Nationstar Mortgage Officially Rebrands as ‘Mr. Cooper’

More than a year after first internally announcing the name change, Nationstar Mortgage Holdings Inc. (NYSE: NSM) on Monday officially rebranded its operations as “Mr. Cooper.” The Coppell, Texas-based lender and servicer — which services reverse mortgages under the Champion brand — embarked on the unorthodox name change in order to put a more personal […]

Nationstar, About to Become Mr. Cooper, Loses $20M in Second Quarter

Nationstar Mortgage Holdings, Inc. (NYSE: NSM) turned in a $20 million loss for the second quarter, but reported a 4.5-basis-point adjusted profit on its servicing portfolio. Nationstar barely mentioned Champion Mortgage, its reverse mortgage servicing arm, on Thursday’s earnings call or in its associated financial statements. According to a single line item in an 8-K […]

Friday Round-Up: Bad Reverse Mortgage Advice, Mr. Cooper’s Big Debut

Ah, the first week of May brings such glad tidings: Cinco de Mayo parties, Star Wars Day, and the annual reappearance of the Justin Timberlake meme that will never die. This time of year also usually brings warm weather, but we’re still bundled up against the cold here in RMD’s hometown of Chicago — on […]

Nationstar, Soon to be Mr. Cooper, Posts Small Q1 Gain

Nationstar Mortgage Holdings, Inc. (NYSE: NSM) turned in net income of just $0.02 per share, or $2 million, during the first quarter of 2017, though CEO Jay Bray touted the company’s strong mortgage-servicing performance — as well as Nationstar’s upcoming metamorphosis into “Mr. Cooper.” The company collected $65 million in income from its servicing operations, […]

Judge: Contract Trumps Banker’s Bad Reverse Mortgage Advice

A federal judge in Massachusetts this week ruled that bad advice from a banker doesn’t prevent a non-borrower from facing foreclosure after the death of a reverse mortgage holder. Back in 2009, a Bank of America employee told John Consolo that if his mother took out a reverse mortgage on her Boston home, he could continue […]

Hangin’ with Mr. Cooper: Nationstar to Change Name in August

Paging Mark Curry and lovers of largely forgotten ‘90s sitcoms everywhere: This August, millions of mortgage holders will find themselves hangin’ with Mr. Cooper. Nationstar Mortgage Holdings, Inc. (NYSE: NSM) on Tuesday announced that it will officially rebrand its mortgage servicing and origination operations as “Mr. Cooper” this August in an attempt to put a human […]

Reverse Mortgage Complaints Spike, But CFPB Database’s Future in Doubt

The numbers coming out of the Consumer Financial Protection Bureau were striking: Disputes over reverse mortgages spiked by 172% from 2012, the first full year that the CFPB opened its virtual doors to such complaints, to 2016. Over that same period, the CFPB saw a 102% increase in all Federal Housing Administration-related loans, while Americans […]

Reverse Mortgage Securities: High Prepayments Outpace Issuance Growth

Even with continued strength in the reverse mortgage backed securities market, stubbornly high levels of prepayments have driven the overall market to shrink, according to two new reports from New View Advisors. The New York City-based financial services firm cited data showing that the Home Equity Conversion Mortgage-Backed Securities (HMBS) market is on track to […]

Tale of Three Servicers: Nationstar Rising, Walter Struggling, Ocwen Rebounding

Followers of publicly traded mortgage servicers might be coming down with a case of whiplash over the last few weeks. Walter Investment Management Corporation (NYSE: WAC) experienced massive losses following a dark mid-month earnings call, while Nationstar Mortgage Holdings (NYSE: NSM) and Ocwen Financial Corporation (NYSE: OCN) found themselves buoyed by positive news. First, the […]

Friday Round-Up: Walter’s Troubles, CFPB Slams Nationstar

The Ides of March proved turbulent for the financial industry, as President Trump’s proposed budget stirred fears of major impending cuts to the Department of Housing and Urban Development, and two players in the reverse mortgage servicing industry faced regulatory setbacks. If you were too busy following the national financial firestorms this week, here’s a quick […]