Nationstar has officially rebranded its servicing and loan origination operations as Mr. Cooper, seven months after the announcement of the name change during the company’s Q4 2016 earnings call.
“We’re excited to officially become Mr. Cooper and will continue our efforts to transform the way we do business,” said Mr. Cooper Chairman and CEO Jay Bray in a press release.
“We took a look in the mirror and realized that in order to build trust with homeowners and those who wish to own a home one day, our organization and our industry needed a change. Mr. Cooper is a symbol of the transformation we’re undergoing to create an incredible customer experience.”
In addition to the name change, Nationstar has upgraded its servicing and loan origination experience, which includes the move to a U.S.-based call center team, the elimination of all online transaction fees for on-time payments, and intensive customer service training for the entire company.
Beyond the promise of top-notch customer service, Mr. Cooper is rolling out a number of new proprietary technology platforms that promise to make the servicing and loan origination process easy. The biggest release is StreetSmarts, a digital home loan adviser that produces custom insights on a customer’s loan, home and neighborhood on the company’s desktop and mobile sites.
The launch of StreetSmarts is part of a larger real estate trend toward solving a major pain point for buyers — applying for and securing a mortgage. Over the past year or so, a number of companies have released digital-first loan platforms, such as loanDepot’s mello; Quicken Loans’ Rocket Mortgage; collaborative digital loan tracker Loanopoly; Bank of America’s online loan navigator and LendingHome’s online mortgage shop.
Mr. Cooper’s additional two new platforms, which have yet to be named, are geared toward helping buyers manage personal finances and access a panel of qualified real estate agents.
Lastly, customers will be able to apply for a credit card that offers rewards to be applied to the principal balance of their home loan with Mr. Cooper.
“Driven by our purpose to keep the dream of homeownership alive, each of our 7,000 team members strives every day to emulate the core values of Mr. Cooper as we continue on our journey to put the service back in servicing,” Bray said.
Mr. Cooper’s real estate marketplace, Xome, will continue to operate under the same name as it continues to battle some sizable setbacks as evidenced in its Q2 earnings.
Revenue for Xome — a platform that features a property search site, real estate agent referral network and title, closing, valuation and asset management services — declined to $76 million in the second quarter of 2017, according to the company’s Q2 2017 financial results.
Xome’s revenues have been languishing for some time, from $101 million in Q1 2016 to $85 million in Q1 2017.