GMFS Mortgage sold to "Mr. Cooper"? Letter

[Lstansbury]

Anyone else received a letter from GMFS mortgage servicer saying "Your Account is Being Transferred to Mr. Cooper"?

After a google search there does seem to be a huge mortgage servicer called Mr. Cooper. (BIZARRE).

But it sounds like a scam and their customer service ratings, according to the search, are not great.

I'm just looking for other souls on the board who might have gone through this already. Thanks for any insights!

 

[cathy63]

I do many tax returns for people who have mortgages with Mr Cooper. I can't speak to their mortgage servicing abilities, but I can tell you that they seem to provide accurate and timely 1098 forms.

 

[markelp]

“Mr. Cooper Group Inc., formerly Nationstar Mortgage Holdings Inc., was founded in 1994 and is headquartered in the Dallas, Texas, area. Mr. Cooper Group is an umbrella corporation holding companies like Nationstar Mortgages, LLC, one of the largest mortgage servicers in the United States with a servicing portfolio of approximately $937 billion and more than 4.3 million customers, and Xome, an online real estate marketplace, among others.”

Mr. Cooper - Wikipedia

en.wikipedia.org

 

[Lstansbury]

I do many tax returns for people who have mortgages with Mr Cooper. I can't speak to their mortgage servicing abilities, but I can tell you that they seem to provide accurate and timely 1098 forms.

Thank you!

 

[marko]

Man, talk about a shady sounding outfit! I'm sure they're legit but whatever happened to financial outfits picking names that implied stability, strength, security and confidence?

 

[calmloki]

Funny, reading the wiki U/Makrkelp linked on Mr. Cooper it sounds like they were trying hard to pick a good name:
"In August 2017, Nationstar Mortgages, LLC, announced it was changing its name to Mr. Cooper after releasing its worst financial report to date.[7] The company stated that the name change was meant to "personalize the mortgage experience".[8"

Reading the controversies portion of the wiki on Mr. Cooper is a crackup.

 

[Lstansbury]

Ah, the meeting where that was discussed must have been a classic corporate buzzword bingo fest.

 

[harley]

Man, talk about a shady sounding outfit! I'm sure they're legit but whatever happened to financial outfits picking names that implied stability, strength, security and confidence?

The insurance company for the house we just sold in FL is named Typtap. Always sounded to me more like a social media platform than a staid old insurance company.

 

[bada bing]

I have a mortgage opened in 2012. It has been transferred 3 times (4 total servicers) in the 12 years. "Mr Cooper" had mine for 3-4 years and transferred it to the current "Newrez" about 2 years ago. I am ambivalent about who currently holds my mortgage, although making sure my autopay settings transfer correctly is a hassle. I'm not about to pay off the 2.62% APR balance early though.

Mortgage servicing is a weird business. I don't really understand what makes it profitable to regularly trade my paper between owners. My mortgage balance is getting small now - less that $150K remaining - and my credit score and payment history should indicate lowest tier risk. With the 2.62% interest, the current value of my mortgage is underwater as an asset to a mortgage holder and selling just locks in losses.

 

[FlaGator]

Without getting into the weeds of mortgage servicing profitability, there is money to be made, even on 2.625% mortgages.

First is the "servicing fee", typically 0.25-0.375% of the stated payment rate. "Pass-through" rate is what goes to FNMA/FHLMC/GNMA/VA, the holder/guarantor of the underlying mortgage. On a 2.625% mortgage the pass-through rate could be 2.25-2.375%. There is also money to made from the escrow deposits, late fees, and other charges that people who are late payers fork over.

It's a business that is very profitable if the systems are good and delinquencies and foreclosures are low. When more than one of those turn south, profits disappear quickly. Chronic lates are profitable due to late fees, as long as they stay "chronically late" and don't slip into 30 or 60 days late.

 

[Safire]

The insurance company for the house we just sold in FL is named Typtap. Always sounded to me more like a social media platform than a staid old insurance company.

Sounds like TikTok to me. Is it legit? I'd be wary of doing business with any company that sounded like a social media platform, too.

 

[pjm-7]

Will all knew that DB Cooper (of hijacking fame) would reappear someday.

 

[jazz4cash]

Man, talk about a shady sounding outfit! I'm sure they're legit but whatever happened to financial outfits picking names that implied stability, strength, security and confidence?

I had the same reaction. DD’s mortgage was tranferred to this outfit before she evan made a payment. I had never heard of them. There was a sitcom called ‘Hangin with Mr Cooper’ so it seemed like a joke.

 

[pb4uski]

Lame corporate name.

 

[harley]

Sounds like TikTok to me. Is it legit? I'd be wary of doing business with any company that sounded like a social media platform, too.

They're legit, as far as I can tell. We had no real choice after our third insurance company quit covering our area in SWFL. We never made any claims, so I don't know how that would go. But we just got the refund check after selling the house, so good enough for me.

 

[db79]

My mortgage was transferred to Mr Cooper about a year ago. Haven't had any issues.

 

[Winemaker]

My son had a mortgage with Mr. Cooper and so do I. No troubles here, but I don't escrow taxes or insurance. I don't give anyone the chance to screw things up!

 

[still_working]

Add me to the list of current Mr Cooper customers. They've held ours for a couple years now. No issues although they do spam us with marketing and promotions - equity loan offers, quick approval for a new loan, etc.