Hello
Old friend who is both US Marine veteran and state trooper veteran is reaching out to me because Wells sold his loan or servicing -literally getting details right now- to Mr Cooper and Mr C is saying my friends escrow account is $2400 short.
Anyone know if problems with Mr Cooper and escrow is common?
Thanks
Mr cooper has had many complaints about messing up escrow. Check with local attorney general and file a complaint with CFPB.com
What do being in the Marines and being a state trooper have to do with anything?
@ar+1
Thank you! I used to run analysis and get got me his info. Problem boils down to $1400 increase in insurance along with a $400 prop tax increase. WF evidently didn't have a flag set to trigger an analysis on the major jump in insurance premium. So his account has wasted like 8-9 mos where an adj payment could have help prevented his current payment shortage and account balance deficit.
He has a good LtV. Pays double principal every month. Even pays a month ahead. I told him to call Monday and see if he can change his insurance to non-escrowed
OP - WF sold my mortgage to Mr Cooper last year and I didn't have any issues with my escrow or anything else for that matter.
Go sit in the corner and cry about it
...and I am trying to recall from acquisitions & sales days, is an escrow analysis part of the send-off docs from Wells?
Ummm...this is a layoff site