Mr. Cooper

Mr. Cooper Reviews

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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

    Pros
    • Online pre-qualification tool takes minutes
    • Online loan tracking
    • On-time closing guarantee
    • Pays local moving costs in some areas
    Cons
    • No locations for in-person service
    • No USDA loans

    Featured Reviews

    Verified
    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...

    Read full review
    Verified
    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...

    Read full review

    Rates

    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

    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

    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

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    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

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements

    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

    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.

    FAQ

    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

    Over 10k reviews since 2012

    Stars Rating

    • 59%
    • 8%
    • 3%
    • 2%
    • 28%

    Popular Mentions

      How do I know I can trust these reviews about Mr. Cooper?
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      How do I know I can trust these reviews about Mr. Cooper?
      • 4,460,553 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.
      Page 1 Reviews 0 - 10
      Punctuality & Speed

      Reviewed June 8, 2024

      How this awful company gets more than 1 star I'll never know. It's almost as if you're dealing with a fake company. Loses payments, charges dumb fees, and totally disorganized. The worst mortgage company I've ever dealt with. I've never been late on a payment and they still can't get those stuff together.

      Customer ServiceStaff

      Reviewed May 29, 2024

      Thank you for letting me know that Mr. Cooper nor its investors support disabled veterans that have reached out to you countless times for assistance. You are the main reason disabled veterans like myself end up homeless. I appreciate you and your investors taking the time, once again, to show your lack of support for the military veterans. How hard would it have been to just add my amount I owe on the back end and extend my mortgage by a few months? Instead, after missing 2 payments, due to the Mr. Cooper software messing up, Mr. Cooper and its investors would like to put a disabled veteran under more stress by making sure that it is more difficult for said veteran to ever get help. I have missed 2 payments in the past BOTH due to billing software problems on the Mr. Cooper end. Thank you, once again for showing EXACTLY why veterans end up homeless.

      I have tried NUMEROUS times to get BOTH Mr Cooper AND Lakeview Mortgage to work with me by applying for a hardship, which would be just to add my late/missed payments (2) on the back end of my mortgage, extending it by 2 months. Not only do they NOT care but they refuse to let me record our call even though they get to record it on their end. You can't even reach your assigned loan specialist.

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        Customer ServiceStaff

        Reviewed May 17, 2024

        I absolutely HATE MR COOPER. Every time I call customer service (when I actually can talk to someone) they give me a new issue with my VA Exemption. I have been having issues with them for years trying to put my VA Exemption through. It's either the customer service rep has no idea what to do or I'm either waiting on their third party branch CORELOGIC to update the system.

        Now with CORELOGIC being third party there is no way to contact them in any way (email or phone). I have put in numerous requests for them to update my mortgage payments and every time the request goes missing or they don't return any results. I will be looking for a new mortgage company once this is settled and for anyone doing research on companies in the future I urge you to completely skip Mr. Cooper!

        Mr. Cooper
        Mr. Cooper
        Pinned
        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. Thanks!

        Resolution In Progress
        Customer ServiceLoan Process

        Reviewed May 14, 2024

        I recently had my loan bought out by Mr. Cooper. It's impossible to get ahold of someone. When I called I couldn't get through their automation. Finally I called and hit zero before the automation started. I spoke with a woman who said she made sure my phone number would be connected so I wouldn't have issues anymore. And then it still wouldn't work. I had a previous loan with them for the same home so they connected the loans which has caused it to be confused because the previous loan had a different email address so then I couldn't sign in with my previous email address. The gal I spoke with said she would talk with IT and fix it immediately and it's been two weeks. What Bank, mortgage or any company for that matter doesn't have an IT department you can contact yourself. I'm starting to wonder if they even have an IT department.

        Oh, also my information was compromised with this company with my previous loan. If anyone is have problems I recommend you file a complaint with: **. The complaints they get the government will take them to court. This company is terrible. And the contacted who was suppose to help me is only available Tuesday through Thursday. They don't have anyone working for them. It's no wonder your information is compromised.

        Mr. Cooper
        Mr. Cooper
        Pinned
        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. Thanks!

        Resolution In Progress
        Customer ServiceStaff

        Reviewed May 9, 2024

        They sell you the Moon in the application process and on the back end they cannot deliver. I pay my payments weekly (monthly mortgage / 4 = $500 ea wk). I send in and they put it into a holding account. My payment is due on the 1st and no fee is due till the 15th but they hold off and don't make the payments till after the 16th and then they take a fee out of the overage I send in ea month (4.3 wks/mo). When you call in for answers and a reversal of the fees they tell you the fees have already been paid/applied - too bad for you. Not people friendly. Volume only. "We handle 4.3 million loans...." Too big I would say for any worthy customer service. And this is supposed to be from USAA /a Veteran friendly company = go to Navy Federal.

        Mr. Cooper
        Mr. Cooper
        Pinned
        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. Thanks!

        Profile pic of the author.
        Customer ServiceStaffLoan Process

        Reviewed April 26, 2024

        This is one of the worst mortgage companies that I have ever used. Unresponsive with customer service. I called to pay off my home and they told me to send a cashier's check in a certain amount. I did that, but they used my escrow instead to pay off the loan and then will not give me the check back and told me to go to my bank to get it back and their letter stated that they will shred the check. My bank said that is not how it is done. When you try to call customer service after you have paid your loan off, it only gives you 3 options and none of them are to talk to a representative. I had to call another number and choose that I wanted to buy/sell so I could talk to a representative. I have gotten the runaround and they are still refusing to give my money back. I consider that theft of money. Never ever use this company. This is just one of many issues that I have had with them.

        Mr. Cooper
        Mr. Cooper
        Pinned
        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. Thanks!

        Profile pic of the author.
        Customer ServicePunctuality & SpeedStaffTransparency

        Reviewed April 25, 2024

        I am writing this review to express my frustration with Mr. Cooper's policy of empowering employees to manage and solve problems in real-time. Background: The State of MS overcharged my property taxes. They were notified and corrected the problem right away, and they issued a refund to Mr. Cooper on January 18th. I called about two weeks later and talked to someone who said I must wait 8-10 weeks for refunds. It seemed a bit long for a check to clear, but I guess I have to wait. Moving forward to 11 weeks, no refund still shows I'm negative on my escrow.

        I called thinking this is it, surely they must have found it. Nope, I was told they have no record, and a third-party company handles escrow payments. I then told them that I had already notified the state of MS, and they had informed me that my refund check was cashed. The representative asked for the check number, but I didn't have the number. She then three-way called the tax collector to verify and get the check number; all of the information was provided as requested.

        The representative said she had all she needed and would take care of it. Guess what? Mr. Cooper did an escrow analysis, but there is still no refund. I'm now 14 weeks into a problem that should have been taken care of quickly. The state of MS acknowledged their mistake. I waited the described time. Now, do your part, Mr. Cooper, and refund my escrow, conduct another analysis, and get my payment back to where it should be! If you worked as hard at finding my refund as you do calling me to try to get me to refinance, you may actually have a winning customer service/management team. I'm frustrated and pissed off, and I think everyone holding a management title should act like a manager instead of embracing just the title. DO YOUR DAMN JOB!

        Mr. Cooper
        Mr. Cooper
        Pinned

        JM - I'm sorry to hear about the frustration you've experienced with your escrow refund. We take your concerns seriously and are committed to resolving this issue promptly. Please contact us directly at 888.509.2432 so we can further discuss your concerns and work to find a solution as quickly as possible. Your feedback is valuable, and we appreciate the opportunity to address your concerns.

        LaQuinte Proby

        Community Manager

        Reviewed April 23, 2024

        Mr. Cooper has repeatedly messed up our auto payments, and has had multiple data breeches. Then in Jan 2024 we had a radiant floor leak resulting in 207K worth of damage to our home. We have been displaced from our home since January. Insurance has been very difficult refusing to release payments and restarting our claim 2 months into the project. As a result we have had to pull 52K of our own money to fund construction purchases to keep the project moving. The insurance company has finally released two checks totaling 100K. The insurance payments must be sent to Mr. Cooper to sign off before we can send the money to our contractor. The insurance is already holding funds based on milestones and this 100K portion is only to purchase materials, not complete work.

        Mr. Cooper is now also implementing their own approval process contradictory to the insurance approvals, and is holding 60K of our insurance money preventing us from buying materials. We scheduled an inspection showing 46% of work had been not only purchased but completed. Mr Cooper denied our inspection and dispute, claiming only 9% of the work has been completed and therefore they will not release additional funds. We are unable to move forward on this project and are now at a standstill on construction resulting in a real threat of insurance denying further assistance with housing and forcing us to move back into a home with exposed radiant floor tubes and no kitchen.

        Mr. Cooper
        Mr. Cooper
        Pinned

        Jessica - I'm sorry to hear about the challenges you're facing with your insurance claim and our auto payments. Your situation sounds incredibly frustrating, and I understand the urgency in getting this resolved. Please contact us directly at 888.509.2432 so we can further discuss your concerns and work towards finding a solution as quickly as possible. Your feedback is important to us, and we're committed to assisting you through this process. Thank you for bringing this to our attention.

        LaQuinte Proby

        Community Manager

        Customer Service

        Reviewed April 23, 2024

        Is very disappointing that I follow all the instruction and they can not sent a very important document with tracking number, I sent an enveloped from UPS and they didn't use it, they said was rejected. And also is so frustrating that when you make a phone call, is so hard to get to talk with a human being. This company is so awful. Very irresponsible.

        Customer ServicePunctuality & Speed

        Reviewed April 14, 2024

        This company exists to robocall its customers. We pay our mortgage directly from our bank on the same day each month. Never late. Always the right amount. Nevertheless, Mr Cooper robocalls us twice a day claiming our account is past due. We've called. They acknowledge that our account is fine. But then the phone rings . . . They deserve a class action suit.

        Mr. Cooper
        Mr. Cooper
        Pinned

        Fred - We're truly sorry to hear about your experience, and we understand your frustration. Please contact us directly at 888.509.2432 so we can address these concerns promptly and work towards a resolution. Your feedback is valuable to us, and we're committed to improving our services. Thank you for bringing this to our attention.

        LaQuinte Proby

        Community Manager

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        Sources
        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:
        Public
        Address:
        8950 Cypress Waters Blvd
        City:
        Dallas
        State/Province:
        TX
        Postal Code:
        75019
        Country:
        United States
        Website:
        www.mrcooper.com