NATIONSTAR COMMENTS ON SETTLEMENT WITH CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT

DALLAS, Texas (December 4, 2017) – Today, Nationstar Mortgage LLC (NYSE: NSM) (“Nationstar” or the “Company”) issued the following statement regarding a settlement with the California Department of Business Oversight stemming from issues dating back to 2009.

“Nothing is more important than maintaining our customers’ confidence and trust, and we apologize to our valued customers in California,” said Jay Bray, Chairman and CEO of Nationstar. “We are on a mission to reinvent the mortgage experience and keep the dream of homeownership alive, and we have been and will continue to be transparent and forthright in making things right with our customers.”

Nationstar has taken numerous steps to bolster our executive leadership team, enhance our compliance and risk infrastructure and training and invest in new technologies that have improved our processes and customer experience to ensure these errors will not happen again. The recent launch of Mr. Cooper for Nationstar is a representation of our total commitment to transforming the customer experience. While our journey is not yet complete, we are proud of the progress we’ve made through key strategic investments and cultural and institutional changes. We look forward to continuing to evolve as a company with a customer-centric culture of compliance and innovation.

Upon discovery of these issues, we started making refunds to impacted customers. Under the terms of the agreement, the Company will also pay $4.8 million in civil money penalties to the Department of Business Oversight.

 

About Nationstar Mortgage Holdings Inc. 

Based in Dallas, Texas, Nationstar Mortgage Holdings Inc. (NYSE: NSM) provides quality servicing, origination and transaction based services related principally to single-family residences throughout the United States. Please visit www.nationstarholdings.com for the latest news and information about Nationstar.