Nationstar Rebrands as Mr. Cooper, but Can a Leopard Change its Spots?
Mon Sep 25, 2017 by Oppenheim Law on Florida Law News
You may have noticed that Nationstar is no more. After several years of transitioning, Nationstar has officially renamed itself “Mr. Cooper.” Why the new name? According to CEO Jay Bray, it’s all part of a “cultural shift” to improve the experience for customers, as Bray’s mission is to be the leader in service.
Time to Rebrand
The former Nationstar has quite a history. It was among the most complained-about companies, according to the Consumer Financial Protection Bureau’s reports on consumer complaints. Nationstar was also previously hit by the Bureau with the largest civil penalty ever imposed, in the amount of $1.75 million, for Home Mortgage Disclosure Act violations.
Due to such negative publicity, presumably, the Nationstar team realized that a total rebrand would create a new identity for the mortgage servicer. The “Mr. Cooper” brand hopes to create an impactful relationship with its customers, “upgrading [the] customers’ experience and challenging the standard for customer service in the mortgage industry.”
Mr. Cooper has already transformed its name, website, and mobile app; and aims to completely transform its identity to “personify” its relationship with customers. Mr. Cooper moved its customer service operations back to the United States and also released a Home Rewards credit card that provides customers with 1% cash back on purchases where the rewards are applied to the borrower’s mortgage principal.
What This All Means
The Nationstar-Mr. Cooper transformation leaves a few questions to be answered. Will Mr. Cooper erase Nationstar’s negative past? Will other mortgage servicers, hoping to shed their culpability in the foreclosure crisis, also rebrand? Will “Ms. Doe” be next? Even if rebrands happen, our question at Oppenheim Law is, can a leopard change its spots?
From the trenches,
Roy Oppenheim
no put lipstick on a pig its still a pig took my house after its been in my family since 1878 paying 19 years on a 20 year loan tooks billions in the bailout program didn’t help anybody but themselvesmy story goes back to 1998 they induced me by by understating my total finance charges by 90000 then quickly securitized it before the ink dried put in completely into a securitized trust forget the depositer sponsor custodian they are known for taking shortcuts and breaking laws assignments years and years after the closing date assignments with the signature of the same guy sa wileman all different and how industriest is he president oand vice presidents of five different banks not to forget the notary fraud not to mention the tax fraud and securities fraud allonge to note separate paper staples commonly known as tear off fraud papers moving on creating a false spread sheet to give the impression the loan was being payed down but in reality it could never be paid off I will go to my grave fighting these crooks after they sold my home at auction and I might add I was at two drs appts my house burned to the ground it was like god saying to nationstar im not letting you steal it like you have stold so many others im sure jay bray the chief thief and ceo if karma is real be held accoubtable for his actions
It is March 23, 2018 and for 2 years I have been dealing with the wrath of this mortgage servicer. There are so many complaints that I have, but the one that stands out the most is that 2 of my mortgage payments went to Nationstar, but were endorsed by Wells Fargo. They sent me 3 different escrow analysis within 3 months with 3 different payment amounts. They sent me a “coupon book” which of course had my payment on it, but then told me I have not been paying the correct amount. As of now, I am trying to modify and it has been HELL. I have contacted the Mass. Atty. General and I hope to get some help!!! Its awful. I would say that the leopard clearly has not changed its spots. I have other details, but there are too many words to type. If you have a chance to steer clear of this servicer, run!
https://www.kellerrohrback.com/contact/ They just filed a new class action suite. I dont know if they’ll take us on. but I’ve written my story to them. Nationstar gave us the disaster deferment in the wake of hurricane Irma. They want us to qualify for a Loan Modification now, we have been fighting with this since January. In the mean time, they talk down to us, calling us three months late. AND… as we are trying to sell our house now, to escape them, they sent our payoff in July showing $39500. but in August, it shows $39750. So I pulled up the July statement on their website..Im glad I down loaded the one they issued, because NOW, the July pay off shows to be over $40k.
Heres the link to the filing:
http://www.krcomplexlit.com/wp-content/uploads/2015/09/0022-Pl-Amended-Complaint-083017-4846-4655-6750-v.2.pdf
I sure hope this company is soon out of business.
Thank you for your research on this shyster company. Rebranding itself as mr. Cooper sounds more like the name of the used car sales lot. This company has over 8,000 consumer agency complaints with the US Consumer Report agency. In each state where lawsuits have been filed against Nationstar mr. Cooper that company has lost. Hopefully law firms like yours will watch this company like a hawk and be ready to swoop down and grab them in your closet take them up to altitude and then let go. Again thank you.
They are trying to for close on me before loan modification payment was even due. After 3 request for amount to reinstate loan they won’t give me a number
We have been with Nationstar since 2012. And not by choice, they are the most dishonest companies I have ever dealt with. In 2015 after filing Bankruptsy to keep them from forclosing. And then only after filing another Bankrupsy, this time chap 13, because they refused to refinance and took application after application for harp modification, until we had submitted hundreds and hundreds of paperwork faxed to them. I finally contacted the AZ State Attorney Generals office. They had me send them every piece of paperwork to them first and then I would submit to Nationstar. This was yet another application for the Harp program. WE had an unclean title through Countrywide Bank from Nov-Dec 2008. When all the Robo -signing took place ours was one of those titles.
Now Nationstar does not give us the incentives from Hud and on top of all the illegal fees they have charged, they say that I borrowed $26,000. from HUD to pay for late payments, only they have lost the title for that supposed loan! Plus I made all my payments even while in Bankrupstsy I made all my payments. And the Attorney General would have noticed if I was taking out a loan at the same time as HARP. as I was never underwater on morgage.
Now they want $26,000 over what I owe them for money that we never received from HUD or Nationstar. Nationstar applied for and I guess took money from HUD in my name. without my knowledge. They slipped it in with the HARP refinance paperwork. We had no Knowlege of this loan. What can we do? I have saved every piece of paperwork with Attorney Generals office. And from Nationstar..
TOM COOPER / NATIONSTAR LLC. STOLE MY HOME BY USING COMPRIMISED FORGED DOCUMENTATION FROM THE OFFICE OF DAVID STEARNS ROBO SIGNING FRAUD
LOWERED PRINCIPAL BALANCE TO KEEP HOME ABOVE WATER TO ENSURE DISQUALIFICATION OF A LOAN MODIFICATION OR CH. 13 !
Hillsborough County Florida Judge Emily A. Peacock granted Nationstar a protection order AND a summary judgment for forclosure of my home in a 10 minute quick trial .. i have been robbed by forged documents and modified numbers of principal balance to home value to FORCE THE SALE OF MY HOME AND KICK ME INTO THE STREET. I was disabled at work in 2011 and given full denial from work comp becasue of the gutted florida work comp law FL s.440.11 . NOW a PROTECTION ORDER GRANTED to Nationstar by this judge gives them immunity to any of my defenses or questions from any attorney I hire !!! WHAT IS GOING ON ?? CORRUPTION IN THE COURT OF HILLSBOROUGH COUNTY. CREATING HOMELESS PEOPLE OF GOOD STANDING CITIZENS WHO WORKED HARD ALL THEIR LIVES LIKE ‘ME’ !!!