OLYMPIA, Wash.-Over a thousand homeowners in Washington are eligible for a share of a $2 million resolution due to mortgage servicer mismanagement.
The Washington State Attorney General’s Office and the State Department of Financial Institutions announced that letters have been sent to over 1,500 Washingtonians eligible to claim their share of the resolution with the mortgage servicer Nationstar.
“As the state’s mortgage industry regulator, DFI wants to ensure all homeowners impacted by this company’s actions are compensated,” said DFI Director Charlie Clark. “Please make sure to open the mailing and return the claim form by the deadline.”
Those who receive letters must submit claims by March 3, 2025 and the payments should vary between $250 and $840, depending on individual circumstances, according to the AG’s Office.
Under a 2020 resolution Nationstar was ordered to pay $90 million nationwide for violations of state and federal laws.
A multi-year investigation into Nationstar found that the mortgage servicer mismanaged records, charged impermissible fees, missed tax payments and failed to end private mortgage insurance when conditions were met.
According to a press release on the resolution from the AG’s Office, Nationstar’s record mismanagement led to wrongful foreclosures nationwide.
The letters to eligible Washingtonians should make it into mailboxes across the state this week and will include details about the claims process and forms.
Washington homeowners with questions about eligibility or the claims process can contact 1-866-404-0137 for more information.
“Buying a home is a significant investment and mortgage companies must play by the rules,” said Washington State Attorney General Bob Ferguson.
