2021 has seen the mortgage industry rise to record highs on the back of exploding home purchase and refinancing activity. While home refinance has slowed down with rising interest rates, loan origination volumes are expected to stay consistent throughout the year.
But one other thing has really stood out over the past year and a half. There’s a dawning recognition that lenders are not merely impassive corporations collecting monthly payments with cold hands doling out swift reprisal with every default. The pandemic showed that lenders can work with their customers to help keep their homes and the dreams associated with them alive.
The pandemic brought the debilitating risk that many would lose their homes even as they lost jobs and livelihoods by the millions. Yet, working in lockstep with government agencies, corporations like Mr. Cooper rose to the occasion, charting a pathway to help homeowners keep their homes.
Lenders who are willing to go the extra mile for their customers are the ones that make all the difference. Mr. Cooper believes that the mortgage experience should revolve around the most important part of the journey – which is the home, and not the loan. In their own words “giving you the best homeownership experience possible is the reason we come to work”, and it’s why millions around the US trust Mr. Cooper with their American Dream.
Companies that champion customers are making a difference
Mortgages are more than just the process of securing a loan to pay for a house. For many US citizens and residents, owning a home is the pinnacle of years of hard work and a foundation on which future dreams are built. Understandably, homeowners want to work with lenders that appreciate the significance of a mortgage to their family and aspirations, and provide the tools to create a memorable experience.
Not only are a majority of loan originators frequently playing catch-up when it comes to meeting the needs of customers, but how accessible and informative a loan originator’s online presence is can have a huge impact on whether or not a customer will engage with the company. For instance, when looking for a home, the first place where buyers look is online listing platforms (44%), followed by a visit to a real estate agent (16%). In the same vein, 92% of people report doing online research before approaching a lender.
The primary reason why people go online is to access the speed, convenience, and ease that the internet offers. Mortgage loan statistics indicate that processing speed and simplicity are amongst the top factors for online loan applications. Considering this, it’s no surprise that some borrowers prefer non-bank lenders that prioritize the convenience and ease of customers.
Mr. Cooper is also simplifying the mortgage process and making it more accessible to borrowers.
Mr. Cooper’s mission aligns with providing value to customers
According to Mr. Cooper, “challenging the status quo” is in the DNA of the company. “We’re ditching the old way and reimagining what homeownership should look like in the era of smartphones, Mars missions, and avocado toast.”
In practical terms for borrowers, this means a completely redesigned loan origination and maintenance process., Mr. Cooper customers enjoy straight-to-the point content filled with the valuable information they need. Customers experience an end-to-end process with the lender, including the ability to manage their mortgage anytime, from anywhere.
The company prides itself on being a champion for its customers, and that includes a dedication to the customer experience.
Deciding to take on a mortgage is one of the most significant financial decisions most people will ever make. In fact, roughly 1 in 5 people put off the decision to buy a home or struggle through the process due to concerns over paying down debt.
Living with and paying down a mortgage is already hard enough without having to put up with a lender that may not put its customers first. Mr. Cooper has made a firm commitment to its customers.
Mr. Cooper reviews from satisfied clients
As we’ve mentioned, ease of access is big for borrowers and home buyers today, and this is driving a shift to online lenders. Mr. Cooper reviews especially laud the company for the intuitive stress-free process it has created, giving customers the means to handle the entire process online. Here are some of the reviews from the company’s customers:
“I refinanced my old mortgage with Mr. Cooper to get the equity of the house so I could fix and remodel it. Everything was streamlined, very quick and done through email and then some phone calls. And the DocuSign was very convenient and very efficient. You can process the mortgage on your tablet or your phone, conveniently at your house. You don’t have to travel to the office or meet up with anybody.” – Joseph
“Overall we had a very good experience refinancing our home mortgage loan. Though not without bumps in the road through no fault of theirs, they stuck with us. – Vickie
“We were trying to see if we could reduce our interest rate and our monthly payments, thus our decision to refinance. We did that with Mr. Cooper and everything went smoothly. We received everything they sent us and everybody was very helpful in answering our questions. Our rep was very professional, nice, and polite. She always called to make sure we understood everything and if there any changes, she called us promptly to let us know.” – John
“Loved your process, mobile app and entire digital way of working. Best experience over anything in the past. Good job by your team.” – Rahul S.
“Thank you, it’s been an easy and seamless process. You and your team made this process much easier than I ever expected. I will/would recommend Mr. Cooper to all my friends and family if they ever need a mortgage and/or refinance.” – Jon M.
Why Customers Love Mr. Cooper
The digital experience that Mr. Cooper provides on its loan products is a significant attraction for customers. The company provides an intelligent homeownership experience anchored by an award-winning mobile app that equips customers with all the tools they need to manage their loan.
Customers frequently cite the warmth and dedication of Mr. Cooper staff, from loan officers to help desk , who frequently make the extra effort to deliver positive outcomes.
In addition, the company provisions customers with several add-on services designed to support and empower borrowers throughout the process. These include:
- Mr. Cooper® Real Estate Rewards, which connects homebuyers with superstar real estate agents;
- PreQualify tool, which streamlines the process of obtaining prequalification letters;
- Mr. Cooper® LoanTracker, which gives borrowers the means to track their loan application through every stage; and
- Mr. Cooper® Close On Time Guarantee, Mr. Cooper’s pledge that if a new purchase loan does not close by the agreed date, Mr. Cooper will issue a check equal to the first month’s principal and interest payment (important terms and conditions apply. See full terms and conditions at https://www.mrcooper.com/about_us/overview).
Actual customer experience. Results not typical. Your results will vary and you may not have similar results