April 26, 2021: Payment Processing Issue - Mr. Cooper

The communication shown below was sent from Kim Yowell to all Fairway employees earlier today.  Please read and become familiar with this information in the event any questions are received.  Contact your supervisor or manager if you have any questions.


Mr. Cooper is currently servicing several thousand Fairway originated loans recently transferred from DMI and also recently closed and transferred from Fairway.  480,000 of Mr. Cooper’s  customers received the following notification over the weekend.  

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Our escalation contacts at Mr. Cooper have assured us this was not a security breach but rather an isolated incident involving a system issue with a payment processing vendor.  All unauthorized charges are being corrected today, and any impacted customers will not be responsible for any fees or other negative financial impact.