MR Cooper Group (MM) (NASDAQ:COOP)
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1 Month : From Nov 2018 to Dec 2018
30 percent of Americans wish they could skip the holidays rather than
spend money on gifts this year
Yet respondents plan to spare no expense getting their homes
ready for the holidays — spending 10 times more on remodeling than gifts
Cooper®, the nation’s largest non-bank mortgage servicer and a
leading mortgage lender, today announced the results
of their second annual holiday survey, highlighting the spending
burden many feel around the holidays. The survey uncovered concerns
around holiday spending, both on gifts and on getting their homes
holiday-ready. In fact, many respondents are more concerned with making
updates to their homes than purchasing gifts.
Concerns over debt haven’t gone away:
52 percent have some level of credit-card debt with 44 percent saying
it’ll take one to five years to pay off.
Despite debt being an issue, nearly a third (33 percent) don’t put
themselves on a budget each holiday season, with 7 percent still
paying off last year’s gifts, and 25 percent expecting to go into some
level of debt from gift giving this year.
What would consumers give up to solve their debt problem?
30 percent wish they could skip the holidays entirely rather than
spending money on presents.
Almost half (42 percent) would give up receiving and buying gifts in
order to pay off their mortgage faster.
Thirty-eight percent would tap into their tax refund early to pay for
“The holidays are a wonderful time of year, but unfortunately for many
Americans, the cost of gift giving and travel only magnifies the
significant pressure credit card debt continues to play on their
financial lives,” said Jay Bray, Chairman and CEO of Mr. Cooper Group.
“The silver lining for millions is that their homes continue to be a
source of wealth that can aid them in strengthening their personal
balance sheets while potentially helping them find ways to invest in
those sought-after home renovations. At Mr. Cooper, we want to help our
customers better understand how their equity could benefit and provide
them with personalized tips to borrow responsibly and escape the cycle
A time of giving — to the home: Homeowners give themselves the gift
of renovations this holiday season:
Nearly a third (30 percent) of respondents plan on making home
improvements before the holidays begin ramping up. The average budget
is nearly $6,000, which is 10 times more than what 82 percent of
respondents planned on spending for gifts.
The top-three chosen updates were painting the home’s interior (53
percent), upgrading the bathroom (35 percent), and overhauling the
kitchen (36 percent).
The Right Tools Can Empower Homeowners
The Mr. Cooper with Home Intelligence mobile app is designed to provide
valuable insights to help consumers better understand how their home
fits in the broader financial picture. The app provides insight into how
much their home is worth, how much equity they have and how they can use
home equity and refinancing options to save money and get out of debt.
Through easily accessible, personalized information about their homes,
mortgages and balance sheets, Mr. Cooper with Home Intelligence helps
homeowners simply understand their options to save money and support
their overall financial goals.
To learn more about Mr. Cooper with Home Intelligence mobile app, visit mrcooper.com/homeintelligence.
About Mr. Cooper
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.
The survey was conducted as part of Mr. Cooper’s mission to better
understand and better serve its customers. All figures, unless otherwise
stated, are from Researchscape International. The total sample size was
1,083 adults. Fieldwork was undertaken November 1-3, 2018. The survey
was carried out online. The weighted figures are representative of all
U.S. adults (aged 18+).
View source version on businesswire.com: https://www.businesswire.com/news/home/20181206005123/en/