they received the 2nd payment our final docs would be sent to us to sign and get notarized. I stayed in touch with our loan specialist (we had 5 different reps prior to approval). The loan docs neve came and the our loan specialist told us they were ready to send but a clerical error had been discovered. Not to worry. He continued to follow-up with us and even said he would email them to us as soon as they were ready. We made our 3rd trial payment on April 30th (for May) and on May 1st received a phone call from our rep informing us that the trial modification was denied. I was devastated so I looked on my state's Attorney General's website and they listed HUD counselors to call. We had dealt with them before so I called again. The counselor told me they could not help and to call a lawyer. We can't afford an attorney. I then researched Freddie Mac which is our investor. I called the hotline and spoke with a rep for two (2) hours gathering information. He tried to call the escalation department at NationStar but received voicemail. Today he is going to call me and we will have a 3-way conversation regarding this matter. Counting the time working with BOA it has been two years trying to get a modification. If the rep from Freddie Mac can't help us with NationStar we have no alternative but to let them foreclose.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the community.

    This is complete BS and Nationstar should have never turned down the permanent modification is you made all required trial period payments on time. Did the denial list any other reason your modification would be denied? You need to contact everyone you possible can to help bring attention to your account and I would not hesitate to file a complaint against them for this unscrupulous move.. Here are a few more contacts for Nationstar as well, hopefully they can help you get the modification back on track or your case escalated in a timely matter.

    Nationstar contacts:

    Beau Bridges (HAMP Underwriting Mgr.)
    1-888-480-2432 ext. 2446

    888-366-1119 (hamp team)

    Brian - 469 549 2244 (direct number)
    Keagan - 469 549 2387


    888-480-2432 ext. 2446

    Ramie Baker
    VP - Foreclosure
    Nationstar Mortgage LLC
    (FAX) 972-315-6645
    2501 S. State Hwy 121, Bldg One
    Lewisville, Texas 75067

    • Contact your State Attorney General. Contact information by state is available here: http://www.naag.org/current-attorneys-general.php

    • File a complaint regarding your servicer with the federal Consumer Financial Protection Bureau: https://help.consumerfinance.<wbr>gov/app/mortgage/ask

    • Report a scam to the federal Financial Fraud Enforcement Task Force: StopFraud.gov - Report Fraud
  3. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    Thanks for posting this information Evan. CSRep, I am willing to assist you in your case should you need it or anyone else who is having nationstar issues just put "nationstar issues" in the subject line when emailing below.

    Also, here is the information for Freddie Mac to open up an escalation regardless if you have nationstar or not. this number is to be used if your servicer is not helping you and freddie mac is the owner of your loan.

    800-373-3343 option 2 to freddie mac for escalations.

  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Thanks for the excellent information Michael!! Many here have been experiencing difficulties once their loan has been fully transferred to Nationstar from BofA, as well as Green Tree, SLS, etc.. Seems like BofA is trying to push as many loans off their books as possible..
  5. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    you are absolutely right evan bofa is getting rid of MSRs (mortgage servicing rights) so they can meet the Basel III international banking standards come 2014.

    the MSRs are not as valuable as they once were and they can only keep a certain percentage as Tier 1 capital requirement for the new standards. nationstar doubled their servicing portfolio on one bank of america MSR sale to them.

    i about died laughing when i read this from the american banker's association:

    "Issue of Concern: Deduction of Mortgage Servicing Assets that Exceed 10% of an Institution’s Common Equity Tier 1
    Under the proposed rule, institutions are required to deduct all mortgage servicing assets (net of deferred tax liabilities) that exceed 10% of its common equity tier 1 (15%, when aggregated with deferred tax assets and investments in common stock of an unconsolidated financial entity). In addition, the amount that is below the 10% threshold will receive a 100% risk weight (and eventually 250% beginning 2018). A mortgage servicing asset is the right by a bank to service mortgage loans owned by others. Institutions of all sizes sell mortgage loans they originate to third parties like Freddie Mac and Fannie Mae and retain the right to service those loans. They retain the servicing so the customer interfaces with the bank that originated loan rather than the third party that owns the loan.
    Why it is an Issue:
    · Servicing loans is a specialty of many banks, including many community banks, and the mortgage servicing asset oftentimes will exceed 10%.
    · The deduction of mortgage servicing assets that exceed 10% of a bank’s common equity Tier 1 capital combined with the high (and in 2018 punitive) risk weight could severely impact some community banks, perhaps even lowering their capital levels below well capitalized status.
    · Based on the capital treatment, some banks may choose to exit the mortgage servicing business impacting long standing customer relationships and reducing fee income.
    · Current rules already impose a 10% haircut on the fair market value of readily marketable mortgage servicing assets that are included in regulatory capital. Imposing this new requirement with even further impact U.S. banks beyond the 10% requirement of Basel III.
    Tell Your Story:
    Regulators need to know the facts and how it directly impacts your bank. Add to your comment letter specifically what impact the deduction of mortgage servicing assets from common equity Tier 1 will have on your bank. You should be as specific as possible and provide as much data as you can on the impact on your bank as well as potential customer impact.
    · Existing mortgage servicing assets should be grandfathered. It is simply unfair to penalize banks with long standing mortgage servicing assets because of change in position of the Basel committee.
    · Agencies should allow banks to include 100% of the fair market value of readily marketable mortgage servicing assets to reduce the impact of the proposal.
    · Consider asking that there be no deduction from capital for mortgage servicing rights.
    · Consider asking for a greater percentage to be included in capital (i.e., 25%)."


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