Foreclosure clean-up firm follows rivals in rebranding effort to expand; here comes ‘Mr. Cooper’
The companies that thrived during the foreclosure crisis are entering an identity crisis.
Nationstar Mortgage Holdings Inc., which made its name servicing delinquent loans, this summer plans to rename itself “Mr. Cooper.” Foreclosure sales company Auction.com in January rebranded as “Ten-X.” Mortgage-services firm Altisource Portfolio Solutions last year bought rental-data firm RentRange and real-estate-investment website Investability.
The moves reflect a housing recovery that is threatening the business of foreclosure clean-up firms.
At the end of last year, about 3.4% of mortgages were 90 or more days past due, compared with 9.7% at the peak of the crisis in 2009, according to the Mortgage Bankers Association.