Mr. Cooper Takes Rapid Action to Reverse Invalid Payments

DALLAS--(BUSINESS WIRE)--On Saturday April 24, 2021, Mr. Cooper discovered that its electronic payments vendor, ACI Worldwide, inadvertently issued incorrect mortgage payment drafts while conducting a test of their system. We immediately reported this error to our customers’ banks and worked with them to prevent any financial impact to our customer accounts by providing credits and reversing the incorrect drafts and fees which might have been charged. This was not a security breach, and Mr. Cooper did not receive any funds from customer accounts. As a result of our immediate action, as of Tuesday, April 27, out of 480,000 customers who could have been impacted, we are aware of approximately 100 customers who may have incurred nonsufficient funds fees as a result of ACI’s error, and we are in the process of reimbursing them for these fees. We are not aware of any customers for whom the incorrect drafts were not reversed.

The trust of our customers is more important to us than anything else. Upon discovering the payment processor’s error, we alerted customers through email, our website, social media posts, and our blog, and we have brought on extra staff at our call centers to answer customer questions. Any impacted customers will not be responsible for any fees or other charges they may have incurred.

Customers looking for more information may visit the Payment Information Center on mrcooper.com or call us at 888-480-2432.

About Mr. Cooper Group

Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.