- Oct 9, 1999
- 8,623
- 33
- 91
Most people who seem to be complaining on that site don't pay their bill. As long as you pay you will be fine.
sactoking
Diamond Member
- Sep 24, 2007
- 7,650
- 2,930
- 136
Mine went from a local lender to countrywide to bofa and now to nationstar. I did have a problem when it transferred to nationstar, bofa and nationstar effed up the transfer and I missed a payment, but I'm back on track now so I'll see how it goes. My biggest complaint so far is that they use Western Union for their online payment processing and you can't make payments smaller than a whole payment (as a result of the eff up in tranfser, I have a $300 credit and have to send a paper check for less then the full payment amount to use it).
DrPizza
Administrator Elite Member Goat Whisperer
So, people have problems with Nationstar. Big deal. Look online and you'll see that people have problems with BoA as well. If I'm not mistaken, BoA made it to the final four in The Consumerist's March Madness tournament of worst companies to deal with.
If you look through the complaints, you'll see a lot of them are "I hadn't paid my mortgage for 4 months, but was in a mortgage modification program, because I made foolish financial decisions. Then, Nationstar screwed things up, and it's all their fault."
If you look through the complaints, you'll see a lot of them are "I hadn't paid my mortgage for 4 months, but was in a mortgage modification program, because I made foolish financial decisions. Then, Nationstar screwed things up, and it's all their fault."
FelixDeCat
Lifer
- Aug 4, 2000
- 31,163
- 2,751
- 126
Yerp. After spending 20 years in mortgage banking and servicing...I concur with your sentiments. I'd be on the phone with one person telling me I was the worst banker ever and the next day someone wants to write a letter to my boss because of the best experience they've ever had with a bank.
Go figure.
(thankfully I quit banking in 2008, for now)
blurredvision
Lifer
- Oct 19, 2000
- 17,860
- 4
- 81
My mortgage was sold to Nationstar about 3 years ago and I read the same stuff online, then became concerned just as the OP did. However, like was already said, pay your bill on time and they don't have any grounds to say or do anything to you.
I pay my bill online through their Western Union online payment system through my bank account. It's free if you pay on the 1st through the 15th I think. My bill is due on the 1st so I wait and pay it on the 1st every month, regardless of what day of the week it falls on. Never had an issue.
I pay my bill online through their Western Union online payment system through my bank account. It's free if you pay on the 1st through the 15th I think. My bill is due on the 1st so I wait and pay it on the 1st every month, regardless of what day of the week it falls on. Never had an issue.
The problem is too much concentrated power in the hands of too few. That allowed them to 'buy' the freedom to do things that cause problems, benefiting them in the short term but screwing the larger society. Look at the bank just recently caught laundering billions for drug cartels and terrorists who faces no criminal charges because the Justice Department says charging them is a danger to the economy.
That's why well-meaning government can pass lots of laws trying to regulate 'insurance' products for financial institutions, and those institutions can then just go invent "CDOs" which are insurance by another name but completely unregulated and reckless and a threat to stability - and it's not that they set out with evil intent but that competititve pressure forces them to do the same.
I remember in the S&L crisis, Home Savings proudly advertised that they were a conservative institution that just did home loans and didn't get involved in all that crap, and so they did just fine - and not long after, all the aggressive financial institution games they didn't do left them uncompetitive and they were acquired by Washington Mutual who did those things. And of course then the games caught up with them and they got acquired by too big to fail Chase.
A Senator said, 'the banks own this place', and he was being honest.
What's needed is for government to invest in significant and skilled regulators to keep the system working well for everyone - and that's prevented when right-wing leaders serving the wealthy interests get too much of the public fooled into an anti-government hatred, largely starting with Ronald Reagan, where the government is just totally outgunned trying to regulate and ends up just serving the big banks.
FDR had the right idea, when he created the SEC, and hired one of the biggest stock market scammers around to become the guy who put a stop to that stuff, who was willing to do it for patriotic reasons, appointing Joe Kennedy (JFK's father) as the first commissioner. A lot of the worst abuses were ended by that. Now it's more about doing some things for looking like you are doing something but not really doing almost anything.
Obama got massive donations from Wall Street in 2008 for a reason and appointed bank-friendly people, and he's the 'better' guy.
His oh so terrible for the big banks creation of the consumer protection agency for banking is just doing some basic crap like requiring clear disclosure of terms, not actually fixing any of the large problems. Under Reagan in the S&L crisis over 1000 bankers went to jail, under Obama not one has. And he's the 'better' guy than the Republicans who would probably give them medals for the scams.
What's needed is the public to get a clue and support politicians who are like Bernie Sanders who would actually fix these problems.
For political reasons, when the big bank bailouts were passed, large sums were also passed to help homeowners - and 90% of the homeowner money never got spent.
As insiders explain, the people doing it just didn't give a crap about the citizens. They'd give massive sums to the banks who caused the problems, but say that it would be wrong to help the homeowners who had taken on loans they couldn't afford, and just not do it.
That's why well-meaning government can pass lots of laws trying to regulate 'insurance' products for financial institutions, and those institutions can then just go invent "CDOs" which are insurance by another name but completely unregulated and reckless and a threat to stability - and it's not that they set out with evil intent but that competititve pressure forces them to do the same.
I remember in the S&L crisis, Home Savings proudly advertised that they were a conservative institution that just did home loans and didn't get involved in all that crap, and so they did just fine - and not long after, all the aggressive financial institution games they didn't do left them uncompetitive and they were acquired by Washington Mutual who did those things. And of course then the games caught up with them and they got acquired by too big to fail Chase.
A Senator said, 'the banks own this place', and he was being honest.
What's needed is for government to invest in significant and skilled regulators to keep the system working well for everyone - and that's prevented when right-wing leaders serving the wealthy interests get too much of the public fooled into an anti-government hatred, largely starting with Ronald Reagan, where the government is just totally outgunned trying to regulate and ends up just serving the big banks.
FDR had the right idea, when he created the SEC, and hired one of the biggest stock market scammers around to become the guy who put a stop to that stuff, who was willing to do it for patriotic reasons, appointing Joe Kennedy (JFK's father) as the first commissioner. A lot of the worst abuses were ended by that. Now it's more about doing some things for looking like you are doing something but not really doing almost anything.
Obama got massive donations from Wall Street in 2008 for a reason and appointed bank-friendly people, and he's the 'better' guy.
His oh so terrible for the big banks creation of the consumer protection agency for banking is just doing some basic crap like requiring clear disclosure of terms, not actually fixing any of the large problems. Under Reagan in the S&L crisis over 1000 bankers went to jail, under Obama not one has. And he's the 'better' guy than the Republicans who would probably give them medals for the scams.
What's needed is the public to get a clue and support politicians who are like Bernie Sanders who would actually fix these problems.
For political reasons, when the big bank bailouts were passed, large sums were also passed to help homeowners - and 90% of the homeowner money never got spent.
As insiders explain, the people doing it just didn't give a crap about the citizens. They'd give massive sums to the banks who caused the problems, but say that it would be wrong to help the homeowners who had taken on loans they couldn't afford, and just not do it.
SunnyD
Belgian Waffler
I mail every check in, even though my mortgage holder submits the checks electronically. Why? Because I'm not letting any screw-up happen without a paper trail that I can personally verify with my own John Hancock on it.
- Oct 9, 1999
- 8,623
- 33
- 91
I must say, it is a bit of a relief to see a couple of positive replies, thank you.
I registered just to post this comment. I was googling around to find discussion of Nationstar because of frustration with them. I have never been late or missed a payment, either with them or the bank that sold my loan to them. Yet since my loan was sold in December:
- Nationstar "had no record" of a construction repair escrow account that I had (we're talking over $10,000 here). It took a month for them to find it, and when they did, they didn't call me to let me know it had been found. It's been over two months now, and I still can't get a check mailed out.
- They nearly let my home insurance lapse. When I got my second notice of payment due, about a month after the mortage sale (and two weeks after the first notice), I called the insurance company to say "do you know that the mortgage sold? are you billing Nationstar?" They said they were billing Nationstar and would send another bill to them. A month later I got a notice that my insurance was about to be cancelled due to nonpayment.
- They have the worst phone system ever. I am willing to tolerate a phone tree, so I listen to the options and try to learn the fastest path through the maze. There are no quick paths through the maze. Some of the options actually loop back on the same path you've already been taking. It repeatedly asks you to verify your loan number, etc. I don't call them unless I have at least 45 minutes to dilly dally with holds and transfers. Did I mention that customer service and the managers in the check payment (loss draft) departments leave at 2-3 pm West Coast time?
I mean, honestly, I do understand that it must be chaotic buying a big package of loans, and I do have this unusual kind of escrow fund. But it's a specific kind of escrow fund, so they knowingly bought loans from that specific department at BofA. And they're buying more loans, not trying to get their systems caught up to service the ones they already have from what I see online. I keep coming online to read news stories about their growth to reassure myself that they're not a shady fly-by-night company, since their loan servicing seems subpar right now.
- Nationstar "had no record" of a construction repair escrow account that I had (we're talking over $10,000 here). It took a month for them to find it, and when they did, they didn't call me to let me know it had been found. It's been over two months now, and I still can't get a check mailed out.
- They nearly let my home insurance lapse. When I got my second notice of payment due, about a month after the mortage sale (and two weeks after the first notice), I called the insurance company to say "do you know that the mortgage sold? are you billing Nationstar?" They said they were billing Nationstar and would send another bill to them. A month later I got a notice that my insurance was about to be cancelled due to nonpayment.
- They have the worst phone system ever. I am willing to tolerate a phone tree, so I listen to the options and try to learn the fastest path through the maze. There are no quick paths through the maze. Some of the options actually loop back on the same path you've already been taking. It repeatedly asks you to verify your loan number, etc. I don't call them unless I have at least 45 minutes to dilly dally with holds and transfers. Did I mention that customer service and the managers in the check payment (loss draft) departments leave at 2-3 pm West Coast time?
I mean, honestly, I do understand that it must be chaotic buying a big package of loans, and I do have this unusual kind of escrow fund. But it's a specific kind of escrow fund, so they knowingly bought loans from that specific department at BofA. And they're buying more loans, not trying to get their systems caught up to service the ones they already have from what I see online. I keep coming online to read news stories about their growth to reassure myself that they're not a shady fly-by-night company, since their loan servicing seems subpar right now.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Heh... BoA sold my mortgage to a company so old school that they still send payment books and you can't check your balance online.
My Mortgage also went from CountryWide to BoA and then NationStar. Never missed a payment, never had any issues.
- Oct 9, 1999
- 8,623
- 33
- 91
Update, refinanced with quicken loans, got 3.75% down from 5.75% took nothing out so payments are lower.
Quicken was so easy to deal with, it was all done online and they sent a notary to my house with the paperwork.
I do wonder what the effect was on nationstar, they bought my loan and I had already started the refi before it was transfered to them, I made 2 payments to them, one of which should be refunded to me, so they bought a loan and serviced it for 1 payment before it was paid off, did they make, break or lose on that deal?
Quicken was so easy to deal with, it was all done online and they sent a notary to my house with the paperwork.
I do wonder what the effect was on nationstar, they bought my loan and I had already started the refi before it was transfered to them, I made 2 payments to them, one of which should be refunded to me, so they bought a loan and serviced it for 1 payment before it was paid off, did they make, break or lose on that deal?
Red Squirrel
No Lifer
Speaking of mortgages, I'm in the process of moving my Mortgage from RBC to a local bank that is very similar to a credit union but a bit bigger. They are fully local and encourage local jobs here in the north. My new interest rate is going to be 3.29% and at RBC it's 3.70%. Can't wait till it's all done, though I think RBC is kinda busy with this stuff lately. Tehee...
BofA (who got my loan when they bought Countrywide) also sold my loan a little over a year ago to a company that had horrible reviews online (Green Tree). I was paranoid and stressed out, but I just setup auto payments, and haven't heard a peep from them. I'm in the process of refinancing right now though.
Yea, they charge an additional f.kjsdafljlkjlkj 10$ on top of the mortgage payment, you try and call it in, guess what... they charge you for calling it in... Debit cards have a nationally regulated payment of 22 cents for a debit card payment of any kind... f'ing you over from all angles!D:
MMM, least with BoA I didn't have to pay a monthly fee for online banking payments, phone transactions, anything you can think of, they charge you for... I will be following the OP's results... Oh and no late payments ever with BoA, so don't even think about saying I am a registered regular complainer of Nationstar, they are shady....
- Oct 9, 1999
- 8,623
- 33
- 91
Updated o.p.
I'm done with nation star, I had started the refi before they even got the loan from bofa, made two payments to nationstar and got one back when the loan transferred to quicken.
Last edited:
rudder
Lifer
- Nov 9, 2000
- 19,441
- 86
- 91
With Fannie Mae and Freddie mac purchasing like 40% of all subprime mortgages.... there was reduced risk because the taxpayers were on the hook. If the government stayed out of it the whole thing would have never gotten that bad.
I didn't know it is that bad with some american banks. In europe you have card payments FREE. Either online or in-store. The internet banking interstate or international transfer and withdrawals on ATMs of other bank than yours are paid but otherwise you are not charged extra for paying with your depit or credit card.
Mortgage payments are different. You aren't buying an item that has a retail markup that absorbs the transaction fee. You are transferring money where the transaction fee directly reduces the actual interest the bank earns on their loan to you.
However, $10 is a lot for an online transfer. They do it because they can.
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