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Servicer Amends Payment Mistakes 

Mortgage servicer Mr. Cooper has announced that one of its electronic payment vendors, ACI Worldwide, inadvertently issued incorrect mortgage payment drafts while conducting a test of their system. 

The company worked over the weekend with banks involved to reverse the transactions as quickly as possible. Certain banks processed the incorrect payments and temporary credits were reflected the same day. 

“This was not a security breach, and Mr. Cooper did not receive any funds from customer accounts,” said Mr. Cooper in an announcement. “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.” 

Mr. Cooper has set up a blog to guide any impacted customers through the process is their accounts were hit with charges and fees.  

“The trust of our customers is more important to us than anything else,” said Mr. Cooper in a statement. “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.” 

 

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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