Mr. Cooper

  1. Home
  2. Mortgages
Mr. Cooper
AUTHORIZED PARTNER

Mr. Cooper

 4.4/5 (533 ratings)
  • 5 stars
    397
  • 4 stars
    59
  • 3 stars
    14
  • 2 stars
    9
  • 1 stars
    54
Saved
Mr. Cooper

About Mr. Cooper

Mr. Cooper is a mortgage lender that specializes in new home loans and refinancing. The company offers a closing date guarantee and fast online approvals. You can monitor your loan’s progress through the Mr. Cooper app.


Overall Satisfaction Rating

  • 5 stars
    397
  • 4 stars
    59
  • 3 stars
    14
  • 2 stars
    9
  • 1 stars
    54

Pros

  • Closing date guarantee
  • Fast approvals
  • Rewards program

Cons

  • Limited rate information on site
  • Prepayment penalties on some loans

Bottom Line

Mr. Cooper is one of the largest mortgage lenders in the nation, offering competitive interest rates on new home loans and refinancing. You can apply for a mortgage and monitor your application online.

Top Mr. Cooper Reviews

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Rated with 5 stars
Verified

The people that helped me with refinancing my house were very helpful and knowledgeable. They answered all my questions. If I had to leave a message they always returned my phone ...

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Rated with 5 stars
Verified

Mr. Cooper is my primary mortgage company and I wanted to do a refinance to lower the payment. Their reps were good and we finished the process in about a month. I’m satisfied wit...

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What is Mr. Cooper?

Mr. Cooper is one of the nation’s largest home loan servicers and offers refinancing for existing loans and mortgages for new home purchases. It prioritizes simplicity in the homebuying or selling process, providing customers with a fast, low-stress experience. Borrowers can get prequalified online in minutes and receive a same-day approval letter when ready to buy.

Mr. Cooper also features a Real Estate Rewards program. The company uses the Xome network of real estate agents to offer savings on commissions and closing costs, keeping your homebuying or selling costs low. It has a U.S.-based customer service team and focuses on its customers’ needs.

You can track the status of your mortgage application online and manage your account with its mobile app. Borrowers can make payments online with no extra fees. Mr. Cooper also guarantees an on-time closing or the company pays your first mortgage payment.

Mr. Cooper mortgage rates

Mr. Cooper’s mortgage rates vary based on the housing market at the time of closing, your credit history and your loan terms, but it typically offers competitive rates. It provides options for lowering your interest rate, including fixed- or adjustable-rate terms and fees that can be paid directly to the lender. Ask your lending agent about which discounts you may qualify for. You can also check its website for more information and resources on interest rates.

Mr. Cooper FAQ

Can I pay Mr. Cooper with a credit card?
Mortgage lenders typically do not accept credit card payments. Online payments must be made through a bank account.
How do I make a payment on Mr. Cooper?
You can make payments online, over the phone and by mail. You can also set up autopay using Mr. Cooper's website.
Is Mr. Cooper a real mortgage company?
Mr. Cooper is a real mortgage company. It offers new home financing and refinancing for existing mortgages.
Does Mr. Cooper offer home equity loans?
Mr. Cooper offers cash-out refinancing that lets you trade home equity for cash. Call for more information or request a consultation online.
Does Mr. Cooper report to credit bureaus?
Mr. Cooper does report mortgage accounts to credit bureaus. The payment history on your account typically has a significant impact on your credit score.
What bank is Mr. Cooper?
Mr. Cooper is a nonbank mortgage lender. The company is a registered service mark of Nationstar Mortgage, LLC.
Does Mr. Cooper have a prepayment penalty?
There may be a prepayment penalty, depending on the type of loan you have. Some loans have a prepayment penalty, but others do not. Read your mortgage’s fine print or ask a lending agent to see if yours has a penalty.

Is Mr. Cooper legit?

Mr. Cooper is a legitimate mortgage lender that provides new home loans, home refinancing and cash-out refinancing. It offers competitive interest rates and typically has satisfied customers. This nonbank mortgage lender providers a variety of loan perks, such as discounts through a realtor network and a closing date guarantee.

Mr. Cooper Reviews

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2 featured reviews
How do I know I can trust these reviews about Mr. Cooper?
How do I know I can trust these reviews about Mr. Cooper?
  • 3,218,109 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 ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Dec. 19, 2020

Mr. Cooper is my existing mortgage company. I wasn't really terribly interested in shopping elsewhere. I did look around a little bit, but it's just so much easier to kind of stick with the company I was with. They quoted a good rate that I thought was going to allow me to lower my term and still afford it and wasn't very much more than my existing payment on my 30-year. I got it down to a 15. I just went with it without any further shopping elsewhere.

The customer service team did pretty well. I dealt with a guy named Scott who was my initial contact that quoted me the rate, and then I kind of talked to him towards the end. He was more of the salesperson or facilitator to get things rolling. The actual person that was sort of working the file and calling me periodically about things I needed to fill out and stuff like that was very good and very knowledgeable and was making sure I did things, even though I had a busy work schedule. If something would slip my mind, she called and reminded me.

She was a little talkative but not in a bad way. She's nice. But when I would get on the phone, she kinda go on and on with a lot of details that weren't probably important for me to know. These are details about logistics and how things are done on her end. I think it was just more of a nervous habit or sort of filling up there on the phone. A lot of times, I couldn't get a word in at times. But it wasn't bad. She could probably be a little better with the conversationalist aspect of the job, but she was never unpleasant. It's just sometimes the calls went on so long. I just wanted to be done.

It is a very technical job. So, I could totally understand some of the stuff she was sharing to try to help me and understand the importance of certain forms or what next steps wer. Its just at times, I would get calls, and they're for about a week and a half when we were kind of in an end process. They have certain deadlines and things they're trying to hit. It's just like the calls were frequent. But she was sweet, and I don't think anybody would ever really make any decision negative about the company because of her.

The only thing I don't really like about Mr. Cooper is the name is so stupid. Maybe it's because I'm an old guy. Nationstar Mortgage sounds a little more legit. You're going to Mr. Cooper and I'm like, "I wouldn't want to borrow money from just a dude." Then he would call my loan or close my house. Maybe that works really good for the young people. I know that they don't always market to people like me that will be leaving this earth at some point. They're more for probably the people who are first buying a house. But I wouldn't hesitate to recommend them to other people. Overall, I got a much better rate. That's why the payment was not much more despite the much shorter term.

6 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 24, 2020

    There was news saying refinancing is low and so I called Mr. Cooper and they said, “You gotta wait certain amount of months or days and call back.” I did. They said they would call me back, but I’d called back earlier before they could call me back. It seemed easier to go with Mr. Cooper because I already was with them and I didn't mind the way their customer service was. Their app is very convenient and easy. If I need to get ahold of someone, it's not difficult.

    Mr. Cooper wanted certain documents and then the day of closing, they wanted more documents. But before the day of closing, I asked, “Is there anything else I need to give you guys before the day of closing?” They said, “No, you're good.” This is from the loan officer. Also, on the day of closing, we had to spend hours trying to get some tax forms and some old W-2s and it was kind of a hassle. But Mr. Cooper already had all my documents and if they needed anything else, they asked and sent it right away and didn't ask for any more documents. Then someone came to my house. We signed all the paperwork again. It was really smooth.

    With the way it is around here right now, I don't know if there was anything that could have been improved. It was as minimal contact of a person as possible, and the person that came to our house was masked and had all everything ready to sign. I was just looking for a lower percentage but didn't have to pay for November, so that was kind of a nice benefit. I am just waiting to pay for my December payment now. So, it gave me a breather. I didn't know I was gonna get it. I was expecting the lower APR.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 16, 2020

    Mr. Cooper was appointed as our servicer. When we had talked to a mortgage person about refinancing, the process seemed a lot more complicated. So, when we talked to Mr. Cooper, it was a lot more simple and they weren't gonna require an appraisal. We refinanced through them last year and it was convenient because they already had most of our information and we could just submit everything online. Mr. Cooper called us again this year and said that we could qualify to refinance just our interest rate because of how low the rates went. They told us it was not credit-based, which was interesting. So we decided to do it again to get our interest rate down as low as possible.

    Last year, when we did our refinance, there was a little more phone contact and we had more questions. This time around, we knew what we were getting into a little bit more. So I only got like two or three phone calls from anybody. We probably could have used a little bit more contact because it was a big transaction. So, I would just check the app a lot and ensure that we were doing the things we needed to do. That was how I found out what I needed to submit. It was easy to use the app and they already had our information.

    The gentleman that initiated our refinance last year was the same person that called us again this year. That was a nice touch. But their customer service probably could be a little more fine-tuned. When we talked to somebody on the phone, they were really short. They were impatient and weren't really interested in answering a lot of questions, which was the downside of the whole experience. The mortgage industry, to me, is really confusing, even though I know insurance really well. So when I would ask the kind of questions that I would think that I was allowed to ask, I always felt like that was annoying to them. They should ensure that whoever is on the other line was really comfortable answering questions for people that might not understand the process and the lingo very well.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 13, 2020

    I checked out other mortgage companies and it seemed easy with Mr. Cooper with their tracking and everything they had, which was why I stuck with them. I went to Jonathan, the home advisor, and he was good. He showed concern to get to know me and talk to me, and showed me things such as how the tracker works. He was a pleasure to work with. He said mine was one of the fastest he has ever had that went through because I uploaded everything so quickly and got everything done. He turned me over to the loan officer but he also told me that if I had any other questions or concerns, he would check back with me after it's over and that he was always available for me. I had his direct number. I went over to Mirka and she seemed a little rushed but we got everything through. Then it was done. It took four weeks.

    The website was not up-to-date though when I uploaded some things. It said that I still needed to upload something. I called Mirka and she said that they were looking for another form. She sent me the information and I uploaded one again. It seemed like it was not my uploading but it might be that you have to wait until somebody looks at it and checks it off. That seemed a little slow but everything else was perfect. Sometimes, I don't think people know that you can include and not include what you want and what you don't want for refinances such as paying off bills. I always thought you had to do everything and that was not necessarily the case. The reps were very talkative as far as explaining that I could do it whichever way I wanted and if I wanna include extra money. Those were all laid out so that was good.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 12, 2020

    We signed our mortgage and our mortgage company refinanced it with Mr. Cooper. We didn’t have a choice then but we just refinanced and that was by choice. We have our first new payment on the 1st of September and everything has been smooth. The people we worked with were great. The rep has kept us up to date every step of the way on what was going on. We never felt out of the loop. Other than that initial hiccup, everything with Mr. Cooper has been great too. Everything is fairly easy.

    We got screwed the first time because Mr. Cooper's person wasn't trained. We almost lost our house because of it. We did the initial loan for the house when we first bought it. Then, we got a letter in the mail saying that the original lender had sold our loan. They called us to do the paperwork and when we talked to the lady, she told us we didn't have any payments for three months, which was not correct.

    We saved the money but a month and a half later, we got a call wanting to know why we hadn't made any payments. I was understandably livid because a home ownership is very important. We've done everything on time and done everything that we could to make sure everything was as it should be. I was so mad and I went off on the person. We're now all of sudden two months behind on our mortgage and we are not that kind of people. I had specifically asked her when the next payment was due. I wrote everything down because I'm very meticulous like that. Their disclaimer said they record these phone calls for training purposes. I told them to review it and they did. They came back and all they could say was sorry. There was nothing they could do to fix it. They knew exactly what happened when they reviewed the tape. But everything since then has been perfect.

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: May 23, 2021

    We are on a bi weekly payment plan so we can make an extra payment every year on our loan. We are being told the only way to accomplish this is through autopay. There needs to be another option for biweekly payments other than autopay. When we send our payments in every two weeks the funds are never applied correctly and shows we still owe on our payment even though the whole payments was sent before the due date. We end up having to call to have them fixed and applied correctly. Can another option be put into place so we don't continue to have these issues?

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 18, 2021

    Have to say that the help and guidance we received from Mr. Cody ** was excellent. He was very polite, kind, and extremely helpful.(Mr. ** is an asset to Mr. Cooper). Always answered e-mail and returned phone calls in a timely manner. Sincerely, Ben & Pat **

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 18, 2021

    This last refinancing with Mr. Cooper was good and I'd do it again. The first time, the bank forgot something and I had to redo everything again. That was not easy. I was ready to go with somebody else but Mr. Cooper tried to convince me to stay and I did.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 17, 2021

    Mr. Cooper's rate was higher than the others but I didn't want to put myself in a position where three to six months down the road, I ended up with the same rate. I went through the refinance and it was a faster process. With the other competitors, I was looking at a three to six-month time frame. Everything went well with Mr. Cooper. The information was informative and the first rep that I was speaking with kept me up-to-date and followed up via phone and email if there needed to be anything that I needed to complete. He was patient as well.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 16, 2021

    I called Mr. Cooper and talked to a guy named Martin. He supported me with whatever issue it was then started asking me if I knew about refinancing offers at the time. I wasn't planning on doing a refinance because we just bought the house two years ago but when he started talking to me about the rates that were available and the money that we would save, we talked more about it. He made the experience very easy and every single question I had, no matter when, he was able to help me out with it. Mr. Cooper gave us some money back because when they refinanced, they overcharged on the mortgage. Also, we're saving $258 a month on mortgage which is excellent. It's a great feeling. I felt like I was in control of the entire process and didn't feel pressured at all.

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    Mr. Cooper Company Information

    Social media:
    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

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