Nationstar Mortgage (Mr. Cooper) Loan Modification

Nationstar Mortgage Modification Process

The Nationstar Mortgage (Mr. Cooper) Modification follows the typical workout option protocol:

1. Phone Interview This Triggers The Workout Loan Modificaiton Application Process
2. Submit A Complete Package Complete The Nationstar Mortgage Request for Mortgage Assistance (RMA) Package of Paperwork; Provide supporting documents.
3. Mr. Cooper’s Broker’s Price Opinion A Property Valuation is Completed (If, Applicable) – Often this may also be done via an automated valuation model (AVM)
4. Negotiations Terms of The Modification Review Are Processed, Negotiated and Sent To Underwriting
5. Modification Response Servicer Provides A Response

Sadly the process is never this easy which is why we, Absolute Consultant Group (ACG), are here to support homeowners through the process. Going around in cicles is typical with the Nationstar Loan Modification Process. The submission of the package and supporting documents repeatedly is also, frustratingly, typical as well.  Getting transfered around the company from department to department having you run around from Mr Cooper’s Mortgage Loan Modifiation Department (Loss Mitigation) to Nationstar’s Customer Service Department is also quite normal. Submitting the wrong information on your application, getting denied, and not being able to figure out what happened is why coming to our staff can help you avoid a lot of heartache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Mr. Cooper’s Home Mortgage Loan Modification Timeline

Companies such as Nationstar Mortgage has a lot of moving parts. Mr. Cooper Mortgage’s  Loan Modifcation timelines vary often on things that are straight forward but not always. Here are a few of the reasons this question has such sticky answers.

• For one, Nationstar, doing business as Mr. Cooper, is simply a loan servicer. They are representing debt on someone else behalf. This limits all decision making. As a mortgage note servicer they have to abide by their Pooling and Servicing Agreement (PSA). They have an agreement with each and every investor. In some cases they may be delegated to make decisions on behalf of the investor they are servicing the loan for and in other cases they are not delegated (non-delegated) which means they have to request permission from the investor before being able to make any arrangements. Investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the decision making authority into their own hands. In a heavily regulated business the more hands involved in each review the longer it takes leaving Nationstar Mortgage with their hands tied.
• Another issue, affecting the modification timeline is priority. Priority is often governed by when the application was first submitted but it may also be governed by other pressure. This business is a first come first service until you ask if, “Does my Nationstar’s (Mr. Cooper) Loan have a sale date?” If you have a pending auction date it is likely they will attempt to review you sooner. You have to keep in mind though that servicers, such as Nationstar Mortgage, have homes on the auction block every day. Even a week from today is not worked as quickly as you might want because of foreclosures going to sale happen so often and in such a large volume. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, not all mortgage workouts were created equal. There are a large number of programs each with its different terms for how they would modify your loan. Typically, if the first modification type doesn’t work they will review you for the next one, and so on, until they find a mortgage solution that works. Departments due to this “waterfall” process are often very specialized so many times different representatives handle different parts of the review. An example of this is how Loan modification negotiators review only loan mods while short sale negotiators only review short pays (discounted payoffs).

Nationstar’s Home Mortgage Loan Modification Timeline Conclusion: While it would be nice to give our clients  a specific turn around time for their modification to be review the timelines will vary greatly from customer to customer. Whether the decision can be made by the servicer themselves or if they have to send it  out for the investors approval, whether you fit the first plan you are reviewed for or the 11th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your Mr. Cooper’s Mortgage Loan Modifiication to be reviewed.

Dealing With An Nationstar Mortgage Loan Modification Decline

Often dealing with an Nationstars Home Loan Modification Decline may be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your Nationstar Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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