Nationstar Under Scrutiny Of NY's Top Financial Regulator
Law360, Washington (March 5, 2014, 8:06 PM EST) -- New York's chief financial regulator on Wednesday asked Nationstar Mortgage LLC to disclose information about its mortgage servicing practices, citing numerous consumer complaints and concerns about risks from its "explosive" recent growth.
In a letter addressed to Nationstar President and CEO Jesse Bray, New York Superintendent of Financial Services Benjamin M. Lawsky said that the state Department of Financial Services had taken note of a "substantial" increase in the company's mortgage book between the end of 2012 and the end of 2013.
In this period, the aggregate unpaid principal balance of mortgage loans serviced by Nationstar grew by more than double,...
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