Mr. Cooper on Tuesday released estimates for the number of borrowers impacted by
An estimated total of 480,000 mortgage customers have been affected by the duplicate drafts and roughly 100 of them incurred non-sufficient funds fees from their banks as a result of ACI’s error,
ACI confirmed that a processing issue affected payments and said that it would provide reimbursement to the borrowers who received the charges.
“All unauthorized transactions have been reversed and we are working with Mr. Cooper on all necessary fee refunds,” ACI said in an emailed statement.
Mr. Cooper released the new details related to the incident, which included the number of customers potentially affected, after the Consumer Financial Protection Bureau weighed in with its own estimate.
“The CFPB is taking immediate action to understand and resolve the situation that has affected hundreds of thousands of consumers,” Acting Director David Uejio said in a press release issued Tuesday. “The CFPB will use all appropriate tools at our disposal to help ensure harmed consumers receive relief.”
Duplicate payments are rarely a sign of fraud and more often result from a systems glitch or processing error.
The unauthorized drafts began on April 24 and Mr. Cooper has worked with ACI to reverse all of them, but the mortgage servicer urged customers to continue monitoring their accounts and let the company know about any outstanding issues.
