Most of people in this entire world have an experience related to loan. Everything is so hard nowadays. Money is the most needed one in this world. To fulfil their desires, the loaner is needed sometimes. In the relation to owning the real estate or the property, there is such a thing called mortgage. Every mortgage or home loaner claims themself as the best one. They always feed their customers honey. They always say the good things. Everything becomes very sweet. In the fact, not all what they say is true. Sometimes, all of the sweet things are just a bait to lure the customers. Sometimes, the fact is such a contradiction compared to the promise. Of course, we cannot generate all the home loaners for being a liar. There are also a good one. Still, in every prosess, the problem might comes, anytime. Related to this, Nationstar under investigation has became one of the hot topic.
Nationstar Mortgage is one of popular home loaner outside there. It was found in 1994. It has more than 2.9 million customers. The company is located in Dallas, Texas. It provides quality servising for all the homeowner in United States. Since the year of 2012, Jay Bray has become the CEO of Nationstar Mortgage. The problem occurred when Nationstar under investigation in the relation to the explosive growth of Nationstar Mortgage. The investigation will be did by The New York’s chief financial administrator. The Department of Financial Services concerned that the explosive growth of non-bank mortgage servicers such as Nationstar may cause the issue of capacity. Those issues might risk the homeowners. Basically, the plaintiffs mentioned several problems. First, the automated default servising flatform was used by Nationstar illegally. Nationstar also did charge the customers for thing that are not reuired by lenders, not permissible by the guidelines of lender, and not allow under the regulation of the state (in many cases) such as “property examinations”. All of it let Nationstar’s side to gain profits from fees such as inspection fees, default fees, and so on. The second one is, the plaintiffs said that that Nationstar did a “pay to pay” thing. Nationstar overcharged the customers with a fee. This additional fee makes the amount of payment each month increases. All of the problems has taken Nationstar to the buttom. Many people regard Nationstar as one of the worst mortgage outside there. Once the customers lost trust, they will not trust it twice. Disappointment can change every single one.
Just like any other fields, there is always a problem happens in the economic field. Ssometimes, those expected or unexpected things can be avoided. Those problems can be a little one or a big one. Huge until it is that enough to be called a scandal. This time, it happens to Nation star. With Nationstar under investigation, hopefully, both home loaners and the customers can learn. Home loaners can improve its services and the customers can pick the best mortgage.