Mr. Cooper

Mr. Cooper Reviews

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Overall Rating4.4 out of 5
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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.

    Pros & Cons


    • 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.

    Featured Reviews

    West Point, VA

    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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    Dawsonville, GA

    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
    2021 +0.06%
    2020 +0.35%
    2019 +0.36%
    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 upload X
    Physical branches X
    Publishes minimum rate on website
    Rate lock 45 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 applications 6,641 7,216 19,299
    Home purchase loans closed 4,842 4,497 12,806
    Home purchase applications denied 411 1,261 3,270
    Home purchase preapprovals denied 0 0 0
    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 loans 2.77% 3.13% 15.69%
    Refinance loans 62.63% 74.75% 41.11%
    Cash-out refinance 34.47% 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
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set 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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    Page 1 Reviews 0 - 5
    Verified purchase
    Customer ServiceLoan ProcessRatesTransparency

    Reviewed Feb. 5, 2023

    I was online, looking around, trying to see about refi. Because I had that goal of mine, refinance my house in three years. Mr. Cooper called me within 5 or 10 minutes. We ended up closing that day because interest rates were lower that day than normal. And the entire process was good. The only thing that got held up a bit was I had a lien. It had been satisfied. It was a second mortgage for a grant that I got. But Mr. Cooper was on it. I did what I was supposed to. And everything was expected.

    From the very beginning, I had a loan officer. Once I said I would do it, I got an assistant, someone to help with all the paperwork. And any time I had questions, I emailed or called the extension directly. And they communicated effectively. When I was getting ready to refi, one of my concerns was that when I refinance, I maybe wouldn't be able to keep them. They told me that they were handling it also. I was excited. They have very good customer service. I've always been very pleased with my service with them.

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    Verified purchase
    Punctuality & SpeedOnline & AppStaffLoan Process

    Reviewed Jan. 19, 2023

    The application process was very easy. My employment records were all accessible by my social, and Mr. Cooper didn't need very many documents. I found it all in a timely manner, and it turned over really quick. The first person that I talked to was expedient, but she was taking some time off in a few days, so that might have helped with how efficient she was. Still, it was good. I was done with her within a week, then I waited another week for everything to be finalized.

    There was one confusion on the notary that was coming out. A guy texted me to confirm a time, and I said, “That time doesn't work for me.” I offered a different time, and he said, “That actually works better for me anyways. I will let the company know.” Two days later, I got a text from someone else to confirm an appointment. I said, “Wait. I already have an appointment with someone else. So, who's actually coming to my house and when?” Except for that one part, everything was straightforward. That might have been the notary company as well. I don't have anybody right now looking for mortgages, but I would definitely recommend Mr. Cooper. I just moved back to my small hometown, and everyone here goes through a local bank ‘cause they like supporting local businesses.

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      Verified purchase
      StaffLoan ProcessRates

      Reviewed Jan. 19, 2023

      I had bought the house and remodeled it and done a lot of remodeling on a credit card, so I had a lot of credit card debt. I assumed that since the house was worth more, I would be able to refinance it, but for some reason, no one wanted to refinance it. Since Mr. Cooper had bought my mortgage and I had a very low interest rate, I thought, "Well, it might be good for them to refinance too, because they're gonna get a better interest rate now that the rates were up." So, I contacted them, and they looked at it and said they would refinance, and everything went smoothly. It was a very easy process.

      The representatives were all very attentive. I had two people I dealt with. Jessica and Christopher were both very attentive, got right back to me when I had questions and answered them, and I was very pleased with the whole process. It always seems like when you're doing a refi, you run into a surprise, and I didn't have any surprises this time. I would recommend them to anybody.

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      Verified purchase
      Customer ServiceStaff

      Reviewed Jan. 18, 2023

      The Mr. Cooper rep I worked with was very knowledgeable and kept in contact with me. When I had questions, he got back with me within the same day. He was very aware of what I was trying to do and he was very concerned. As far as the underwriting, one of the young ladies that I was working with at first all of a sudden disappeared. Every time I tried to get in touch with her, she was never there. So, they gave me to somebody else in that department and he worked out pretty well. He still didn't get back to me like the representative did, but he made sure that when he was on the phone with me that the person from that office was also on the phone with me. Overall, working with Mr. Cooper managed to get rid of the whole bills I had. I would do it again. Try Mr. Cooper before you go anywhere else.

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      Verified purchase
      Customer ServicePunctuality & SpeedStaff

      Reviewed Dec. 3, 2022

      When I talked to Mr. Cooper, they were very personable and knowledgeable. They were quick the first couple of times. This last one was a little longer. But they do what they say and say what they do, and I found that to be completely easy to follow. I've done three different things with them, and it's been fabulous. The first person in line goes over some basic information and talks to you for a good 15 minutes to figure out what you want, what your background is, and what your financial situation is. You go online, set up your account and the paperwork is done through that which makes it easy. You're not running out to the mailbox and trying to find time to do that when you're busy with many other things. They notify you through an email that you have a new form to read and sign, and you go in and you read and sign it. It can't get much simpler than that.

      My bank merged and became Truist and I've done nothing but fight with them since they merged. With Mr. Cooper, it was very pleasant to have a website that I could get on, number one, and understand, number two. If I had any questions, I just shot off an email to whatever stage I was in at that point and whoever was doing that point. I would ask them a question and they always took the time to answer. We talked about options. The first guy I talked to was absolutely lovely in each of the three cases. At any point, I could go back to them and say, "I'm not happy with this," or, "I had no reason to do that," or, "I'm confused about that." They knew what they were talking about. I worked with somebody else in a different company and I had people lie to me before. With Mr. Cooper, I've never caught them in any way shadowing or misrepresenting anything.

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      Customer ServiceStaffLoan Process

      Reviewed Nov. 13, 2023

      Appears Community Banks of Colorado sold my home loan to this enterprise. I have not received any notice from Mr. Cooper nor able to call them: their systems were locked because they hacked. I called Community Banks of Colorado. They confirmed that the loan eff 11-01-2023 was sold to Mr. Cooper. I could not reach Mr. Cooper via phone, nor the system recognized a new loan. The letter that I have received from Community Banks of Colorado stated: "the law requires that the present servicer send you this notice at least 15 days before the effective date of transfer. Your new servicer must also send you this notice no later than 15 days after the effective date or at the closing." Mr. Cooper send the notice to the property I used to own back in 2018 and that was sold in 2019.

      I couldn't create an account online. Had to spend an hour with customer service (most on hold). I explained that if they obtained the loan and the old bank did not draft the automatic payment that I have scheduled with Colorado Community Banks. I couldn't correct the address Mr. Cooper used for mailing: it had to be updated by Mr. Cooper. Furthermore, I did schedule AFT as I have had with Community Banks of Colorado. The representative continue on insisting that I have to make another payment to them because it won't draft. Where is my fault if Mr. Cooper fails to notify, their systems were locked because of the hack and still wants the "past due" because Community Banks sold that loan I was totally unaware.

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      Mr. Cooper
      Response from Mr. Cooper
      I appreciate you informing us of your experience. It is my goal to make every attempt to resolve your concerns to the best of my ability. I will follow up privately with a resolution to your concerns.
      Kalie Ezenwa

      Community Manager

      You are welcome to call our escalations line at 888-509-2432. Since it's a small team, we are here Monday - Friday from 8 am - 5 pm CST. If there's something I can assist you with, I'm happy to help - you can email me at Thanks!

      Resolution In Progress
      profile pic of the author

      Reviewed Oct. 31, 2023

      I had Mr. Cooper purchase a Mortgage I own. What an awful company! This company is the epitome of what's wrong in the housing industry as they buy large swaths of mortgages sight unseen and then hold individuals assets hostage while they profit from them. We all work our tails off to try to advance and create future growth for ourselves. Unfortunately this company will hold your equity and not let you access it. The worst and most corrupt company I have ever seen.

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      Customer ServicePunctuality & SpeedStaffLoan ProcessTransparency

      Reviewed Sept. 30, 2023

      Disabled Veteran DOES NOT RECOMMEND them. My loan was transferred to them years ago. I've paid on time every time and built my credit strong to refinance and they are running me thru circles to refinance and get MY CASH OUT MY EQUITY! I'm tapping into my equity to keep these cancer treatments and medications coming for my wife to get better and they are not timely on follow up and not clear on what's needed to expedite the process. I will hear nothing all week and Every Friday like clockwork I'll call to find out where I am only to get an request for more documents that are not necessary and needed.

      I've spent $6000 of the money to save my wife on the things they said I needed to complete the process and got another email before the rep leaves for the day responding to a question I've asked the day before. They ask for documents and I get them done quickly and submitted only to not hear back till end of week when I request an update...Then oh we need these additional 4 items done, it's the 4th time....It's the weekend and once again I can't move forward till next week. Please do not request a loan or refi....Veterans...STAY AWAY! Find another company!

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      Mr. Cooper
      Response from Mr. Cooper
      I appreciate you informing us of your experience. It is my goal to make every attempt to resolve your concerns to the best of my ability. I will follow up privately with a resolution to your concerns.
      Kalie Ezenwa

      Community Manager

      You are welcome to call our escalations line at 888-509-2432. Since it's a small team, we are here Monday - Friday from 8 am - 5 pm CST. If there's something I can assist you with, I'm happy to help - you can email me at Thanks!


      Reviewed July 20, 2023

      Mr. Cooper erroneously objected my approved funds from the state Mortgage assistance program (ERMA). I applied for the ERMA program February 2022. The state notified Mr. Cooper of my approval July 2022 & Mr. Cooper erroneously sent an objection letter to the state in Aug 2022. As a result, I received a letter from the state ERMA stating: "Your mortgage servicer has objected to your inclusion into the program". I have several recorded and noted conversations with Mr. Cooper which confirm that Mr. Cooper had NO reason to oppose my acceptance into the ERMA program.

      SEVERAL representatives of Mr. Cooper stated that their HARDEST HIT FUND DEPT. received the approval letter from the state and sent the denial/objection letter to the state. I have also received a letter Nov 2022 from Mr. Cooper affirming THEIR ERROR. However, in the same letter they erroneously stated that they/Mr. Cooper do not determine the ERMA/State's decision which is 100% False as my 8/2/203 letter from ERMA CLEARLY STATES as follows: Your MORTGAGE SERVICER has objected to your inclusion into the program.

      I trusted Mr. Cooper when they said they would try to resolve THEIR Error when they erroneously objected to my inclusion into the ERMA. I received another letter from the state (ERMA program) on 10/31/23 which said as follows: After careful review of your appeal our decision is as follows: Your MORTGAGE SERVICER has objected to your inclusion into the program. I am unable to reapply to the ERMA program that I initially applied for in February 2022 as I am still with the same MORTGAGE SERVICER. Mr. Cooper's actions are unacceptable and have caused a significant financial hardship to me and my family by single handedly snatching the approved funds BY what they call an accident. Mr. Cooper should credit my account with the funds they ERRONEOUSLY refused to receive from the state which were to be applied to my Mortgage.

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      Mr. Cooper
      Response from Mr. Cooper

      I appreciate you informing us of your experience. It is my goal to make every attempt to resolve your concerns to the best of my ability. I will follow up privately with a resolution to your concerns.

      You are welcome to call our escalations line at 888-509-2432 at any time. Since it's a small team, we are here Monday - Friday from 8 am - 5 pm CST. If there's something I can assist you with, I'm happy to help - you can email me at Thanks!!

      profile pic of the author

      Reviewed July 14, 2023

      Our loan was transferred to Mr Cooper. It's been a constant struggle. Most recently my payment was increased. The first CSR gave me a myriad of reasons. Which were easily refuted. Her last try was saying my Escrow account had been depleted. AGAIN wrong.. according to all my statements I have retained well over the 2 month reserves. The CSR's are the most inept I have ever dealt with. After reading 1000's upon 1000's of similar complaints on various sites as well as discovering 2 class action lawsuits.. We're now working with an Attorney.. This may very well be another Class Action lawsuit.

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      Mr. Cooper
      Response from Mr. Cooper

      I appreciate you informing us of your experience. It is my goal to make every attempt to resolve your concerns to the best of my ability. I will follow up privately with a resolution to your concerns.

      You are welcome to call our escalations line at 888-509-2432 at any time. Since it's a small team, we are here Monday - Friday from 8 am - 5 pm CST. If there's something I can assist you with, I'm happy to help - you can email me at Thanks!!

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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

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