Nationstar_Mortgage

Mr. Cooper

Mr. Cooper

US mortgage, financial services company

This article is about the mortgage and financial services company. For people with the surname Cooper, see Cooper (surname). For other uses, see Cooper (disambiguation).

Mr. Cooper Group Inc., formerly Nationstar Mortgage Holdings Inc., was founded in 1994 and is headquartered in the Dallas, Texas, area. Mr. Cooper Group is an umbrella corporation holding companies like Nationstar Mortgages, LLC, one of the largest mortgage servicers in the United States with a servicing portfolio of approximately $937 billion and more than 4.3 million customers,[1] and Xome, an online real estate marketplace,[2] among others.

Quick Facts Trade name, Formerly ...

History

Nationstar was founded in Denver, Colorado, in 1994 as Nova Credit Corporation. In 1997, the company moved to Dallas, Texas, where home-builder Centex Homes established Nova Credit Corporation as their in-house lender for new construction and changed the company name to Centex Credit Corporation. In 2001, Centex Credit Corporation was merged into Centex Home Equity Company, and it operated as the subprime mortgage originator and servicer for Centex until 2005.

In 2005, the decision was made to withdraw Centex Homes from non-home-building businesses, including the mortgage business. Fortress Investment Group acquired Centex Home Equity and renamed it Nationstar Mortgage in 2006.[3][4]

In March 2012, Nationstar Mortgage Holdings, Inc. went public with an initial public offering on the New York Stock Exchange.[5]

Nationstar Mortgages, LLC, is the consumer-facing mortgage lender and servicer that operates under the service mark "Mr. Cooper".[6] In August 2017, Nationstar Mortgages, LLC, announced it was changing its name to Mr. Cooper after releasing its worst financial report to date.[7] The company stated that the name change was meant to "personalize the mortgage experience".[8] In 2020, Mr. Cooper originated over 146,000 mortgages with a total value of over $36 billion.[9]

Controversies

In 2018, Mr. Cooper paid out millions of dollars in settlements in New York and California due to various violations of state banking laws.[10]

In 2020, Mr. Cooper agreed to a $91 million settlement with the CFPB, all 50 states, and three U.S. territories, for mishandling foreclosures and borrowers' payments.[11] More than $74 million of the settlement was directed back to consumers whose homes were foreclosed on while waiting for approval of their loan modifications and consumers whose monthly payments were increased without notice or consent.[11]

On October 31, 2023, Mr. Cooper was the subject of a hack which forced the company to suspend its online services for four days, from November 1 to November 5, 2023.[12] The company promised to ensure that customers will not be assessed late fees, penalties, or hits to their credit score due to the service outage.[13] On November 9, 2023, Mr. Cooper confirmed that customer data was compromised in the breach, but did not disclose to what extent.[14] On December 15, 2023, Mr. Cooper confirmed in a regulatory notice with the state of Maine that 14,690,284 customers' data was exposed, including names, addresses, phone numbers, Social Security numbers, dates of birth and bank account numbers.[15]

References

  1. [1]
    Revell, Eric (2023-11-08). "Cyberattack of major mortgage servicer leaves customers without online payment option". FOXBusiness. Retrieved 2023-11-09.
  2. [2]
    Cook, John (2 December 2015). "Xome CEO Kal Raman resigns one year after taking top post at online real estate company". GeekWire. underwritten by Talent Reach. Retrieved 8 November 2023.
  3. [3]
    "MortgageDaily.com: Subprime Lender Changes Hands -- Fortress Investment to acquire Centex Home Equity". Archived from the original on 2021-06-04. Retrieved 2021-06-04.
  4. [4]
    "Centex Home Equity to Become Nationstar Mortgage LLC".
  5. [5]
    "Overview".
  6. [6]
    "Nationstar Mortgage LLC". NMLS Consumer Access. Nationwide Multistate Licensing System. 9 November 2023. Retrieved 9 November 2023.
  7. [7]
    "Nationstar posts net loss of $20 million, but the news is better than it seems". 3 August 2017.
  8. [8]
    "It's official: Nationstar will become Mr. Cooper in August 2017". 2 May 2017.
  9. [9]
    "Nationstar Mortgage (Mr. Cooper)". Retrieved December 2, 2021.
  10. [10]
    "Nationstar (aka Mr. Cooper) reaches $17 million mortgage settlement with NYDFS". 11 April 2018.
  11. [11]
    Michelle Singletary (2020-12-08). "Nationstar Mortgage agrees to a $91 million settlement for mishandling foreclosures and borrowers' payments". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409.
  12. [12]
    Griffin, Keith (5 November 2023). "Mr. Cooper Locked Down By Cyber Attack". National Mortgage Professional. Retrieved 8 November 2023.
  13. [13]
    Cowley, Stacy (7 November 2023). "Cyberattack Disrupts Mortgage Payments for Millions of Mr. Cooper Customers". The New York Times. Retrieved 8 November 2023.
  14. [14]
    Feuer, Will (9 November 2023). "Mr Cooper Says Customer Data Was Exposed in Cyberattack". MarketWatch. Dow Jones Newswires. Retrieved 2023-11-09.
  15. [15]
    Reed, Michelle (15 December 2023). "Data Breach Notifications". Office of the Maine Attorney General. Retrieved 2023-12-30.
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