Welcome to Mr. Cooper, Flagstar Customers!

Estimated reading time: 7 minutes

We’re so glad to have you in the Mr. Cooper family. As the largest mortgage company in America, we’re committed to giving you a first-class experience — starting with your transfer.  Our goal is to make this transition as easy and stress-free as possible. Right off the bat, let’s cover a few things you may be wondering about:

• There will be no late payment fees for 60 days from your transfer date, giving you plenty of time to settle in.
• The next payment will be due to Mr. Cooper. Watch your mailbox for a packet walking you through it. If you already paid Flagstar, don’t worry, it will automatically transfer to us.
• If you were set up for monthly automatic payments, those payments will continue with us, and no further action is required from you. There may be a slight delay in the first draft while we set everything up, but rest assured, we’ve got you covered.
• If you’re escrowed, your escrow balance will automatically transfer to us, and we’ll begin making tax and insurance payments for you. 

Note: You’ll need to notify your insurance company about your transfer and update the Mortgagee Clause. Here’s how.

Want to jump straight to your new online account? Click here.

What are my next steps?

• Visit our Welcome page to look up the new loan number and find answers to common questions about transferred accounts.
• Watch your mailbox for your Welcome Packet. It will walk you through everything, step by step.
• For more information, visit our New Customer Help Center.

Will anything be changing with the loan or account information?

Your most important details will remain the same, but there are a few changes to keep in mind.

The loan

• The loan terms will stay the same.
• If you were applying for mortgage assistance, this process will continue with us. We’ll be in touch with any next steps.
• You have a new Mr. Cooper loan number — you can find this on your welcome letter or through our Welcome page.

Payments

• If you made a recent payment to Flagstar, it will be forwarded to us automatically. Your prior servicer is required to forward payments to us for 60 days after your transfer date. During this time, there won’t be any late fees or negative credit impact.
• Note: If you’ll be mailing future payments, make sure you send them directly to us, especially after this 60-day period. You’ll find the new payment address in your Welcome Packet.
• If you were set up for monthly automatic payments, those payments will continue with us and no further action is required from you. The first draft may be delayed by up to 10 days but there won’t be any late fees or negative credit impact. After that, payments will be drafted on the regular date.
• If you use online banking, you’ll need to update your bank’s bill pay information.

Your escrow

• If the account is escrowed for payments of your taxes and/or insurance, your escrow balance will automatically transfer to us, and we will begin making tax and insurance payments for you. The processing centers that handles your tax and insurance will not change, which will make for a more seamless process for you. Additionally, if there will be any changes to your escrow payment, we’ll notify you.
• For more information on what to expect, watch our video on escrow account transfers here. 
• Note: You’ll need to notify your homeowner’s insurance company about your transfer and update the Mortgagee Clause listed on the account. Here’s a closer look at information your insurer will need to know.

Your paperless statements

• If you’re enrolled in paperless delivery for one or more Flagstar Bank statements or documents, you will be enrolled in paperless delivery for all statements and documents with Mr. Cooper. 
• You will be able to change your paperless election in your new Mr. Cooper online account within 10 days.

Why did the loan get transferred to Mr. Cooper? 

Mortgage transfers are common and happen for all kinds of reasons, but none of them have to do with the customer. In fact, hundreds of thousands of loans change hands in this way every year. Rest assured; this is not a reflection on you at all.

Who is Mr. Cooper?

Mr. Cooper is the largest mortgage company in the U.S., with more than 25+ years of experience. We’re primarily a mortgage servicer, which means we manage a loan’s day-to-day needs, from preparing statements to taking payments. If you haven’t heard of us, that’s probably because we prefer to invest in creating better customer experiences rather than putting our name on stadiums. Here are a few stats about us.

• Over 5 million customers¹
• Largest mortgage servicer in the U.S.²
• Top 30 home loan originator in the U.S.²
• Recognized as one of Bankrate’s Best Independent Mortgage Lenders, Best Online Mortgage Lenders, and Best Mortgage Lenders for First-Time Homebuyers³
• Solid industry reviews: 4.2-star rating on TrustPilot⁴; 4.88 rating with Zillow⁴; 4.6 rating with Bankrate⁴; 4.5 rating with LendingTree⁴

Doesn’t Flagstar own the loan?

Mortgage owners, lenders, and servicers can all be different companies. For example, Flagstar may have been your:

• Lender (gave you the money for the loan); and/or
• Servicer (took the payment, sent your statements).

Mortgage owners can be trickier to name because lenders usually sell mortgages to other organizations after a loan closes. If you want to dive deeper, we have an article explaining who owns mortgages, but simply put, we’re only in the servicer role.

What are the benefits of being a Mr. Cooper customer?

We’ve worked to upgrade your mortgage experience in every way and offer a variety of digital tools to make you the smartest homeowner on the block.

• Award-winning website and mobile app: Sign in for mortgage documents, managing your escrow account, monitoring your home’s value, and FICO^® Score monitoring (for primary borrowers), and more.
• Paperless statements: Opt in once you’ve created your online account to reduce waste and cut clutter. (If you’re already enrolled with Flagstar, we’ll enroll you automatically. See our section on paperless statements above.)
• Payment options: Choose from a variety of payment methods, including online, by phone, personal checks, money orders, and cashier’s checks. 
• State of the art phone system: Just say things like, “make a payment” or “escrow deposit,” for automated support. Our system’s identity verification process allows you to make a secure payment in seconds.
• Chat: Access our chat feature at www.mrcooper.com on the Loan Overview page or from the Help Center (watch for a “Get Help” widget in the lower-right corner of your screen). Options include Live Chat agents during business hours and answers from our virtual assistant 24/7. 
• Help Center: Get detailed answers to hundreds of common (and uncommon) questions.
• The Mr. Cooper Blog: Visit our blog for tips on protecting your home’s value, tackling home improvements, getting a new mortgage, and more.
• No transaction fees: We don’t charge fees for making a payment. (Note: Services such as Western Union^® Quick Collect^® and MoneyGram^® ExpressPayment^® will charge a separate fee if you pay through them.)

Learn more in our article, “Getting the Most Out of Your Mr. Cooper Home Loan.”

How do I contact Mr. Cooper?

• Online: Sign in to your online account once it’s set up to access exclusive chat and Message Center functions.
• Chat: For instant support, access our chat feature at www.mrcooper.com on the Loan Overview page or from the Help Center (sign in to your account for the best experience). 
  Live Chat agents are available during business hours, and our virtual assistant can help you 24/7.
• Mail:

                   For written correspondence:
                   Lake Vista 4
                   800 State Highway 121 Bypass
                   Lewisville, TX 75067

                   For payments only:
                   Mr. Cooper
                   PO Box 650783
                   Dallas, TX 75265

• Visit our Contact Us page for more options.

Our Customer Service Team will be here whenever you need us. Take a look around at all we have offer and make yourself at home!

Any third party trademarks and tradenames used on the Mr. Cooper^® Blog are the property of their respective owners. Nationstar Mortgage LLC d/b/a Mr. Cooper is not affiliated, associated, or sponsored by any of these owners. Use of these names and trademarks is not intended to and does not imply endorsement but is for identification purposes only. Information provided does not necessarily represent the views of Mr. Cooper. Information is subject to change without notice.

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1. As of June 30, 2024
2. According to Inside Mortgage Finance as of March 31, 2024
3. As of January 19, 2024
4. Rating as of August 16, 2024