COOP - CFPB looks into payment error made by Mr. Cooper vendor ACI Worldwide

The Consumer Financial Protection Bureau is looking into an issue where apparent unauthorized withdrawals were made by mortgage servicer Mr. Cooper ([[COOP]] -0.1%), in which hundreds of thousands of consumers' bank accounts were debited for multiples of their mortgage payments.Mr. Cooper issued a statement late Tuesday saying its electronic payments vendor ACI Worldwide ([[ACIW]] -0.1%) "inadvertently issued incorrect mortgage payment drafts while conducting a test of their system."COOP said it immediately reported the error to its 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."The mortgage servicer emphasized that the incident wasn't a security breach. In addition, Mr. Cooper didn't receive any funds from customer accounts.As of Tuesday, April 27, out of 480K customers who could have been affected by the error, the company is aware of ~100 customers

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CFPB looks into payment error made by Mr. Cooper vendor ACI Worldwide