Mr. Cooper

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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.
FormerlyWMIH Corp. (2015–2018)
TypePublic
IndustryMortgage Lending
Founded1994
Headquarters
Coppell, Texas
,
U.S.
Key people
Jay Bray (Chairman and CEO)
RevenueUS$2.01 billion (2019)
Owner
Number of employees
9,100 (2019)
Websitemrcooper.com

Mr. Cooper, formerly Nationstar Mortgage Holdings Inc. was founded in 1994 and is headquartered in the Dallas, Texas, area. Nationstar Holdings consists of Nationstar Mortgage, which provides servicing and originations for homeowners throughout the United States, and Xome, which provides technology and data enhanced solutions[buzzword] to the real estate market and companies engaged in the origination and/or servicing of mortgage loans. As of June 30, 2017, Nationstar employed approximately 7,000 people and is one of the largest mortgage servicers in the United States with a servicing portfolio of approximately $500 billion and more than 3 million customers.[1] In 2020, Mr. Cooper originated over 146,000 mortgages with a total value of over $36 billion.[2]

In August 2017, Nationstar began doing business as Mr. Cooper, a name change meant to "personalize the mortgage experience".[3]

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, Centex Homes decided to exit all of its non-core, non-home-building businesses, including the mortgage business. Fortress Investment Group acquired Centex Home Equity and renamed it Nationstar Mortgage in 2006.[4][5]

Nationstar Mortgage Holdings, Inc. went public in March 2012 with an initial public offering on the New York Stock Exchange (NSM).[6]

As of June 30, 2017, Nationstar employed approximately 7,000 people and is one of the largest mortgage services in the United States with a servicing portfolio of approximately $500 billion and more than 3 million customers.[7]

In August 2017, Nationstar was re branded as Mr. Cooper.[8]

In 2018, Nationstar paid out millions of dollars in settlements in New York and California due to various violations of state banking laws.[9]

In 2020, Nationstar agreed to a $91 Million settlement for mishandling foreclosures and borrowers' payments[10]

Acquisitions[]

In 2013, Nationstar Mortgage purchased Greenlight Financial Services, a California consumer loan originator.[11]

In 2014, Nationstar Mortgage acquired Real Estate Digital, a real estate services company, for $18 million in cash.[12]

Nationstar Mortgage in November 2014 acquired Experience 1, the holding company for Title365 and technology subsidiaries X1 Labs and X1 Xpress.[13]

References[]

  1. ^ "Nationstar posts net loss of $20 million, but the news is better than it seems". 3 August 2017.
  2. ^ "Nationstar Mortgage (Mr. Cooper)". Retrieved December 2, 2021.
  3. ^ "It's official: Nationstar will become Mr. Cooper in August 2017". 2 May 2017.
  4. ^ http://www.mortgagedaily.com/ChecFortressAcquisition033006.asp
  5. ^ "Centex Home Equity to Become Nationstar Mortgage LLC".
  6. ^ "Overview".
  7. ^ "Nationstar posts net loss of $20 million, but the news is better than it seems". 3 August 2017.
  8. ^ "NATIONSTAR REBRANDS AS MR. COOPER | Mr. Cooper Group".
  9. ^ "Nationstar (Aka Mr. Cooper) reaches $17 million mortgage settlement with NYDFS". 11 April 2018.
  10. ^ https://www.washingtonpost.com/business/2020/12/08/nationstar-mortgage-mr-cooper-91-million-settlement/
  11. ^ "Charting a new course: Nationstar acquires Greenlight Financial Services". 7 May 2013.
  12. ^ "Nationstar posts profit and makes big digital purchase". 8 May 2014.
  13. ^ Swanson, Brena (21 November 2014). "Nationstar buys title company". Housingwire. Retrieved 8 January 2016.
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