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Mr. Cooper

Mr. Cooper
Overall Satisfaction Rating 4.26/5
  • 5 stars
    449
  • 4 stars
    49
  • 3 stars
    15
  • 2 stars
    12
  • 1 stars
    97
Based on 622 ratings submitted in the last year

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.


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Nationstar Mortgage LLC dba Mr. Cooper

NMLS: #2119 NMLS Consumer Access (www.nmlsconsumeraccess.org).

Mr. Cooper Video

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.

PROS

  • Closing date guarantee
  • Fast approvals
  • Rewards program

CONS

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

Top Mr. Cooper Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 calls in a timely matter. I would highly recommend Mr. Cooper to anyone buying a home.

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Rated with 5 stars
Verified Reviewer Verified Buyer

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 with the rates and terms that I got and things worked out well.

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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?
  • 2,737,892 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.

2 people found this review helpful

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    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.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 3, 2020

    Mr. Cooper had the loan for my house and they offered to refinance. When I asked Mr. Cooper for a home equity line of credit, they said, “Why don’t you just refi? We can give you these terms and it will be easier.” And that’s how it all began. I got the money out and I’m paying the same as I was paying a year ago. The rep also gave me some tips on how to pay it off in about 22 years and I wanna do that. Application went very quickly. I called them one day and it took about a week before the loan was approved and processed. There was no other information that they asked.

    The rep was reachable and very sweet too. When she and I talked, she always made me feel like she was there to help me and that I could reach her at any time of the day. I called three times and there was never a recording. She always picked up the phone. I received the lowest rate. I went online to see what the other banks were offering. I got a 3 and one-tenth, something like that. The lowest was 2.9 and Mr. Cooper around those terms. I got the best rate possible. I also can’t believe how quickly they acted. I have $30,000 to pay for some remodeling here on the house and I received the money and everything with Mr. Cooper was done within 10 days.

    But I was more surprised that they didn’t need the appraisal. And I don’t even think they asked for anything more, but, “Do you want the loan?” I said yes and that was practically it. There’s not a lot of paperwork. My FICO score is very high. It’s around 750 and I don’t have a lot of debts. I have a couple of credit cards and I use them just for credit purposes. I don’t owe more than $2,000 right now worth of credit cards. I have a large amount of savings, too. I think that also comes into play.

    I also tried with Bank of America and they asked for thousands of paperwork, which I understand. When I called them, I was really looking for a home equity line of credit. I have a rental property that I wanted to take advantage of and get some money out. I have to prove to them who I am but it was ridiculous, the amount of paperwork that they asked for. Mr. Cooper are very efficient people.

    7 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 2, 2020

    I’m a veteran and I got a letter that said there was a half percent rate decrease that I was eligible for, and that I could call 1-800 to get more info. I called 1-800 and the first person I talked to had a very thick accent and was very difficult to understand. At that point in time, I backed out and it wasn’t because the offer wasn’t good. It was because I didn’t understand the gentleman enough to make a good decision.

    I got a second letter and I called back and I got an amazing woman. She seemed to have so much knowledge about the refinance program and how it works. I asked her some questions that were based on assumptions I made from my prior conversation with the gentleman and she cleared all that up for me. So we did a refinance and my mortgage was shortened by two and a half years, and my interest rate went down a half percent, and my house payment stayed the same. So it was like a no-brainer.

    To me, the first call was a lack of training. I don’t think the guy knew what he was talking about and I’m in sales and that made me uncomfortable. If I hadn’t got ahold of the lady on the second phone call, I wouldn’t have done it. We got the good faith estimate and then they hired a closer, who came to the house, which was fantastic because that made it very convenient. The closer came in the evening and we did all the paperwork. But then, we got another good faith estimate and the two numbers didn’t add up. It wasn’t a big difference, but there was enough difference to make me wonder.

    The last thing that happened was we got an escrow refund which nobody had told us about. So we were concerned about the escrow account being not sufficiently funded for the rest of this year. We called Mr. Cooper, got ahold of somebody in the escrow department and said that we got this check and asked them if we should send it back or what do we do with it? We wanna make sure we were escrowing enough. The lady assured us that we were and my wife did the check and went shopping. We were very pleased, very pleased.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 12, 2020

    Our first mortgage was with the Central Loan Administration. But in November, our loan was transferred to Mr. Cooper. When we started to become Mr. Cooper customers, they had a welcome email. When I logged in, it said, “Welcome, new customers. Give us a call,” to check in on the loan. So, I called them and that was how I got going. I only have the comparison with the Central Loan Administration, but it was a night-and-day difference in customer service, ease of talking to someone and getting information. It was way more pleasant and easy experience. Ever since we had our loan, we put down only 10%, so we’re paying PMI. I wanted to refinance to gain some equity with the growing housing market in Seattle and to take advantage of that to get rid of the PMI.

    I tried to get the PMI removed through the Central Loan Administration. That had to be input in writing and I got a letter back within a month, which was like saying, “Send us the check. We’ll get this started. It could take another two months or so.” It didn't sound like it was gonna happen. When I called in to Mr. Cooper, within 15 minutes we had talked about my goals, what I wanted, what I wanted to get out of it, the motivation and what they could do for me. I was blown away just by how they seemed to listen, understand, ask questions and answer my questions. And from when I decided, I got the potential rate, the terms of the refinanced loan. I talked to my fiancée and parents. And from when I said yes to when we closed, I could get that information in two weeks. It was very fast.

    I feel more informed than the average consumer. Because I was so frustrated by paying PMI, I did a lot of research on my own about loan terms. But one thing I didn't understand was what happens in a refinance. Do they eat into the equity that I have in the home to help refinance? The guy I worked with was really good about helping me explain that and break it down. I had specific questions and pointed questions that I wanted, and he helped me refocus on what to ask about them. He filled that in and then he filled me in on whether a refinance is worth it. The formula of the cost to refinance divided by how much you save per month is the breakeven point. Will I still be in the home after that point? Does it make sense to do the refinance? Overall, using Mr. Cooper was so easy. The website, getting a live person on the phone and every one I talked to would answer my questions and call me back as soon as they could. I had a great experience.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    I just refinanced my home and I’m so thankful for everyone who helped me through the process. It was super easy, quick and I hit my deadline. The team members who helped me and reminded me what all I needed to make the process easier and faster went up and beyond. :)

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    I had a great experience with Mr. Cooper and their employees. They matched a great rate from somewhere else, they always got back to me quickly, they were kind, professional, and knowledgeable. They worked pretty quickly, and were able to save me money with our refinance. Thank you!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    Explanations were given freely, access to personnel. I have used this company in the past and would highly recommend. Time schedule was followed. In the time of COVID 19 everything was done by the use of telephone, and e-mail with the exception of a one time person to person contact.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    Our experience with Mr. Cooper during our refinance was quick, easy and non-painful. Everything promised was fulfilled. Very happy with the outcome. Thank you for a great experience. Yes, I would recommend using Mr. Cooper for all your home needs.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 9, 2021

    The team made the paperwork easy and quick. Start to finish we had a new loan in three weeks. We couldn't have been happier. I would heartily recommend Mr. Cooper. I had no idea it would be a good idea to refi after only a year but were have a great interest rate and only a 10-yr mortgage.

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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
    Phone:
    855-781-8001
    Website:
    www.mrcooper.com