The article discusses a settlement for two groups of homeowners—service transfer borrowers and property preservation borrowers—who are entitled to relief due to grievances involving Mr. Cooper. Service transfer borrowers, whose loans were moved to Mr. Cooper between February 2011 and December 2017, faced delinquency issues leading to foreclosures shortly after the transfer. Property preservation borrowers allege wrongful property lockouts despite having requested access. A public website is available for eligible borrowers, who don’t need to demonstrate financial harm to receive relief, with a deadline to file claims set for March 3, 2025.
The settlement provides relief for two groups: service transfer borrowers affected by loan servicing issues and property preservation borrowers wrongfully labeled with vacancy.
Mr. Cooper's service transfer borrowers experienced significant delinquencies shortly after transfers, leading to foreclosures, while property preservation homeowners faced wrongful property lockouts.
Affected homeowners do not need to prove financial harm for relief, and they were notified of their eligibility by December 2024.
Eligible beneficiaries have until March 3, 2025, to file a claim, while Mr. Cooper faces ongoing litigation over a significant data breach.
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