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More than a year after first internally announcing the name change, Nationstar Mortgage Holdings Inc. (NYSE: NSM) on Monday officially rebranded its operations as “Mr. Cooper.”
The Coppell, Texas-based lender and servicer — which services reverse mortgages under the Champion brand — embarked on the unorthodox name change in order to put a more personal twist on the often cold world of mortgages.
“We took a look in the mirror and realized that in order to build trust with homeowners and those who wish to own a home one day, our organization and our industry needed a change,” CEO Jay Bray said in a statement announcing the move. “Mr. Cooper is a symbol of the transformation we’re undergoing to create an incredible customer experience.”
Champion will retain its name throughout the transition, according to Nationstar AVP of corporate communications Christen Reyenga, and the “Mr. Cooper” moniker will simply serve as a consumer brand name for its mortgage operations; the company will continue to be known as Nationstar in official documents and on the New York Stock Exchange.
The name change was the result of extensive focus group research in which participants frequently identified specific people as the best parts of their loan processes, Reyenga told RMD back in May.
“When someone had a positive experience with their mortgage servicer, it was always a person who made it a great experience — it was Joe, it was Bob,” Reyenga said.
Nationstar then assembled a list of personal names, with Mr. Cooper receiving the best reception from test participants. While its similarity to the 1990s ABC sitcom “Hangin’ with Mr. Cooper” was unintentional, Reyenga said many Nationstar employees made the connection — especially since Bray hosts a regular internal video series called “Hangin’ with Jay.”
Bray and several Nationstar employees rang the opening bell at the New York Stock Exchange on Monday, and the company also announced a new credit card product for Mr. Cooper customers.
Nationstar earlier this month announced a $20 million loss for the second quarter of 2017, but logged better-than-expected income and profits on its servicing operations.
Written by Alex Spanko
