On Wednesday, nonbank mortgage lender and servicer Mr. Cooper (formerly Nationstar) announced it plans to launch a new mobile app that utilizes artificial intelligence to reimagine the homeownership experience with tools to help homeowners optimize their personal balance sheets.
The new Mr. Cooper with Home Intelligence app, which will be available to the company's customers this summer, is the nonbank's latest step in its vision to transform the home loan industry with a digital-first approach and a customer-centric experience, the company explained in a press release.
The app’s main function is to provide homeowners with valuable insight into their largest asset – their homes. Mr. Cooper explained this will help homeowners to manage their mortgage and their broader financial well-being. The app provides recommendations and tips to homeowners on ways to optimize their debts, realize savings and pay down their mortgage faster.
“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, Mr. Cooper’s parent company.
While the app will be initially available to Mr. Cooper customers this summer, the company said in its press release there are plans to launch beyond customers in the near future.
Here are more details from Mr. Cooper on what the app will provide to 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.
“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," Bray said. "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.”