Changes to your loan

Yes, Mr. Cooper will walk you through this entire process step by step. They will reach out soon with more information. Watch your mailbox and check your email’s SPAM filter.   

It’s when a bank or other institution sells or transfers the management of a loan to another institution. This is a common practice in the mortgage industry and does not reflect on you, your creditworthiness, or the quality of your loan.

Your loan terms will stay the same, but there will be a few changes after the transfer takes place:

• Mr. Cooper will be responsible for collecting your payments, managing your escrow account, and answering your questions. 
• You will get a new loan number and a new address to mail your payments. You can find this information in the Notice of Transfer letter you received or will soon receive.
• It takes time to switch from Flagstar’s system to Mr. Cooper’s system. Your loan information will be available on Mr. Cooper’s system 7–10 days after your transfer date. For exact timing, refer to your Notice of Transfer letter.

No. If you set up automatic draft or debit (ACH) payments with Flagstar, this service will transfer to Mr. Cooper automatically with some exceptions noted below. You don’t need to do anything. After your loan is transferred, your payments will continue without interruption.
 

Exceptions: Automatic payments will not transfer if your loan is in default, if your payments come from multiple bank accounts, or if you make payments using certain types of flex drafting .
 

Note: If your draft date falls on the first few days of the month, there may be a slight delay in drafting your first payment with Mr. Cooper while they get everything set up. After that, your payments will return to their regular schedule. Rest assured, this one-time delay will not cause your account to be assessed a late charge, nor will it be reported to the credit bureaus as late. You won’t be charged a late fee for any on-time payments sent within the first 60 days following the transfer date.

No. Your loan terms include such things as your interest rate, the length of your loan, and other key aspects of your mortgage, and they are not affected. In some cases, small adjustments may occur due to factors such as escrow analysis, recent payments, or other research conducted during the onboarding of your loan. Any changes will be reflected in your loan statement from Mr. Cooper. 

If we receive your next month's loan payment, we will forward it to Mr. Cooper, so there will be no disruption to your loan. You don’t need to do anything. For the first 60 days, Mr. Cooper will not report to credit agencies or charge late fees. 

Yes. Ask your insurance company to do the following:

• Update your loan number to the new number from Mr. Cooper. You can find your loan number in the notification letter or by using the tool above.
• Change the mortgagee clause to:

Nationstar Mortgage LLC

Its Successors and/or Assigns

P.O. Box 7729

Springfield, OH 45501

Yes. If you pay premiums for life, disability, accidental death insurance, or other optional products with your mortgage payment, these policies will not transfer to Mr. Cooper and may be canceled. To continue your coverage on these products, contact the provider and discuss options to send your premiums directly to them.

Once your loan is fully transferred to Mr. Cooper, you can request a payoff quote by visiting http://www.mylakeviewloan.com/servicing/payoff_quote_requests/official_request or calling 833-685-2580. To make sure all payoff amounts are accurate, you will receive the payoff quote in writing. Mr. Cooper does not provide verbal payoff information.

No. If you have elected paperless statements or documents with Flagstar, you will be enrolled in paperless delivery with Mr. Cooper for all statements and documents. Once your loan is fully transferred to Mr. Cooper, you will be able to manage your paperless setting in your new online account at www.mylakeviewloan.com.

Yes. Once your loan information is with Mr. Cooper, you can sign into your online account to enroll in Paperless from your account settings. Once you go Paperless, Mr. Cooper will email you whenever a new document is ready to view. It’s fast, easy, and secure.

You will receive your first statement from Mr. Cooper approximately three weeks after the loan transfer date.

You can see basic information about your loan now at www.mylakeviewloan.com/welcome. Sign in using your existing Flagstar loan number or your new Mr. Cooper loan number. 7-10 days after your transfer date, you will be able to set up your full online account. There, you can make payments, see your statements, manage your loan, and more.

You will receive tax information from both Flagstar Bank and Mr. Cooper. You will need both to file your next tax return. 

Mr. Cooper wants to help you stay in your home. They may have modification programs and other workout solutions that your loan may qualify for. If you would like to discuss your options, call Mr. Cooper at 833-685-2580.

If your application for assistance is still being processed, we will forward all documentation to Mr. Cooper and they will continue the review. Mr. Cooper will also honor your mortgage assistance request if your application has been approved and you have accepted the offer within the timeframe provided in the approval letter.

If you were on a trial plan prior to your loan transfer, Mr. Cooper will accept your trial plan payments in accordance with the terms of that plan. Note: You must continue making your trial plan payments to Mr. Cooper. They will contact you within 30 days of the transfer to go over the next steps.

If your loan was modified prior to the transfer, the modification terms will remain unchanged. If you are working on your modification but have not finalized it, Mr. Cooper will contact you within 30 days of the transfer to go over the next steps.

Please send a copy of your orders to report for active duty to:
 

Mr. Cooper

Attn: Military Families

P.O. BOX 619098

Dallas, TX 75261

If you have an escrow account with Flagstar for payment of your taxes and/or insurance, your balance will transfer to Mr. Cooper. There’s nothing you need to do. If there is any issue, Mr. Cooper will contact you.

Flagstar will make any payments due within the first 30 days of your transfer date. After that, Mr. Cooper will cover them. Rest assured that we are already monitoring your loan to make sure all payments are made. 

Mr. Cooper generally performs an escrow analysis once a year. This usually happens shortly after the largest scheduled disbursement from your escrow account, which is typically your property tax payment.

Mr. Cooper will assess your coverage to make sure it’s adequate. If you need more coverage, it may be that certain factors (such as flood maps, etc.) have changed since Flagstar ran this analysis. Mr. Cooper will contact you if there are any issues. 

As a homeowner, you pay property tax to your local government and buy property insurance to protect your home. Your mortgage servicer makes things easy by rolling these amounts into your monthly mortgage payment. They keep the money in your escrow account until your property tax or insurance is due. Then use those funds from your account to pay the bill on your behalf.
 

At least once a year, your mortgage servicer will perform an escrow analysis on your account to make sure it has enough money to cover these payments. Sign in to MyLoans to view your most recent escrow analysis.

It’s a review of your escrow account to determine whether your current monthly payment is enough to cover your taxes, insurance, and any other bills we pay on your behalf. Your most recent escrow analysis is available in MyLoans.
 

We typically analyze your account based on the payment cycle for your local property taxes. Occasionally, we run additional analyses if, for example, the escrow account reaches a negative balance.
 

The escrow analysis may reveal that your account has sufficient funds, a surplus, or a shortage. If there is a surplus or shortage, your monthly payment could change. Finally, we send you an escrow analysis statement to let you know the outcome of the analysis. 

There are several reasons this can happen. Usually, it’s because the cost of your property tax or homeowners’ insurance has increased. Other reasons include the underestimation of a tax assessment on a new construction loan and force-placed taxes or insurance after a lapse.
 

Flagstar pays these bills on your behalf, but we can’t answer your questions about the amounts. Your local tax authority and insurance company can provide the answers you need.
 

To view your most recent escrow analysis, sign in to MyLoans.