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Nationstar Mortgage / former employee spills secrets

1 United States Review updated:

I am a former employee of Nationstar Mortgage. I resigned of my own will and was not fired. Therefore, I'm not harboring any grudge against anybody. But, I do want to warn everyone out there that this company has continued to practice innappropriate lending standards even after the mortgage bust when Fannie Mae collapsed. I was even as late as October of 2009 encouraged to manipulate income documents to qualify customers and to pressure customers to refinance even if there was no benefit. I was also encouraged to redistribute fees so that the company could report a profit while they were actually taking a loss in funds. There are some honest hard working people at Nationstar Mortgage, but the people putting the pressure on branch managers and loan officers are knowingly commiting mortgage fraud. Fishing for credit reports, manipulating income, finding ways to avoid liens on titles, these are just some of the ways managers are encouraged to help their loan officers make the sale. And if you are a customer of Nationstar Mortgage, I ecnourage you to keep a close eye on your credit report if one of their loan officers calls you. I can't tell you how many times we were encouraged go ahead and pull reports if we didn't have the customers full consent to complete an application for a refinance and those reports do count against your credit report and you will have to give an account for them if you apply for a loan anywhere.

Do yourself a favor- if you are an employee or a customer- stay away from any subprime leding company- including Nationstar Mortgage.

Me
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Comments

  • St
      22nd of Apr, 2009
    +1 Votes

    Are you familiar with Nationstar's appraisal practices? Did they work with a particular company, or network of appraisers when valuing a property for a loan?

    Steve

  • Sh
      25th of Apr, 2009
    +2 Votes

    I would like to speak in person with this author. Also, Steve they never used an appraisal - they just assumed the value. Either author if you can email me @ bbbsherry@gmail.com I could use some help. Thanks, Sherry

  • Na
      6th of Sep, 2010
    +1 Votes

    My loan was also sold to Nationstar by GMAC. Couldn't get an answer on modification, and found a buyer. Had a pay-off in hand from them, quoting the pier diem interest fig. Atty wire transferred pay-off, deducting two days interest they weren't entitled to. They held it 5 days
    and returned it to atty. They wanted more money, sent me a bill for their insurance coverage, letters from a foreclosure mill here in NC. I finally pd the atty the 2 days int. they included a late fine and re-wired it to them, they held it for about 10 days before posting, and only did it then because the atty called the foreclosure mil in Wilmington, NC and told them they were looking at a big lawsuit if it wasn't credited fast. The last I heard it was accepted, but D/T is still not cancelled. I will gladly join anyone willing to file a class-action law suit against these people for their un-fair trade practices. It's the only way we're going to stop these crooks. There is safety in numbers, and we can't be the only ones hurt by these individuals. hdavis11@ec.rr.com

  • Na
      6th of Sep, 2010
    +5 Votes

    I was with a title insurance co., 7 yrs. Licensed R/E Agent in Va. 25 yrs. Managed the largest Ind. Loan Co. in Va. for over 20 yrs. Have bought and sold many homes, and never encountered what I went through with Nationstar.. They must be stopped

  • Je
      18th of Nov, 2010
    +5 Votes

    I cannot comprehend how this company is allowed to continue mishandling the most valuable possession in any person's life. Are we so intimidated by their superior attitudes, their stone-walling, threats and LIES that we assume there is no recourse? After 19 years of marriage, 18 years as a parent, 10 years as a successful business owner I am no longer afraid of anything. I have been taking careful notes, with names, watching for current mortgage news and I have to believe our voices do count in this, our America, our world. I'm in Texas and I will be walking through their doors next week demanding to see everything! Which probably won't be much because I have discovered our records make No NOTE of 90 minute conversations, NO NOTE of hard fought payment plans, NOTHING!
    I will not be brushed aside, I will not be talked down to, I will not sit idle and be ignored. I rammed through our Modification Loan by sheer force of will. And I will tell our story at every given opportunity because it is a numbers game. Eventually, someone somewhere will share the appropriate course of action to rid my family of these incompetents! They are street thugs and should be treated as such. And I WILL see them mortally penalized for their incompetency. The final result will be the passage of LAWS insuring the public's protection. It will be a long and hard road but I will walk it. Our nightmare is ongoing and I thank my Lord I have the time on my hands to deal with this problem.
    Happy Thanksgiving and best wishes for a DELIGHTFUL Holiday Season!
    Jessalu Wright

  • Da
      31st of Mar, 2011
    0 Votes
    Nationstar - homeloan declined at last minute
    nationstar
    Rio Linda
    California
    United States

    We live in our home we were renting and have been trying to purchase for over a year now we were down to the last part of the purchase and final appraisel when we were told the underwriter declined the loan due to health and safety issues . when i asked what those were they said it was because there was an auto auction /wrecking yard surrounding the property ??? what does that have to do with health and safety on my property .1. thre is not a wrecking/ auto auction surounding my property an old man lives behind me with alot of junk code inforcement has ok'd him a tow yard completely cemented is on one side to the far back corner and a nice home on the otherside past that approx 10 acres away is a storage lot for the auto auction all vehicles are one cement I dont understand

  • Ga
      20th of Jul, 2011
    0 Votes
    Nationstar - payment increase
    nationstar mtg
    po box 650783 dallas, tx 75265
    Dallas
    Texas
    United States

    I was on a loan modification program with Citi Mtg and they sold my contract to Nationstar Mtg and now they're saying my loan payment will be over 300 a month more because they say Citi Bank was short on my escro. I just barely qualified at the lower payment. How do they expect me to pay that much more? From what I've been reading on the internet, they have had alot of complaints.

  • Mi
      20th of Aug, 2011
    +1 Votes
    Nationstar Mortgage - Refinance entrapment, sleezy deals
    Nationstar Mortgage
    United States

    This company is sleeze with a capital S. They bought my mortgage from another lender two years ago and I tried contacting them for a refinance last year. The products and mortgage options they had were all shifty looking with bad rates and worse lender fees. I turned down the refinance offer and waited it out. Well now rates are low again and I found a company willing to deal fairly for a third the closing fees and with a ton of savings in other areas, but I'm being HOUNDED by Nationstar to renegotiate.
    They've just sent me an offer to beat my other company offer or give me $500, but the terms are SLIME, SLEEZE and SLICK. If you get one of these, READ THE FINE PRINT! The restrictions are that they have access to view your income, review your asset, you cannot have locked your rate with another company, they have the right to confirm the legitimacy by contacting the competing lender, pulling credit, and literally MESS with your negotiation and credit score. All for the grand prize of getting $500... what sleezy, underhanded, bullhocky.
    Do NOT get into a loan with these people. I didnt even discuss the poor customer service I have experienced.

  • Ge
      17th of Jul, 2012
    Best Best Advice +7 Votes

    . They assumed our mortgage and it'sbeen a NIGHTMARE. I filed a complain with the BBB and we had to hire a lawyer. They first started screwing us over in 2009 by almost doubling our house payments so after paying them they had to return most of the money because they messed up and the law would not let them keep it the money or I'm sure they would have. Now they sent a letter of demand for 4444.24 we paid it it was in their office by May 31st like Darius told us, well they said it did'nt come on time LIARS I overnited it. The predators said they did'nt get it until the 4th of June and my other check until June 7th, I mailed them in same envelope. Hmmm!!!. I called them because they unleashed their lawyers due to being late. Now Franlklin says we owe 3900.00 more money due NOW, we don, t have it so their calling in the loan. They are predators. Go to the BBB call yout atty general fill out the form, we must stop them. CROOKS, THIEFS, NO GOOD ROTTEN PEOPLE AT NATIONSTAR MUST BE TAKEN DOWN. THERE IS POWER IN NUMBERS. I'm so pissed off at them I'm done with scared, now its time to get mad. L.G Crown Point, Indiana

  • Jd
      30th of Apr, 2013
    +2 Votes
    Nationstar Bank - No compensation on short sale
    515 Summit Street
    Norwood
    New Jersey
    United States

    I had a mortgage with Aurora Banl and they it seems turn ed it over to Nationstar. It took almost 9 months to finally approve a short sale and the Bank refuses to provide me any any expenses. I have been carrying the house for over a year and i was supposed to receive some compensation, My lawyer has advised me that i get nothing, why then should i do a short sale? Let them just take the house

  • Du
      31st of Jul, 2013
    0 Votes
    Nation Star Mortgage - Not willing to work
    Nation Star Mortgage
    Michigan
    United States

    My husband and I were involved in a scam and were not aware of this until June 2013. After being taken for over 4000.00 and being very behind on our mortgage. I called nation star and told them that I had the proof of the scam the money that I had paid them and asked what can I do to stop the foreclousre from happening? They were not helpful the lady that I had talked to stated that there wasnt much that they could do for us and that she was sorry we were scammed. I went to a local person for help a non profit place which helped us to put in for the step forward program that is offered through the state of Michigan. All that we needed was the paperwork sent back to the state from Nation Star. Now keep in mind the sale date was set for July 2, 2013. June 28th I contacted the step forward people and was told that they had everything in order and that it looked like we would get this help. Well July 2nd came and went and Nation star mortgage stated that it is in their policies that they can postpone a sale date. I dont understand why they would rather have a home foreclosed on versus helping someone out that was okay'd for the program. July 26th Nationstar mortgage finally sent the paperwork to the Step forward program and we were granted this money for all the money that the people whom scammed us took from us. I informed the state our home was already sold at the sale back to Nation Star mortgage for a lot less then what we owe. I just would like to know how come it is when you have the proof and you go to people for help how come no one is getting this???? I have been lied to and feel that my husband and I were cheated due to not having any of Nation Star's policies or their procedures as our loan was also sold to them. Whom do we go to for help??? I have recently started writing our senators and filing compalints every where I can think of but I just feel that scammers go unpunished and now my husband and I whom have 3 children are out cold...

  • Ki
      2nd of Dec, 2013
    +1 Votes
    Nationstar Mortgage - website glitch cost me my credit rating
    United States

    After a lifetime of working diligently to earn and keep an excellent credit rating, the website glitch at Nationstar Mortgage has taken away a lifetime of good credit. I signed up for monthly deductions and verified that within 100 percent certainty. The first notification I got from them was yesterday, that my loan was two months past due. I immediately paid in full plus in advance through February. I am now in the process of a 90 to 120 day review period to see if my credit can be restored. The customer service representative was nice, and did tell me that there was a previous glitch in setting up these monthly payments which he believes has now been corrected. But too late for me, I suppose, now that they have robbed me of good credit . The worst part is, I can't really just go get another loan now, since they have now destroyed my credit. They have taken something very important to me, my good name, and my credit rating.

  • To
      17th of Dec, 2013
    +3 Votes
    Nationstar Mortgage - using unrealistic reason
    Nationstar Mortgage LLC
    4000 Horizon Way
    Irving
    United States
    Phone: 877-698-7300

    I through my mortgage broker to apply a mortgage with Nationstar Mortgage which had pre-approved. The property is new contraction which will be ready on end of March of early of April 2014. I received notice from my mortgage borker JJST Corporation at Rowland Hights CA to inform me Nationstar requested to close this application on end of November due to the acquistion on Octorber. I cannot close becuase the house is still under construction. On December 10th 2013, I received a statement of credit denial, termination or change notice from Nationstar to inform me the loan application was denied due to " Insufficient Cash (Down Payment, closing cost, reserves" .

    This is completed wrong statement, I do have enough cash in my bank account but I could not close the case due to the house in still under construction. NationstarMortgage is a unresposbility and unfare company. The company acqire Nationstar should take care of unfinishing case or at least to make a truth statement not a false statement.

  • Sl
      26th of May, 2014
    +3 Votes

    Read my blog post how Fannie Mae Colluded with NationStar to bum-rush me!
    http://slowburningforbattlinggiants.blogspot.com/

    Please join my campaign. Please Sign My Petition vs. Fannie Mae &
    NationStar Mortgage, LLC . . . I'm on Slow Burn Battling Giants!

    Please Sign My Petition:
    http://chn.ge/1kznlkR

  • Di
      22nd of Jun, 2014
    +3 Votes

    This company is horrible. A bunch if thieves

  • Da
      17th of May, 2016
    +5 Votes

    I agree with all of the complaints listed against Nationstar, they are in fact liars cheaters, dumb-a** abusers. If you are trying to get a loan mod and they tell you you are denied because the "owner" does not participate in doing loan mods. write a letter to the "owner" and ask them what standing they have in your loan, I guarantee you, as it happened to me, that they owner, is not the owner and has no say in modifying or foreclosing on your loan. Nationstar is supposed to be acting on behalf of a true owner, yet not exists, they are committing fraud, mail and wire, illegal collection of unsecured, unowned debt, RICO violations, FDCPA and many others. Take them to court and sue them for illegal collection of your money, they are mere debt collectors and MUST be acting on behalf of a true, legitimate owner, of which they have none. Do not allow them to bully you, do not take what they say as true and/or correct, as they lie all the time, charge unauthorized, illegal fees and then try to foreclose on your home without legal standing. They are the worst abusers I have ever encountered and I am going to sue them for every dime they ever illegally collected from me as well as personal damages to the tune of half a million dollars and treble the amount of my "loan". anyone interested in joining me in my lawsuit please email me at d.casey17@yahoo.com, thanks for listening. God Bless you all, and we need to take this company down. Let's eat this elephant one bite at a time

  • Sh
      9th of Mar, 2017
    0 Votes

    @dawn casey I'm in on this..they are screwing me over and I'm praying I can do something quick before these ### take my home.

  • Li
      10th of Feb, 2018
    0 Votes

    @dawn casey Have you filed the class action suit? I'm interested .
    saxtonlinda@ymail.com

  • Br
      13th of Jun, 2016
    +4 Votes
    Nationstar - They Treat You Like You Are A Criminal
    Nationstar Mortgage
    Texas
    United States

    My wife and I have outstanding credit and out of the blue our loan is sold from Bank of America to Nationstar. They treat you like you are a criminal. They refused to accept my payment. Returned it back to me with a foreclosure notice. I have never missed a payment and have only been with these chumps for about three weeks. I filed a complaint with the CEO of Nationstar, the Veterans Administration, Texas Attorney General's office, BBB, and my local Chamber of Commerce. We are refinancing.

  • Fk
      14th of Jul, 2016
    +2 Votes

    This company inquired my loan, is their anybody out there going to sue this company just on harassment, I had hail damage and sent the checks to them since they had been a two party check.
    I called and email them for who and where to send these checks a response in the mail came today two months after I sent the first email.
    I was then given a copy of my loan within this package, the legal documents had been shrunk down from a 11.5" to a 3" x 1.5" you would need a magnifying glass to read this.
    With paperwork stating they needed all kinds of copies from all contractors doing any work. At the beginning, 50% time and finish for approval from them. All permits that would be required.
    The damages to the home are under $20, 000.
    I was told normal company wouldn't be asking for any paperwork unless it was structural and over $50, 000.
    This company is the worse I have ever dealt with, is there anyway to put this place out of business?
    Why can they continue to crap on the home owners without any recourse?

  • Ro
      29th of Jul, 2016
    +1 Votes
    Nationstar Mortgage - Loan Modification
    Nationstar Mortage
    United States

    We entered in the loan modification process with Nationstar in June of 2011 and now are on the door of foreclosure. This company never had the intention of doing the loan modification on this house. We were given the run around for 1.5 years and now have been forced to let the house go. This company should be shut down!!! Thanks for destroying another family!!!

  • Ti
      1st of Aug, 2016
    +2 Votes
    Nationstar - Glitches in refinancing
    United States

    We had a mortgage with Nationstar, we finally got a chance to refinance and they called us and begged us to refi with them! Assuring us that they could qualify us! We closed on the 16th. Then the Boulder Co flood happened., They put our loan on hold, no surprise, then they confirmed our house was still standing, good... Then we get a call telling us they can't fund our loan due to some "GLITCHES"!? After Nationstar told us to cancell all of our payments to BOTH of our mortgages, they then told us after they were late, to pay our mortgages... So of course there were late fees, and bounced check fees! They told US to stop payment on the mortgages. then they tell us our loan is NOT funded due to some glitches! Wondering what the heck a consumer can do? Is this a breach of contract?

  • Sh
      9th of Mar, 2017
    0 Votes

    @tintala I'm in a different situation but same issue with them and a breach of contract. They approved my modification, I made my payments then they decided there were other issues they wanted different and voided the contract!!! I did everything I've been asked and they also didn't even give me a fair chance at a HAMP..they tacked on all these fees and didn't extend my loan..only changing the loan about $20

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