Mr. Cooper® Announces Additional Aid for Customers Impacted by COVID-19
March 30 2020 - 2:53PM
Business Wire
Comprehensive Response Includes Forbearance
Plans, No Negative Credit Reporting and No Late Fees
Mr. Cooper®, the nation’s largest non-bank mortgage servicer and
a leading mortgage lender, today announced additional assistance
programs to help customers dealing with the unexpected impact of
COVID-19 on their personal and financial lives. The company is
offering assistance to customers following the guidance outlined in
the CARES Act, while continuing to provide customers the support
needed by offering new digital tools and quickly increasing call
center staffing.
“What we are experiencing is unprecedented, and although it is
too soon to tell what the long-term effects of this pandemic will
be, we know that right now homeowners need a solution for mortgage
payment relief. We are pleased that the CARES Act creates a simple,
consistent solution for our customers,” said Jay Bray, Chairman and
CEO of Mr. Cooper Group Inc. “As we continue to navigate this new
territory, our team members are working around the clock to ensure
we keep the dream of homeownership alive for our nearly 4 million
customers.”
Customer Assistance Mr. Cooper is able to offer customers
facing a financial hardship as a result of the pandemic a
forbearance plan, which allows homeowners to temporarily pause
monthly mortgage payments for at least three months, with the
option to extend up to 12 months as needed, during which time
negative credit reporting and late fees are suspended. At the end
of the forbearance period, arrangements will be made to pay back
all paused payments. Knowing this may be a financial burden for
some customers, Mr. Cooper has multiple options available,
depending on the customer’s unique situation:
- Repayment plan — Over a set number of months, an extra amount
will be added to the customer’s regular mortgage payment to cover
the amount owed from the forbearance.
- Lump sum payment — This allows customers to pay back the amount
owed as a lump sum at one time.
- Loan modification — If a customer is unable to pay a lump sum
or enter into a repayment plan, Mr. Cooper will work with them on a
loan modification. This may include an extension at the end of
their loan to give customers additional months to pay the
forbearance amount.
Homeowners facing financial hardships related to COVID-19 are
encouraged to sign into the company’s website to apply for the
pandemic forbearance plan. Please visit our COVID-19 Resource
Center for additional information.
Additional Steps to Support Customers Mr. Cooper is proud
of its team member and customer-centric culture and is taking
several steps to ensure both team members and customers are well
cared for during this global pandemic.
- Customer Care: Mr. Cooper has launched specialized COVID-19
pandemic training for our call center staff. Nearly one thousand
team members have already been trained on the new programs. In
addition to training, the company is significantly increasing call
center staffing to handle the large volume of customers calls. The
company is also pausing foreclosures and evictions.
- Digital: Mr. Cooper has launched new digital tools that allow
customers to sign in and apply for pandemic forbearance
online.
- Team Members: In March, Mr. Cooper moved to a remote work
environment to protect the health and wellness of its team members.
Currently, greater than 95 percent of our team members are working
from home, which ensures Mr. Cooper can continue to support
customers.
“During unforeseen times such as these, it is imperative that
our team members know their well-being is our top priority. Happy
and healthy team members are key to our culture and are better able
to serve our customers with the compassion and service needed
today,” said Bray. “Our company has a long history of serving
customers when they need us most. We are a proven industry leader,
and I am confident we will remain resilient and be stronger than
ever before.”
To learn more about the programs being offered, please visit our
COVID-19 Resource Center.
About Mr. Cooper Mr. Cooper is the consumer brand for the
mortgage servicing and originations operation of Mr. Cooper Group
Inc. (NASDAQ: COOP). Based in Dallas, Texas, Mr. Cooper is one of
the largest home loan servicers in the country focused on
delivering a variety of servicing and lending products, services
and technologies to make the home loan process more rewarding and
less worrisome. Please visit www.mrcooper.com for the latest news
and information.
About Mr. Cooper Group Mr. Cooper Group Inc. (NASDAQ:
COOP) provides quality servicing, origination and transaction-based
services related principally to single-family residences throughout
the United States with operations under its primary brands: Mr.
Cooper® and Xome®. Mr. Cooper is one of the largest home loan
servicers in the country focused on delivering a variety of
servicing and lending products, services and technologies. Xome
provides technology and data enhanced solutions to homebuyers, home
sellers, real estate agents and mortgage companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200330005656/en/
Media Inquiries: Christen Reyenga, VP Corporate
Communications MediaRelations@mrcooper.com
Shareholder Inquiries: Kenneth Posner, SVP Strategic
Planning and Investor Relations Shareholders@mrcooper.com
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From Apr 2023 to Apr 2024