Mr. Cooper Group Announces Resolution of Regulatory Matters
December 07 2020 - 10:48AM
Business Wire
Mr. Cooper Group Inc. (the “Company”) announced today that it
has reached a resolution of certain legacy regulatory matters with
the Consumer Financial Protection Bureau, the multi-state committee
of mortgage banking regulators and various State Attorneys General,
and the Executive Office of the United States Trustee, all of which
involve findings from examinations and discussions that were
completed in 2014 and 2015, and relate to certain loan servicing
practices which occurred during 2010 through 2015. Subsequent
reviews demonstrated that management and the board had taken
positive steps to address these issues, that we had made
significant governance and operational improvements, and that we
had strengthened internal control systems to ensure that they were
appropriate for our size and scope of our operations. The
settlements include restitution the company provided to customers
during the last six years. Additionally, we have mutually agreed to
a resolution payment in the amount of $28.6 million consisting of
remediation, penalties and fees, which the Company will make
immediately after the judgment is recorded. The Company has
previously accrued for all costs associated with the
settlement.
In connection with today’s announcement, Mr. Cooper Chairman and
CEO Jay Bray commented:
“We are pleased to resolve this matter. When these issues were
identified several years ago, we immediately made restitution to
our impacted customers and invested in process improvements to
prevent reoccurrence.
Since then, we have continued to invest in technology, people,
and leadership to ensure that our compliance and risk management
programs not only meet our regulators’ expectations but also
support sustainable growth and maintain our position as an industry
leader. In addition, we have invested in developing a culture of
customer advocacy that extends throughout all levels of the
organization, from our team members who serve our customers every
day to our senior leadership. The results of these improvements and
investments are evident in key measurements of customer experience,
including the number of customer complaints, which have fallen to
record lows.
As the leading non-bank servicer, our success is defined by the
positive experience of our more than 3 million customers. Nothing
is more important than maintaining their trust, and the confidence
of team members, business partners, and regulators. We look forward
to continuing to focus on our customer-centric culture of
compliance and innovation.”
About Mr. Cooper Group
Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing,
origination and transaction-based services related principally to
single-family residences throughout the United States with
operations under its primary brands: Mr. Cooper® and Xome®. Mr.
Cooper is one of the largest home loan servicers in the country
focused on delivering a variety of servicing and lending products,
services and technologies. Xome provides technology and data
enhanced solutions to homebuyers, home sellers, real estate agents
and mortgage companies.
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version on businesswire.com: https://www.businesswire.com/news/home/20201207005701/en/
Investor Contact: Kenneth Posner, SVP Strategic Planning and
Investor Relations (469) 426-3633 Shareholders@mrcooper.com
Media Contact: Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
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