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Nationstar Settles Alleged Interest Overcharges

Nationstar Mortgage LLC has agreed to a more than $9 million settlement that resolves allegations it overcharged borrowers for interest and collected illegal fees.

California law requires that residential lenders do not charge interest on a new mortgage prior to the day that loan proceeds are disbursed.

But Dallas-based Nationstar, which does business as Mr. Cooper, is accused of violating the law on 48,000 mortgage transactions.


Source: Mortgage Daily