Many homeowners are worried about how they will make their next mortgage payments because of Coronavirus, COVID-19 social distancing. As families are ordered to stay home, people are concerned about how to make income and pay their mortgages.
Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services, and technologies to make the home loan process more rewarding and less worrisome.
Today the mortgage servicer announced that homeowners can now receive a forbearance plan!
Mr. Cooper is able to offer customers facing financial hardship as a result of the pandemic a forbearance plan, which allows homeowners to temporarily pause monthly mortgage payments for at least three months, with the option to extend up to 12 months as needed, during which time negative credit reporting and late fees are suspended. At the end of the forbearance period, arrangements will be made to pay back all paused payments. Knowing this may be a financial burden for some customers, Mr. Cooper has multiple options available, depending on the customer’s unique situation:
- Repayment plan — Over a set number of months, an extra amount will be added to the customer’s regular mortgage payment to cover the amount owed from the forbearance.
- Lump sum payment — This allows customers to pay back the amount owed as a lump sum at one time.
- Loan modification — If a customer is unable to pay a lump sum or enter into a repayment plan, Mr. Cooper will work with them on a loan modification. This may include an extension at the end of their loan to give customers additional months to pay the forbearance amount.
Homeowners facing financial hardships related to COVID-19 are encouraged to sign into the company’s website to apply for the pandemic forbearance plan. Please visit our COVID-19 Resource Center for additional information.
Additional Steps to Support Customers
Mr. Cooper is proud of its team member and customer-centric culture and is taking several steps to ensure both team members and customers are well cared for during this global pandemic.
- Customer Care: Mr. Cooper has launched specialized COVID-19 pandemic training for our call center staff. Nearly one thousand team members have already been trained on the new programs. In addition to training, the company is significantly increasing call center staffing to handle the large volume of customers calls. The company is also pausing foreclosures and evictions.
- Digital: Mr. Cooper has launched new digital tools that allow customers to sign in and apply for pandemic forbearance online.
- Team Members: In March, Mr. Cooper moved to a remote work environment to protect the health and wellness of its team members. Currently, greater than 95 percent of our team members are working from home, which ensures Mr. Cooper can continue to support customers.