Mr. Cooper

Mr. Cooper

 4.6/5 (593 ratings)
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Mr. Cooper
Author picture
Written by Emily Moore
Edited by Cassidy McCants

About Mr. Cooper

Mr. Cooper is a nonbank mortgage lender and a registered service mark of Nationstar Mortgage (NMLS #2119). It offers conventional and government-backed purchase and refinance loans and publishes its current rates online every day. It also provides convenient calculators to help you figure out how much you can afford to borrow, how much house you can afford and how much you can save by refinancing. Mr. Cooper is licensed to operate in all 50 states as well as Washington, D.C., Guam, Puerto Rico and the U.S. Virgin Islands.

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  • Online pre-qualification tool takes minutes
  • Online loan tracking
  • On-time closing guarantee
  • Pays local moving costs in some areas


  • No locations for in-person service
  • No USDA loans

Bottom Line

Mr. Cooper generally offers competitive interest rates on home purchase and refinance loans. You can apply for a mortgage, see rates and monitor your application online through Mr. Cooper’s website.

Top Mr. Cooper Reviews

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Rated with 5 stars

I had a really great experience with Mr. Cooper, and I’ll continue to use them. My original loan got transferred to them, and after the end of my first loan, I used them for my se...

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Rated with 5 stars

I was assigned a loan coordinator in a very timely manner. … He quickly took ownership of the loan processing through to the point of setting up the closing, which was very conven...

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Mr. Cooper publishes its current rates for 15- and 30-year fixed-rate conventional loans and 30-year fixed FHA loans on its website. These rates are updated daily, given that mortgage rates are always changing.

From 2019 to 2021, the company’s average rates for home purchase loans have been slightly higher than the national average. In 2021, the average rate for homebuyers who went through Mr. Cooper was 0.06% higher than the national average.

Mr. Cooper average home purchase rate vs. national average

YearDifference from national average
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Mr. Cooper offers fixed-rate loans and adjustable-rate loans. Because mortgage rates have been higher than normal in 2022, many borrowers are now considering adjustable-rate mortgages. These loans typically have a set interest rate for the first three to 10 years of the loan, but the rate continually resets once that period is over.

When rates are lower, it often makes sense to go with a fixed-rate loan so you can lock in an ideal rate. However, when rates are higher, it might make sense to go with an adjustable-rate loan, especially if you can sell or refinance before your rate begins to change.

As you search for a mortgage company and compare rates, be aware of the difference between an interest rate and an annual percentage rate (APR). An APR is a better measure of the total cost of a loan because it includes not just your interest rate but also additional fees, such as discount points, loan origination fees and other charges.

Application process

Mr. Cooper does not have local branches, but it offers online tools and access to your loan agent online and by phone. You can apply online, and Mr. Cooper offers several other features to help in the homebuying, mortgage application and closing processes, like

  • Pre-qualification within minutes for most borrowers
  • Agent Assurance, which connects you with local real estate agents
  • The StreetSmarts house searching tool
  • The Mr. Cooper mobile app for accessing loan documents, making mortgage payments and accessing financial education materials
  • A digital loan tracker that lets you follow the process from application to closing
  • The Close On Time Guarantee, which covers your first month’s mortgage payment if Mr. Cooper misses your scheduled closing date
  • The Zero Dollar Move program, which pays for your move (up to 50 miles) if you buy a home with a Mr. Cooper loan

Mr. Cooper application features

Online application
Mobile document uploadX
Physical branchesX
Publishes minimum rate on website
Rate lock45 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Mr. Cooper offers both home purchase loans and refinance loans, and they are available with fixed or adjustable rates.

Conventional loans have made up the majority of Mr. Cooper’s originations during 2020 and 2021, according to Home Mortgage Disclosure Act data submitted by Nationstar Mortgage. However, the company also originates FHA purchase loans, FHA streamline refinance loans, VA purchase loans and VA IRRRLs (interest rate reduction refinance loans).

Mr. Cooper doesn’t offer USDA loans. If you’re interested in a USDA loan, check out our guide on USDA-approved lenders.

In 2021, Mr. Cooper closed on 4,842 home purchase loans out of a total of 6,641 home purchase applications (73%).

Loan applications for home purchases only by year

Home purchase applications6,6417,21619,299
Home purchase loans closed4,8424,49712,806
Home purchase applications denied4111,2613,270
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


More than half of the mortgages originated by Mr. Cooper in 2021 and 2021 were rate-and-term refinance loans, with cash-out refinances being its second most popular option.

During the same years, only about 3% of loans originated by Mr. Cooper were home purchase loans. This trend toward refinancing was common in the industry; because rates were so low in 2020 and 2021, many homeowners opted to refinance.

Home purchase vs. refinance loans by year

Home purchase loans2.77%3.13%15.69%
Refinance loans62.63%74.75%41.11%
Cash-out refinance34.47%21.95%42.97%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


Mr. Cooper does not publish specific requirements for borrowers, but representatives told us the lender follows loan requirements from Fannie Mae and Freddie Mac for conventional loans.

Conventional mortgages that conform to these standards typically require a credit score of at least 620, a down payment of at least 3% and a debt-to-income (DTI) ratio of 45% or lower. Nonconforming conventional loans, like jumbo loans, often have different requirements, though.

Government-backed loans, like FHA and VA loans, generally have less strict requirements than conventional loans. You can get approved for an FHA loan with a credit score as low as 500, but you need a score of 580 or higher to qualify for a 3.5% down payment. You can get a VA loan with no down payment.

If you’re unsure of whether you can afford a loan, Mr. Cooper does offer calculators to estimate how much house you can afford, potential mortgage payments, the cost of renting versus buying and how much you could save by refinancing.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders

Cost and fees

Mr. Cooper does not publish its fees online. However, according to a Mr. Cooper representative, origination fees on typical conventional conforming loans are $1,500. Additional fees vary based on your type of loan, your down payment amount, the type of property and other factors.

If you apply, the company is legally required to send you a Loan Estimate within three business days of receiving your loan application. This document shows your estimated interest rate, closing costs and monthly payment amount.


How does Mr. Cooper work?

You can start the preapproval process with Mr. Cooper by calling or filling out a form online. Once you provide details about your identity and finances, Mr. Cooper does a soft credit check and provides a preapproval letter showing an amount you generally qualify to borrow. If you’re further along in the process and ready to make an offer, you should seek “verified approval,” which requires a more detailed check of your income and assets and gives you an approval letter to show the seller. Once your offer is accepted, you formally apply for a loan and lock in your interest rate.

Is Mr. Cooper legit?

Mr. Cooper is one of the largest mortgage originators in the U.S. and had 3.9 million customers around the country as of March 2022, according to investor information provided by the company.

Where is Mr. Cooper available?

Mr. Cooper is licensed in all 50 states, Washington, D.C., and several U.S. territories, including Guam, Puerto Rico and the U.S. Virgin Islands.

Mr. Cooper Reviews

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How do I know I can trust these reviews about Mr. Cooper?
How do I know I can trust these reviews about Mr. Cooper?
  • 4,115,015 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 26, 2022

When I bought the house a long time ago, we went with Nationstar Mortgage. Since then, they have contacted me about refinancing, and I refinanced with them. They've changed their name, but with our refinances, it's always been with Mr. Cooper because I've been pleased with their service. The application process moved swiftly and didn’t have a big problem. It's too bad they can't plug into the information they already had, but other than that, it's been a seamless process. It took between one and two months, which wasn’t very long. It's so effortless now. This is the 12th house I've owned, and I’ve had houses all over the country. I remember back when it took a long time to go through this process, and I was always going in to see the agent and the title company.

Mr. Cooper helped us acquire the house and get some money out of it. Having to go through the process has been a good experience, and I would recommend it to anyone else. I liked working with Mr. Cooper and I liked the people that I dealt with. There was an officer that the mortgage was assigned to, then there was somebody who handled all the paperwork with this. I only talked to the guy who was assigned the mortgage twice, but the lady who had handled the processing, that I talked to many times, was very good. I had an unusual thing wherein a couple of times, I've had people calling, representing themselves as from Nationstar, trying to get the business from Mr. Cooper. I didn't understand where that came from, but after I told them not to call back, they didn't.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 3, 2022

    The application process with Mr. Cooper was extremely easy. They communicated very well and answered all the questions I had. It was all good. My credit score shot up 60 points since we did that, because of the open debt available with credit cards and we paid it down. I could have qualified for a much better rate had I waited a few more months and paid those down prior to the refinance. So that part I was a little disappointed about, but not really their fault. I definitely recommend them.

    However, recently, I got a letter from State Farm Insurance about lapsing unpaid flood insurance from FEMA. I called Mr. Cooper about it a few days ago. It seemed like they didn't have knowledge of the previous loan. I had trouble convincing her so much that I got her on a three-way call with State Farm, so that I didn't have to be the go-between from phone call to phone call.

    During the call, she was telling the lady that she wasn't sure how my loan got to them. She didn't realize that I had a previous loan with them. She was blaming the insurance lapse on the insurance coming to Mr. Cooper. I had to explain to her a few times that I was with them already and just switched to a new loan number. They had the flood insurance covered, and they moved it to a new loan and dropped the ball paying it. The insurance is about to be dropped. She asked the agent for information on the coverage amount limits, the amount of the money due, the date due, a few things like that. While we were on the phone, she went ahead and took care of it. She told the agent that the check’s been cut and it's on its way.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 30, 2022

    This lady, Mary, was very good. She said, “Oh, let's look at it. Well, you do qualify.” I said, “How come I’ve never been. I’ve been wanting to do this.” The process is such that everything is taken into consideration, not just one single thing, like I had. I told her I had experience filing the application online, asked me questions. It took a while because I had to go and look for documents. I was very positive. She was very positive as well. And she said it would go to underwriters. I have the app on my phone. She also said I should expect messages and respond to those. And whatever they ask for, like paycheck stubs, I should send them.

    She responds on time so that it drag out the time. Everything seemed to go well but all of a sudden, there was a halt somewhere. I thought it wouldn't go through. I called, and a lot of times, there were no responses and no feedback. I couldn't get anybody. I did the calls, but Mr. Cooper would respond to me via email. At some point I felt frustrated that they were not answering or returning my calls. But they did what they needed to, so I'm satisfied. I also wanted to take out some money. I wasn't able to get how much I wanted but I was able to get an amount that would suffice. And it picked up again. It dragged on for a while and the appraisal was done and they said I didn't qualify for a conventional loan. It would remain an FHA loan. But I could take out some money. It took longer than I anticipated.

    The rate was 2 point something. It slowly crept up at that time, but Mary locked it in for me until a certain date. And I knew the date was fast approaching and that the interest rate was going up. I wondered what would happen. But she assured me that they would extend it. She did what she did, and I was happy with the terms and new rates. I now started working with a new person. Mary was the one that initiated it and she was very good. But they were all good. I was happy it worked out well.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2022

    It was a breeze going through with Mr. Cooper. It was a challenge that I had given my husband because he wanted to retire. I said, "Okay. We need to refinance the house." And the next day, the mortgage papers came that had the refinance number on it. And we were done within 30 minutes. We were preapproved, locked in to our rate. We closed in less than 30 days, because we learned that I would have to have surgery that would affect my ability to sign the papers. So, they pushed through. Signed, sealed, and delivered.

    This is my second or third dealings with doing finance, and Mr. Cooper made it very easy. It went faster than we anticipated. Because I had not checked any rate for anything when we made the phone call. We were just trying to start and get information. But because they made it so easy and because we were accomplishing what I wanted my husband to do, which was to drop the interest rate drastically, and we also went from a 30 to a 15-year note, there was no point in us looking at other vendors to try to shop around. And I know that within a week, the rate would have gone back up, and we couldn't have shopped around for a cheaper rate. The rate is always the trick.

    My husband is somebody who has been through bankruptcy and was nervous about his credit. But he had already reestablished. I thought it would take both of us to get the best rate. But he was able to do it on just his, and we just added me to the note. So they made it very easy for somebody who is not finding it savvy. My husband had just been dreading it.

    4 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 16, 2022

    Everything seemed like it was appropriately disclosed in the manner and the time in which it was supposed to or needed to be. Although, it could be more palatable to people if they go through the fees because I had to kind of figure that out myself saying it would be worth it. But everyone at Mr. Cooper that I worked with was honest and transparent. Everything was up to par and they told me exactly what was going to happen. They also followed up and if there was something that was missing or some information they needed to know, they emailed and called. They made sure that not only did I have something in writing but they would follow up with a call to ask if I received the email regarding information that was needed or if that information had been received and in process. There was no confusion on my part along the way as to where we were and what was needed or what had already been gotten.

    There was only one thing towards the very end when they were saying that there was some money and they said that when they do it, I'm going to have to pay. But I shouldn't have to pay anything. That was the whole point of this whole thing of not putting anything. The rep said they just switched over. I'd pay all those things that come out that have to be paid off completely and then anything left over will be forwarded for the next year. They knew everything a week or two ago. How was this not calculated or factored into? He said it was based on what was owed at that time.

    The very next day, my payment had posted because I paid it early and they said that they owe me money. The rep said I'm gonna get a check back for $1,200. If that was the case, then how was it that in paying that, I get back 1,200, but in not paying that, I owed for it? It made no sense to me. Other than that, I would recommend Mr. Cooper. They did a good job, they were very diligent, and they followed through.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 9, 2022

    The application was online, but it tells you what processes that you're at. It's a good thing to be able to follow along where you're at in the process. The rep that I talked with on the phone and on email was really good. He answered my questions pretty quickly. Everything was great. The process was pretty comfortable and seamless.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 8, 2022

    Chris ** did a great job of walking me through the refinance process and helping me choose which option I should go with. He helped me with uploading the proper paperwork and getting everything submitted on time. I was able to do everything online and it all went smoothly. It helped me to lower my interest and my monthly payments.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 7, 2022

    The process was relatively quick and reliable. Staff was very knowledgeable and helpful. The final results were as stated early on in the initial refinance process. Whenever a change in any charge presented itself, corrections and notifications were immediately made available to the customer requesting the refinance.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 7, 2022

    We refinanced our home and paid off some credit card debt. The staff at Mr. Cooper were amazing/. I cannot say enough great things about them. From beginning to finish. Communication was great, everything was explained well and the people were so kind.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 7, 2022

    I refinanced my house and it was a good experience. The people were friendly and knew what they were doing. Easy to work. I'm glad I refinanced with Mr. Cooper. I would definitely do it again. Thank you for all you did.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed July 13, 2022.

    Mr. Cooper Company Information

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    Company Name:
    Mr. Cooper
    Company Type:
    8950 Cypress Waters Blvd
    Postal Code:
    United States