Mr. Cooper, a Dallas-based non-bank mortgage servicer and mortgage lender, today introduced Mr. Cooper with Home Intelligence, a new mobile app that uses artificial intelligence to reimagine the experience of homeownership with tools to help homeowners optimize their personal balance sheets.
The new Mr. Cooper with Home Intelligence app is the latest step in the company’s vision to transform the home loan industry with a digital-first approach and a customer-centric experience. The app provides homeowners with valuable insight into their largest asset—their homes—to help them manage not just their mortgage but their broader financial well-being.
“U.S. consumer debt continues to climb to new heights, and financial pressures are weighing heavy on millions of Americans. Mr. Cooper is excited to offer an industry-first digital solution that puts the home, rather than the loan, at the center and helps homeowners better understand how to use their home as an asset to strengthen their personal balance sheets,” said Jay Bray, Chairman and CEO of Nationstar Mortgage Holdings, the parent company for the Mr. Cooper brand. “The new Mr. Cooper with Home Intelligence app is more than just a new mobile experience; it is a game changer for homeowners looking to get out of high-cost debt. In just a few minutes, the app provides homeowners with solutions to help them achieve their financial goals—from optimizing their debt to realizing monthly savings opportunities to paying off their home sooner.”
Home Intelligence gives homeowners:
- Insight into what their home may be worth, neighborhood trends, and the current state of their equity.
- Instant, personalized ideas for debt consolidation, such as a cash-out refinance, personal loan, or second mortgage. Plus, homeowners can easily see the pros and cons of the option they choose.
- Options to save money and manage their debt without the in-depth research and time required to identify similar debt management solutions on their own.
- A simple way to clearly see how putting monthly savings towards their home loan can help speed up their ultimate goal of owning their home.
- Direct access through phone or email to a Mr. Cooper mortgage professional who can help homeowners get started with a product and answer questions.
To better understand consumer sentiment around debt and equity leading up to launch of Home Intelligence, YouGov, on behalf of Mr. Cooper, conducted a nationwide online survey among more than 1,000 homeowners with over $500 in credit card debt. According to survey results, the burden of credit card debt is putting a strain on many American homeowners:
- A third of respondents reported having a restless night due to their debt.
- Forty-five percent of respondents said they were at least somewhat concerned about their debt.
- Many homeowners are struggling to keep up with monthly payments, while they continue to rack up debt from interest rates: 30 percent of respondents expect to accumulate more credit card debt due to interest rates, while 44 percent have had trouble paying the credit card minimum in the past.
But there is hope: 44 percent of respondents have more than $100,000 in home equity. Many homeowners have the ability to use this equity to optimize debt, including high-interest credit card debt, and save thousands of dollars a year. With the new Mr. Cooper with Home Intelligence app, homeowners can easily see their home equity and discover how to use it to save money.
Mr. Cooper with Home Intelligence was announced at FinovateSpring in Santa Clara, California. The app will be available to Mr. Cooper customers this summer with plans to launch beyond customers in the near future.
To learn more about the Mr. Cooper with Home Intelligence mobile app, visit mrcooper.com/homeintelligence.