Mr. Cooper

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.

History
Nationstar was founded in Denver, Colorado, in 1994 as Nova Credit Corporation. In 1997, the company moved to Dallas, Texas, where home-builder Centex Homes established Nova Credit Corporation as their in-house lender for new construction and changed the company name to Centex Credit Corporation. In 2001, Centex Credit Corporation was merged into Centex Home Equity Company, and it operated as the subprime mortgage originator and servicer for Centex until 2005.

In 2005, the decision was made to withdraw Centex Homes from non-home-building businesses, including the mortgage business. Fortress Investment Group acquired Centex Home Equity and renamed it Nationstar Mortgage in 2006.

In March 2012, Nationstar Mortgage Holdings, Inc. went public with an initial public offering on the New York Stock Exchange.

Nationstar Mortgages, LLC, is the consumer-facing mortgage lender and servicer that operates under the service mark "Mr. Cooper". In August 2017, Nationstar Mortgages, LLC, announced it was changing its name to Mr. Cooper after releasing its worst financial report to date. The company stated that the name change was meant to "personalize the mortgage experience". In 2020, Mr. Cooper originated over 146,000 mortgages with a total value of over $36 billion.

Controversies
In 2018, Mr. Cooper paid out millions of dollars in settlements in New York and California due to various violations of state banking laws.

In 2020, Mr. Cooper agreed to a $91 million settlement with the CFPB, all 50 states, and three U.S. territories, for mishandling foreclosures and borrowers' payments. More than $74 million of the settlement was directed back to consumers whose homes were foreclosed on while waiting for approval of their loan modifications and consumers whose monthly payments were increased without notice or consent.

On October 31, 2023, Mr. Cooper was the subject of a hack which forced the company to suspend its online services for four days, from November 1 to November 5, 2023. The company promised to ensure that customers will not be assessed late fees, penalties, or hits to their credit score due to the service outage. On November 9, 2023, Mr. Cooper confirmed that customer data was compromised in the breach, but did not disclose to what extent. On December 15, 2023, Mr. Cooper confirmed in a regulatory notice with the state of Maine that 14,690,284 customers' data was exposed, including names, addresses, phone numbers, Social Security numbers, dates of birth and bank account numbers.