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The name has changed, but not much else. If facing the prospect of a short sale, here is what you can expect from Mr. Cooper, the new name for the same old lender once known as Nationstar.
The Connecticut short sale process with Mr. Cooper:
Our first goal with any new client is the same: To understand your situation and determine whether you are likely to be approved for a short sale, and then to set the proper expectations for the short sale process. Since specializing in CT short sales in 2010, we have dealt with almost pretty much every lender, including Mr. Cooper!
Keep in mind that while Mr. Cooper services your loan, they usually do not actually own your loan but instead service it on behalf of a different entity - the investor. Mr Cooper will follow the investors guidelines for processing your short sale, but on their own platform and with their own staff.
Mr. Cooper uses a platform called Equator to manage their short sale process. The Equator platform allows for electronic messaging, document collection and updates. Live communication with negotiators at Mr. Cooper can be challenging as they prefer to keep all communications trough the Equator portal. On the bright side, Equator forces a high level of transparency as every request and exchange is documented in the system.
All in all - Mr. Cooper is a mediocre lender as far as short sales go. The average short sale with Mr. Cooper will take a few months and won't be extremely efficient, but it usually won't be a horrific experience either.
A short sale with Mr. Cooper won't kill you, but you certainly won't walk away impressed either! Read about our recent short sale success stories with Mr. Cooper.