I am keeping a chronology of my dealings with this company, but below summarizes my experience with within the first three weeks of them acquiring my mortgage (from Flagstar Bank).
1) I have had no problems making payments with the previous two mortgage companies (GMAC and FlagStar). Their online payment scheduling has set good precedence and indicates a standard practice in the mortgage community. Why is NationStar violating this standard practice? Why should home owners, already stressed by the current economy, forced to pay $7 more for every payment? This is poor customer service, unethical practice, and smacks of a racket that benefits the mortgage company and Wester Union at the expense of the home owner.
2) NationStar Mortgage has already set bad precedent through last minute, unexplained cancellation of scheduled payments. They waited two weeks to cancel the payment and provided no explanation. Since it is in NationStar’s interest to receive late payments (they receive an addition $150+ for late payments), this smacks of undhanded loan shark practices.
3) NationStar’s only published means of contacting them via electronic correspondence is through their online form submission. This online form does not provide an automated record of correspondence (i.e. an email acknowledgement of form submission), thereby depriving home owners the ability to maintain correspondence records for legal purposes. This is further exacerbated by the fact that NationStar does not answer online form submissions, ensuring customers have no ability to keep records of correspondence. This violates standard, ethical industry practices that are used by the majority of banks and commerce sites. Again, I am sure NationStar recognized this stands to line their own pockets with late fees that cannot be protested because no records are available to the customer.