Intro: Nationstar Mortgage Reviews | What You Need to Know about Nationstar
If you’re asking yourself, “What is Nationstar Mortgage?” you’re not alone, but you may be missing out on a good thing. Nationstar Mortgage is a lending company operating out of Coppell, TX, and they’re growing every year — now boasting offices all over the country. Their portfolio is worth over $402 billion, spread out over 2.5 million customers.
If you’re looking to work with a company on your mortgage, they may be a good option, but make sure you have all of the information before signing on the dotted line.
Image source: Nationstar Mortgage
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Nationstar Mortgage Reviews: Pros
When it comes to a company like Nationstar Mortgage, reviews that are unfavorable are tough to come by. They have a lot to offer and strive to provide their customers with the highest quality service. There’s one pro in particular that stands out, though, and that is Nationstar’s overall philosophy and approach to business.
Charitable Causes
You can rest assured that when you choose to work with Nationstar Mortgage, your money is going toward several charitable causes. Nationstar encourages their employees to get out and volunteer by providing opportunities to do so. Some of the programs Nationstar’s Community Outreach Team is involved with are the Random Acts of Kindness project and Habitat for Humanity.
Free Resources
In keeping with Nationstar Mortgage’s overall helpful philosophy, they provide lots of free resources to people who are looking to buy a home, whether it’s your first house or an investment property.
Their YouTube channel is a constant source of easy-to-follow educational videos. This means that before you even get close to signing, you’ll have the information you need to make an educated decision right at your fingertips.
Some of the topics they provide guidance on are as simple as how to use auto pay, or as complex as loan modification. Before you even do business with them, Nationstar Mortgage offers you a wealth of educational resources so you can make the right decision for your personal situation.
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Dealings with Fannie Mae
They may have their act cleaned up now, but back in 2014, Nationstar Mortgage is believed to have been temporarily restricted from servicing mortgages. According to the Wall Street Journal:
A report released Tuesday by the inspector general of the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, said some nonbank mortgage-servicing companies may lack adequate funding, putting the mortgage market at risk.
The report described the troubles of one particular company that breached Fannie Mae’s minimum capital requirement for servicers, which prompted Fannie Mae to limit the company’s ability to acquire servicing rights for additional mortgages.
The report didn’t mention the name of the company, but people familiar with the matter identified the servicer as Nationstar. In a statement, a Nationstar spokesman said the company “has strong working relationships with Fannie Mae and Freddie Mac.” The spokesman said the company currently meets “all capital requirements for conducting business.”
This goes to show that, like with any kind of financial business, you can find unsavory aspects if you look hard enough — and believe hearsay. However, it’s important to consider both sides of the story.
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Nationstar Mortgage Reviews
Nationstar Mortgage complaints can absolutely be off-putting; however, the Nationstar Mortgage reviews aren’t all bad news. There are plenty of reviews, both on the company’s website and elsewhere online, that show there are some upsides to working with Nationstar Mortgage.
On the company’s website, they feature a public forum where customers can submit feedback and Nationstar will respond to their concerns. One person wrote:
Wanted to give a shout out to Michael!!! Michael, thanks for helping undo my mistake of issuing an extra payment at the end of my current loan. I appreciate how you stayed on top of the situation, and saw it through to a resolution. Great job!
To which Nationstar responded:
We’re thrilled one of our representatives was able to handle this matter for you in a timely fashion. Thank you for letting us know!
Tommy of Albuquerque, New Mexico, left a review on Consumer Affairs, stating:
We contacted Nationstar as a response to a letter from them as the new mortgage holder of our home loan in January. By late February we had been approved and finalized to save over $200 per month on our mortgage! The friendliness and promptness of the departments helping us was amazing… everything was done via emails and faxes and the final step, signing paperwork was so relaxed and nice in our home at our convenience. YEA. Thank you Nationstar.
These reviews just go to show that while there are certainly too many Nationstar complaints to ignore, there’s also a lot of sincere appreciation from their customers.
Common Denominator
Many of the reviews left on Consumer Affairs, which gives Nationstar a 4/5 star rating, all have one review in common: ease of paperwork. When it comes to getting a mortgage, refinancing, or anything else that comes along with buying a house, there may be surprises along the way, but you can be sure that you’ll need to bring a pen along for some paperwork.
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This process alone is occasionally enough to make someone rethink whether or not they want to buy a property or home. Some of these comments include:
“Accomplished with a minimum of paperwork, customer service was thorough and friendly.”
“They were thorough and told me what documents I had to submit, responded when they received them and told me exactly what to do if it what I submitted was not correct or I needed further documentation. The process seemed more efficient and faster than my friends who have refinanced recently had experienced.”
Another thing to note along the lines of paperwork is not just the praise for their system, but the lack of specifically calling out the paperwork process as a pain point for customers. It seems to be a streamlined process that people are generally enthusiastic about.
Conclusion
You could spend hours online reading Nationstar reviews and still not come to a foolproof conclusion about them. One reason you may not want to do business with them is their potentially shady past dealings with buying loans and taking them over from other companies. Many of the Nationstar complaints that pertained to bankruptcy mentioned that their loans were being taken over by Nationstar from their original company.
It’s also important to note that it’s been two years since that Wall Street Journal report came out, and that’s a long period of time in “business years.” The fact that Nationstar publishes how many complaints they’re getting month-over-month demonstrates a certain level of transparency.
And many Nationstar reviews from verified customers are quite positive. Some people have taken out multiple loans with Nationstar, and others have referred friends and family to them over the years. For every negative review you find about Nationstar Mortgage, you’ll find an equally complimentary one.
Your best course of action is to finish your research, and then call Nationstar, talk to them about your specific situation, and see what they have to say. Trust your gut; if they aren’t responsive, maybe they’re not the company for you, but if they make you feel at ease going through the buying process, then you’ll know you’ve made the right choice. You’re your own best judge.
And remember, before you do any of that, visit the resources they freely provide to you to fully understand the process you’re about to start.
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