Tag Archives: Nationstar

Meet Mr. Cooper, an established mortgage company with an altered ego

COPPELL — Inside the airy lobby, long robin’s egg blue banners bear encouragement to be, “Challengers. Champions. Cheerleaders.”

In a stairwell nearby, employees bustle past while Kevin Dahlstrom points out a soaring, crayon-box bright mural of an open hand.

It was painted by the Spanish artist Adrian Torres as part of an artists in residence program — a concept he “shamelessly stole” from Facebook, Dahlstrom notes.

Visitors may not realize this is the nerve center of Nationstar, one of the country’s biggest nonbank mortgage servicers. And odds are that even if they do, their feelings about an institution like Nationstar — vaguely bankish, closely associated with the mortgage crisis that shattered the economy — won’t be positive.

But will they like Mr. Cooper?

Not Mr. Cooper, as in, “Hangin’ with …” or the guy in “High Noon.”

It’s “Mr. Cooper,” as in Nationstar’s exhaustively researched, head-turning-by-design new identity.

Executives at Nationstar have spent more than a year and roughly $5 million on the branding overhaul in hopes that consumers will see the new name as an extension of the company’s new ethos: Personable, customer-focused and easily navigable online.

Read on.

SEC reportedly investigating nonbanks for sending loans to collections too quickly

Bloomberg: Ocwen and Nationstar could be targets

The Securities and Exchange Commission is reportedly investigating several nonbank mortgage servicers for potentially sending borrowers into debt collection too quickly, according to a report from Bloomberg.

The Bloomberg report, from Matt Scully, states that the SEC is probing nonbanks, including Ocwen Financial, for “prematurely unleashing debt collectors on delinquent borrowers.”

From Bloomberg:

When loans go bad, the firms can write them off and send them to outside collectors. One of the questions the SEC is probing is whether borrowers are getting enough time to make good on their home equity loans once they fall behind, the person said. A servicer may be entitled to a receive a percentage of whatever outside collectors recover, which may be higher than the usual fees it would receive, the person said. Sending loans to collectors prematurely may also cut a servicer’s costs.

Read on.

It’s official: Nationstar will rebrand as Mr. Cooper

It’s official.

Confirming plans that HousingWire brought to light late last year and further revealedearlier this year, Nationstar Mortgage will indeed be launching a massive rebranding later this year and changing its name to Mr. Cooper.

Nationstar CEO Jay Bray confirmed the company’s plan to rebrand as Mr. Cooper during a call with investors to discuss the company’s fourth quarter and full year 2015financial results.

When HousingWire first reported Nationstar’s plans to rebrand as Mr. Cooper, it was unknown, even reportedly to the company’s employees, how extensive the rebranding effort would be, but Bray told investors that Nationstar plans to combine its originations and servicing business under the Mr. Cooper brand umbrella.

In a presentation accompanying the call with investors, Nationstar stated that the plan is to consolidate its Nationstar and Greenlight Loans brands into Mr. Cooper.

According to the investor presentation, the plan behind the Mr. Cooper rebranding effort is to “create the most customer-focused company in the industry….challenging convention and status quo,” a mission statement that Bray echoed throughout the call with investors.

Read on.

itle problems threaten to cause family to lose their South Tampa home

This should be everyone’s nightmare…

TAMPA, Fla. (WFLA) – Kris and Rebecca Kraft face losing their South Tampa Home, even though they’ve never missed a mortgage payment. They never even did business with the bank trying to take their home.

The Krafts bought their house, at 1508 S. Arrawana Ave., in 2013. Everything was fine, but then they started receiving strange mail from real estate professionals. The professionals offered to help the couple fight foreclosure or relocate to another home they could afford.

“It’s mind blowing that something like this could happen,” Kris Kraft told 8 On Your Side.

Then the situation got worse. They came home to find foreclosure notices taped to their front door and garage. Plus, a “relocation specialist,” hired by Nationstar Bank, started calling constantly, wanting to the Krafts to move out.

And then, the unthinkable happened. A friend in the real estate business called them to ask why their house was listed for sale on Zillow.com. The Krafts had no idea and panicked. It was late at night when they got the news.

Read on.

Is Nationstar about to completely rebrand itself?

It’s been a tough year for Nationstar Mortgage.

The company’s financial performance has left investors wanting, the company has seen several of its senior executives leave, and the company’s signature move of 2015, the transformation of Solutionstar, one of Nationstar’s wholly owned subsidiaries, into Xome, which boasted that it was “the world’s first integrated, end-to-end digital platform for real estate, with the promise of connecting every major touch point in the transaction process, from finding a home to closing the deal,” has underwhelmed.

But does the company have big plans to turn its fortunes? It certainly looks that way.

Buried deep on Nationstar’s website in a most unlikely place is a look at what the company could be planning for 2016. And it’s big…as in reshaping the company’s entire public image big.

The look into Nationstar’s plans is actually found on a job posting on the company’s job board. The job? Content writer. And the posting provides a glimpse into Nationstar’s future.

Read on.

How Bad Are Foreclosures in Florida? Nationstar Conceals A Mortgage Modification…And Wins Foreclosure!

Things have gotten so very bad in courtrooms these days, that banks are able to waltz right in and saunter right back out with foreclosure judgments in their favor with nearly no effort. And while that’s bad enough, this case illustrates how Nationstar Mortgage failed to disclose a mortgage modification…and just waltzed out of court with a judgment.

5 Q And you testified previously that that
6 modification of mortgage modified the terms of the
7 note and mortgage that have been introduced in this
8 case. Correct?
9 A Yes.
10 Q And your — the exhibits indicates that at
11 some point in time Nationstar had in its possession
12 the original modification of mortgage. Correct?
13 A Yes.
14 Q And so the account history purports to
15 explain to the Court what amounts were due and owing
16 from the Defendant. Correct?
17 A Yes.
18 Q And the Complaint asserts that there was a
19 default in the amount of payments — in the amounts
20 received from the Defendant. Correct?
21 A Yes, it does.
22 Q And the documents that are attached to the
23 Complaint are the note and mortgage, which contain one
24 very specific principal amount and a very specific
25 payment amount. Correct?
Page 59
1 A Yes.
2 Q And we agree that that principal amount,
3 that payment amount, all of the terms of that note and
4 mortgage were changed with this modification.
5 Correct?
6 A No, they were not.
7 Q Well, the principal amount decreased
8 significantly. Correct?
9 A It did. Correct.
10 Q And we agree that modified the note and
11 mortgage. Correct?
12 A Yes, it did.
13 Q But we don’t have that modification here as
14 part of the Complaint, do we? You never alerted the
15 Court or the Defendant or me to that modification.
16 Correct?
17 A I do not know.
18 Q Well, these books and records reflect that
19 the terms of the note and mortgage changed. Correct?
20 A They were reflecting accurate payment
21 history for the account.
22 Q Right. And the books and records reflect
23 that the note and mortgage, attached to the Complaint,
24 were modified. Correct?
25 A There was a modification. Yes.
Page 60
1 Q Okay. And I was going to say you testified
2 about the boarding process. But the fact of the
3 matter is that I said, ‘we all know about the boarding
4 process.’ In some of the discovery I see, your
5 records reflect, that you knew — that Nationstar knew
6 there was a modification. Correct?
7 A Yes.
8 Q Yet Nationstar chose not to produce that
9 modification when they filed the lawsuit. Correct?

Read on.

Nationstar to Service Ginnie Mortgages for Banks

Mortgage Daily:

MPF program enables servicing released originations

Nov. 9, 2015

By Mortgage Daily staff

Nationstar Mortgage has negotiated a deal to service Government National Mortgage Association loans for banks that don’t want to retain servicing themselves.

An announcement Monday indicated that a new servicing-released option on Ginnie Mae mortgages is being offered to members of the Federal Home Loan Bank.