Right now you might have some questions about what's going on with your mortgage and how to use this site.
Good news: You're in the right place to find the answers. Read on to learn about why you're now part of the Mr. Cooper family, and why that's a good thing for you. We'll also cover how to get your account with us up and running.
WHY YOU WERE TRANSFERRED
Your transfer occurred because your previous servicer sold your loan to us, your new servicer.
Now, this might seem a little weird. It's not like you asked them to sell your loan to us. And they may not have given you much advance notice.
No one would blame you for being a little surprised (and not in the happy "surprise birthday party with cake and cocktails" way) to get this news.
But it's absolutely nothing to worry about. It's not bad news. Actually, we're 101% committed to making it be good news.
Mr. Cooper is a new kind of mortgage servicer. One that's all-hands-on-deck determined to set a new industry standard for personal attention and solution-oriented customer care.
Back to your mortgage: First, understand that mortgages being sold between servicers is very common. Hundreds of thousands of mortgages change hands in this way every year.
And it's not like your loan was singled out and sold because of any shortcoming on your part. Loans are typically sold in bundles of tens of thousands at a time, and not for reasons that reflect negatively on the borrowers.
So now that we understand why your loan wasn't sold, let's look at why it was.
In a sense, the mortgage industry is really two industries. Or, if you prefer, it's an industry made up of two major and mostly separate areas.
The first is called origination. Origination is the process of applying, getting approved, and getting funded.
The second is called servicing. Servicing is everything that comes after origination: Managing the loan, processing your payments, keeping current with tax and insurance obligations, exploring refinancing and assistance options... and a lot more.
Most mortgage companies focus on either origination or servicing, not both equally. So origination-focused companies are constantly transferring loans to servicing-focused companies.
This is a good thing. It leads to everyone doing what they do best.
(Sometimes servicing-focused companies transfer loans to other servicing-focused companies for various reasons too.)
So that's how and why you ended up with us. And this seems like a good time to mention that we want to stop this game of mortgage loan "hot potato."
We want to partner with you and have you be our customer for life, not just one or two years. Our goal is to sell fewer loans to other servicers and develop long-term relationships with more of our customers.
And we promise that whatever the future holds, we're going to treat our relationship with you like a long-term relationship from day one. You're never a commodity when you're with us.
Right now, we're going to do everything possible to make your transition smooth, simple, and transparent.
When your loan was sold to us, you should have received a "goodbye" letter from your previous servicer. It should have arrived around fifteen days before your transfer date.
This letter should tell you that the transfer is happening, and give you an official transfer date.
If you're not sure of your official transfer date, give your previous servicer a call.
Once your loan is in our system, (usually no more than seven days after the transfer date), you can register and create an account here.
Around two weeks after your transfer date, you'll receive a welcome packet from Mr. Cooper. The welcome packet will include your new loan number, Mr. Cooper contact details and other information you'll want to know.
CHANGES TO YOUR LOAN
So you've got a new mortgage servicer.
A question that may be on your mind is: "What else is changing about my mortgage?"
And the answer is: Not much.
The terms of your loan remain exactly the same. This means your interest rate, monthly principal and interest payment, and repayment timeframe are all identical to what they were with your previous servicer.
There could be some changes in your fees. Some of ours might be higher, and some might be lower than you've been paying.
Transparency is a way of life at Mr. Cooper, and in that spirit here's our complete list of fees.
Here are some other good things to know:
- This transfer has no impact on your credit rating.
- There are no late fees or negative reporting to the credit bureaus during the first 60 days after your transfer.
- Your previous servicer is required to forward to us any payments you make to them for 60 days after your transfer date. Once 60 days have passed from your transfer date, please be sure your payments are going directly to Mr. Cooper.
- If you have a workout or modification plan with your previous servicer, we'll continue it. Just allow us up to thirty days from your transfer date to get all of your paperwork.
- If you were in the middle of selling or refinancing your home when the transfer occurred, you can request a payoff quote once your information is in our system.
- If you had an escrow account that was transferred to us, we will continue to make your tax and insurance payments promptly.