Mr. Cooper Settles With States, Feds For $74.5 Million

Mortgage servicer Nationstar, which does business as Mr. Cooper, agreed to pay a $74.5 million settlement with the Consumer Financial Protection Bureau, state attorneys general and bank regulators for violating a variety of federal laws designed to protect borrowers. Regulators had accused Mr. Cooper of violating the law from 2012 to 2015 by: Failing to identify thousands of loans with existing in-flight modifications and failing to recognize some transferred loans with pending loss mitigation applications or trial modification plans or failing to identify and honor other borrowers’ loan modification agreements.Foreclosing on borrowers to whom it had promised foreclosure holds while they applied for loss mitigation relief.Improperly increasing borrowers’ permanent, modified monthly loan payments.Failing to timely disburse borrowers’ tax payments from…