Category Archives: Servicing

Barbara Yolles named chief marketing officer at The Money Source

Former United Shore Financial Services Chief Marketing Officer Barbara Yolles has joined the leadership team at The Money Source Inc. and its wholesale lending division, Endeavor America Loan Services, as its new chief marketing officer.

Yolles comes to the company with a wealth of experience, which includes United Shore Financial Services, the parent company of United Wholesale Mortgage, one of the top Wholesale mortgage lenders in the nation. During her time at UWM, she helped triple the company’s size in three years.

In her new position, Yolles will work to help grow the brand of the financial services company.

 “We are very excited to have Barbara Yolles join our team as our Chief Marketing Officer. Barbara is a visionary leader who will be instrumental in elevating our company to one of the few generational brands that will grow out of the financial services and fintech space in the years to come.” said Darius Mirshahzadeh, CEO of The Money Source.

Prior to UWM, Yolles was Chief Marketing Officer at Campbell Ewald and also held executive positions at McCann and Kirshenbaum Bond Senecal.

“I am thrilled to join this passionate team on their journey to make The Money Source the most-loved brand in the home financing category,” said Yolles.


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Yahoo to pay $5.5 million for botched billion-dollar bracket contest with Quicken Loans

Remember the Billion Dollar Bracket Challenge?

If not, here’s a quick refresher. Three years ago, Quicken Loans created a national uproar when it partnered with Yahoo and Warren Buffet’s Berkshire Hathaway to launch the Billion Dollar Bracket Challenge, a contest involving picking the winners of the NCAA tournament games – all of the winners.

To win the billion dollars, you simply needed to accurately predict the winners of all 63 games in the college men’s basketball tournament and beat the listed odds of 9,223,372,036,854,775,808 to 1. That’s nine quintillion, by the way.

As it turned out, no one won the billion dollars in 2014, the contest’s first and only incarnation.

Now, three years later, Yahoo will be paying out for the contest, but not for the reason you might think.

The Billion Dollar Bracket Challenge died in 2015 after a prize promoter, SCA Promotions, sued Yahoo for supposedly backing out of a contract to run the billion-dollar challenge.

SCA sued after Yahoo launched the billion-dollar challenge with Quicken and Berkshire Hathaway, instead of with SCA.

Basically, the issue was who came up with the idea first.

Quicken Loans appears to have escaped this whole legal kerfuffle unscathed. Yahoo, on the other hand, wasn’t so lucky.

A court ruled Monday in SCA’s favor, ordering Yahoo to pay the company $5.5 million for bailing on the bracket contract.

Reuters has the full story:

Yahoo Inc owes a prize promoter $5.5 million for backing out of a contract to pay $1 billion for predicting every winner in the 2014 NCAA men’s basketball tournament, and entering a similar contract with Quicken Loans Inc and Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), a court decided on Monday.

The 5th U.S. Circuit Court of Appeals in New Orleans said SCA Promotions Inc was entitled to half of its $11 million contract with Yahoo as a cancellation penalty.

As the Reuters article notes, the appeals court overruled a lower court’s ruling that would have seen SCA pay $550,000 back to Yahoo.

Again, from Reuters:

“It has been a long battle over what we thought was a simple contractual provision,” Jon Patton, a lawyer for SCA, said in an interview. “We’re pleased the court of appeals got this right.”

Glad that’s all behind us now, sooooo how about firing up that billion-dollar challenge again in 2018?

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Nationstar no more: Nonbank is now officially Mr. Cooper

A process that began nearly two years ago is now complete.

Nationstar Mortgage is now officially Mr. Cooper.

Nationstar’s massive rebranding, which HousingWire first reported back in December 2015, became official on Monday morning, with the nonbank dropping the Nationstar name and becoming Mr. Cooper.

The Mr. Cooper brand will cover both the company’s mortgage servicing and originations operations.

Nationstar initially said that the Mr. Cooper transition would take place in the first half of 2016, but as Nationstar CEO Jay Bray told HousingWire late last year that the process is about more than simply changing a name.

According to Bray, the company is doing more than rebranding, it’s actually reimagining how it operates, which meant the transition would take longer than first thought.

Back in December, Bray told HousingWire that the company planned to officially transition to Mr. Cooper in the first half of 2017, but earlier this year, the company set the official date of August 2017.

As it turns out, Aug. 21, 2017 is D-Day, or Mr. Cooper-Day, as it were.

While Nationstar officially became Mr. Cooper on Monday, the company began the transition internally back in January 2016, when the company’s employees got “swag bags,” filled with Mr. Cooper-branded materials, including coffee mugs, stainless steel water bottles, pens, notebooks, and plastic toy eyeglasses.

Before that, the company began to lay the groundwork for the change, registering the name “Mr. Cooper” with the Nationwide Mortgage Licensing System Registry and several Secretary of State’s offices across the country.

And when HousingWire visited Nationstar’s headquarters in December 2016, Mr. Cooper signage and materials were everywhere.

Now, after a nearly two-year process, Mr. Cooper is finally here.

“We’re excited to officially become Mr. Cooper and will continue our efforts to transform the way we do business,” Bray said Monday in a statement.

“We took a look in the mirror and realized that in order to build trust with homeowners and those who wish to own a home one day, our organization and our industry needed a change,” Bray continued. “Mr. Cooper is a symbol of the transformation we’re undergoing to create an incredible customer experience.”

As Bray noted, the switch to Mr. Cooper was about more than just a name change. The company enacted a number of changes to what it calls its “customer experience,” including moving its customer service operations back to the U.S., as well as eliminating all online transaction fees for on-time payments.

Additionally, the company noted Monday that its team members took part in in more than 50,000 hours of “incremental customer experience training to ensure everyone is equipped with the tools and resources needed to deliver the Mr. Cooper promise.”

The company is also preparing to roll out a series of features designed to make the company’s loan experience stand out – even more than the name Mr. Cooper already does.

The company also said Monday that it is planning to launch new technology that will “further help current customers and prospective homeowners optimize their household finances.”

Mr. Cooper will also be offering a “unique service” to homebuyers and sellers that connects them to a panel of qualified local real estate agents in their area and may also allow them to earn cash rebates on the sale or purchase of a home.

As for why the company chose Mr. Cooper as its new name, a release from the company said the name was chosen to “personify the next generation of home loan servicing and lending,” and “represents a more personal relationship customers can have with their home loan company by recognizing the critical role of a customer advocate in delivering a positive home loan experience.”

Here’s how Bray described it back in December:

“It’s so simple, in some ways. If you have happy customers, you’re going to have happy employees. If you have happy customers, more than likely, you’re going to have happy shareholders,” Bray said.

“And so we started reflecting on how do we keep these 2.7 million customers,” Bray said. “How do we actually put service back into servicing and deliver a better experience?”

And the name “Mr. Cooper” embodies that spirit, Bray said.

“Driven by our purpose to keep the dream of homeownership alive, each of our 7,000 team members strives every day to emulate the core values of Mr. Cooper as we continue on our journey to put the service back in servicing,” Bray said Monday.

To celebrate the official changeover to Mr. Cooper, Bray will ring the opening bell on Monday at the New York Stock Exchange, alongside several company employees who were chosen for “their role in the successful launch of Mr. Cooper and their embodiment of Mr. Cooper core values.”

And for a full chronicle of Nationstar’s path to becoming Mr. Cooper, click here

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