Last year when HousingWire sat down with Jay Bray, the CEO of Nationstar Mortgage, to discuss the company’s transition into Mr. Cooper, Bray said that the rebrand is much more than the new name of the company. Originally, the transformation was scheduled for the first half of 2016, but it is taking longer as it’s not just rebranding. The company is reinventing everything that it does.
In December, when HousingWire again spoke to Bray, he said that the transition plans would be completed in the first half of 2017. The plan is now officially underway, as some of the Nationstar Mortgage customers recently began receiving letters informing them of the company’s transition into Mr. Cooper “later this year.”
A copy of the letter from Nationstar’s customer refers to as a “friend of HousingWire” was obtained by thHousingWire. Below is the full copy of the letter, however, tipster’s personal information was removed to secure the privacy.
According to the Nationstar spokesperson, the letter was authentic and is part of the “pilot program,” as it was sent to a “small number” or 2.7 million Nationstar customers.
“Nationstar has made great progress on our journey to become Mr. Cooper and, while we’ve not determined an official launch date yet, we are committed to completing the transformation in 2017,” Nationstar’s spokesperson said. “We have announced the launch to a small number of our customers as a pilot and will use their valued feedback to ensure the full transition to Mr. Cooper happens in the most responsible and customer-friendly way possible.”
The letter begins: “Say hello to Mr. Cooper. Say goodbye to the status quo,” adding “later this year, Nationstar is becoming Mr. Cooper.”
The letter continued to discuss the Nationstar reasons for transforming into Mr. Cooper and tells borrowers what they should expect from the transition.
The letter notifies in capital letters that the transition is “NOT A LOAN TRANSFER.”
As stated by the letter, borrowers will soon receive communication from Mr.Cooper.
The letter also answers the question, “When it was first heard about the Nationstar’s plan to rebrand as Mr.Cooper?
“Now, you’re probably wondering, why Mr. Cooper?”
The letter answers, “Fair enough.”
“To us, it’s an identity that represents the kind of person who always goes the extra mile for a customer. He stands for avoiding business as usual and doing everything he can to help. He has a firm belief that one person can make a big difference.”
“That’s who we want to be. A company of Coopers. Over 7,000 of us. But a new brand name is just the beginning,” the letter continues.
The behind-the-scene changes were also discussed by the letter that Nationstar has undertaken a few years back.
The letter also touts Nationstar’s latest website (had been in development for two years) and mobile app, launched in December.
The letter also states that the Nationstar plans a “host of innovative offerings to make your home loan experience more rewarding and less worrisome, from start to finish.”
The letter continues that more details are coming “in the next few months.” Borrowers can also visit MrCooper.com which recently re-launched for those who had received the letter. The new website version is almost similar to the previous version.
The website Mr. Cooper.com was first launched by the Nationstar in July 2016.
“It’s more than a name change. It’s a change to the way we work with our customers,” the website states. “From new purchases and refinancing to servicing of existing loans. We’re keeping things simple. Focusing on the solution. Putting customers first. All with one single-minded goal: To keep the dream of home ownership alive.”
New website MrCooper.com has a video discussing more details on the company rebranding, recapped in detail here.
The main addition is of “Frequently Asked Questions” page is containing more details about the change.
At the bottom of the letter and the bottom of the website, a brief disclaimer is added to head off Nationstar customer’s confusion: “Mr. Cooper is simply a brand new name for Nationstar Mortgage LLC.”
“Thank you so much for being part of our family,” the letter concludes. “We are honored to have you with us as we begin this amazing journey.”