*FOR IMMEDIATE RELEASE FROM THE* *WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS*

*Wednesday, Dec. 11, 2024**
**CONTACT*:
Lyn Peters, DFI Director of Communications
PH 360-902-8731, [email protected]

Rick St. Onge, Division of Consumer Services, Chief of Examinations
PH 360-902-8703, [email protected]

*Claims forms are on the way to Washington homeowners identified in Nationstar national settlement – forms are due back by March 3 for payment*

"Washington’s DFI and AG urge those who receive settlement information to submit their claim by March 3 to receive their share of more than $2 million"

Olympia – The Washington State Department of Financial Institutions (DFI) and the Attorney General’s Office announced today that more than 1,500 people in Washington are expected to receive letters in the mail starting this week from the Nationstar settlement administrator. The mailing includes instructions on how recipients may claim their share of more than $2 million as the result of a multistate settlement agreement with Nationstar (also known as Mr. Cooper), one of the country’s largest mortgage servicers.

The forms were mailed earlier this month along with letters explaining the claims process and should begin arriving in mailboxes this week. Claims forms must be submitted by March 3, 2025.

The 2020 settlement [ [link removed] ] was the result of a multiyear investigation by state and federal government partners, including Washington state’s DFI and Attorney General. Nationstar Mortgage LLC, d/b/a Mr. Cooper was required to pay more than $90 million for numerous violations of state and federal law.

Significant consumer remediation and penalties were imposed on the company for multiple residential mortgage origination and servicing-related violations of state and federal laws, including impermissible mortgage origination fees and charges; missed tax payments from borrower escrow accounts; failure to terminate private mortgage insurance when conditions were met; mishandling of loan modifications and servicing transfers. In some instances, Nationstar inappropriately had the locks changed at homes and even caused homeowners to endure wrongful foreclosures.

These violations affected more than 115,000 consumers nationwide, including more than 1,500 in Washington State.

DFI joined 52 other state regulators, 51 state attorneys general and the federal Consumer Financial Protection Bureau to investigate and pursue legal action against Nationstar. As part of a multimillion-dollar settlement with all of those agencies, more than 1,500 consumers in Washington will be paid more than $2 million. Nationstar also must pay $750,000 in civil penalties to be distributed evenly among all of the participating states and jurisdictions.

“It is imperative to make sure the people of Washington are compensated when harm is done,” DFI Director Charlie Clark noted. “As the state’s mortgage industry regulator, DFI wants to ensure all homeowners impacted by this company’s actions are compensated. Please make sure to open the mailing and return the claim form by the deadline.”

“This money will help more than 1,500 Washingtonians after Nationstar failed to fairly service their loans,” Attorney General Bob Ferguson said. “Buying a home is a significant investment and mortgage companies must play by the rules. We will keep working with government partners to protect consumers when they do not.”  

The information from the Settlement Administrator includes an explanatory letter, the claim form, and answers to commonly asked questions. If homeowners have additional questions not answered in the mailing, additional information can be found at:


* Visit NationalNationstarSettlement.com [ [link removed] ]
* Call the settlement administrator toll free at 1-866-404-0137; or
* Email the settlement administrator at: [email protected].

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*About DFI* ▪ www.dfi.wa.gov [ [link removed] ] ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education [ [link removed] ]. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: www.facebook.com/wadfi [ [link removed] ]■ www.instagram.com/wastatedfi/ [ [link removed] ] ■ twitter.com/dficonsumers [ [link removed] ] ■ [link removed] ■ [link removed] ■ www.homeownership.wa.gov [ [link removed] ] ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ [ [link removed] ]

*About the Division of Consumer Services* ▪ www.dfi.wa.gov/cs [ [link removed] ] ▪ 360-902-8703 The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent financial products and services. The division accomplishes its mission through licensing, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.

*About the Washington Attorney General* ▪ www.atg.wa.gov [ [link removed] ] ▪ 360-902-8703 Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov [ [link removed] ] to learn more. Media Contacts: Brionna Aho, Attorney General’s Communications Director, (360) 753-2727; [email protected] General contacts: Click here [ [link removed] ]__

*NOTE:* Please send updated contact information to [email protected] and indicate whether this is an additional or replacement contact. Thank you.

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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Washington State Department of Financial Institutions · 150 Israel Rd SW  · Tumwater, WA 98501 GovDelivery logo [ [link removed] ]