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Mr. Cooper

Mr. Cooper
AUTHORIZED PARTNER

Mr. Cooper

 4.5/5 (658 ratings)
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  • 4 stars
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  • 2 stars
  • 1 stars
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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
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

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

Over 10k reviews since 2012
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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?
  • 3,548,742 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 - 5
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.

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    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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 12, 2021

    Mr. Cooper bought our old loan a couple years ago. One time we got a paper in the mail about our taxes. It always comes out in the escrow. I called Mr. Cooper and Daniel answered the phone and he checked on it and told me to disregard it. They pay that and it comes out the 1st of November. I started to hang up and he said to wait a minute as I qualify for refinancing and that they've been sending me things in the mail about it. I told him that we don't want to refinance. Then he said, "How would you like to get rid of your old loan and pay off a couple of your other bills?" And I thought, "Yeah, right." He kept talking and talking and the next thing we knew, we were refinancing. He got me in touch with a mortgage professional and that was just within the week.

    The mortgage professional called me on the phone. He was very polite and he was excited about being able to help us and mostly how to get rid of my two charge cards. I was panicking, I hate bills and our other refinance that we had with United Community Bank. We got rid of that and we got rid of the two charge cards, so that's three payments that I don't have to pay. Our new house payment went up from 610 to 754 'cause we have been very blessed. I was already paying that plus the refinance fee. Now it's added on my house payment. It's not just going to interest, it's going to principal, so I've been so excited. I love all three people that we had contact with. I'm telling people about Mr. Cooper.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 20, 2021

    I left a couple of phone calls to Britanny over a question I had after everything was over with. But she never got back to me. Ivan answered them and took care of it. I gave them my girlfriend's email, as I don't have one, and then I told them this was only for this and it's not to be used after that as this was only done as a favor, but they kept sending emails to her phone. It got to the point where every least little thing was sent like, “Hi, Bertha. This is Mr. Cooper.” As of now, they finally stopped sending. Also, they sent the check to me for Swiss Colony for $21 and that bill was paid. I called the company and they said I gotta get in touch with my mortgage company. I got Ivan and he said that I gotta email. I told him that I do not have one and the email I gave them was my girlfriend's own and since Mr. Cooper sent so many things to her, she will not do anything email-wise for me.

    The biggest problem with Mr. Cooper is you never know what state you're talking to and if you have to follow up on something, you talk to one person, then when you call back, it's somebody else, and you gotta start all over again. Like now, they would pay my property taxes, which were due August the 1st. But our town extended it to August 25th before any interest in that was done. I had talked to Mr. Cooper about it and they said they are going to pay it before that.

    I always check on that because all my property taxes come through, I get a copy for the four quarters for my record saying, “This is not a bill,” which tells me the original bill's being sent to my mortgage company. When I get property tax bills that don't say, “This is not a bill,” there's a problem, then I call Mr. Cooper. I call my tax office first and they tell me they needed some sort of paper. Whoever I talked to didn't have any idea about it. I told them that since I've been with Mr. Cooper, it's been paid over time. But it was finally taken care of. Now, there's a different company that handles that, it's not Mr. Cooper anymore. Overall, I’m very satisfied. They are a very good company.

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 2, 2021

    We were very happy with everything that Mr. Cooper provided. But our experience with the closing was frustrating. We were asking for copies of the paperwork and it seemed to delay everything. The person that came to close with us told us there was a particular document that we didn't have to sign, and so we didn't. But then it slowed the process because we did have to sign it. Also, there were a couple of times when I made some phone calls to Mr. Cooper to inquire about things, and I did not get phone calls returned. But in the long run and overall, that aspect was good.

    When we were talking about refinancing and then trying to get information about our loan in general as far as what we needed to do with making payments, one department doesn't seem to know completely what the other department might be doing. When I was trying to find out did we need to make that payment for that month or would we be finished with the closing before that payment came due, I couldn't really get a good answer from the mortgage loan department. The they referred me to someone in the payment department. So they had to call back and forth and then call us back to give us the information. That was a little bit frustrating. But overall, we've been very satisfied. I wouldn't hesitate to recommend it to somebody else.

    Since we did the refinance so soon, the good benefit is that we haven't had to make a payment for the last month. Our first payment isn't till April, so we've been able to put back some money. Also, getting the lower interest rate is a wonderful bonus because we're gonna be able to pay the house off sooner than we had hoped.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2022

    Every person I had contact with was amazingly helpful, considerate, and kind. It was a wonderful experience which is not normally something I say about paperwork and terms and phrases I don’t understand. Everyone was so patient with me and explained everything fully, in terms I could understand. I would most certainly recommend Mr. Cooper to anyone needing a refinance loan.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2022

    Our Loan and processing officers, Toya and Yvette, are fantastic. They made the ENTIRE process worth the hassle. My biggest complaint is that we had to change our closing over 5 times and were over 120 days out. This was due to computer glitches, lost files, and incredibly flaky appraisers. Consider this a warning. DO NOT, if at all possible, use the appraisal service through Mr. Cooper. Hire your own or you will regret it. We went through 6...yes, SIX appraisers before getting one to actually take and stick with the job. I wish Mr. Cooper would offer us the close on-time guarantee they like to tote. Maybe they will? It is only because of the processors and Mr. Cooper's software that 5 stars are given. Those ladies who helped us through the loan and closing process need raises, bonuses, and a trophy because they are 100% amazing.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2022

    All of the employees whom I dealt with from Mr. Cooper (during the process of refinancing our home loan) were pleasant, helpful, professional, and well trained. I would use this company again and would recommend it to others. Thank you, Lori **

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    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2022

    My only issue with the re-fi process is that they kept coming back to request more documents. I would think that they have a standard list that they use all the time. Overall the process was good but underwriting slowed it down. Plus they operate only on Pacific time. They forget that there is more than one time zone in the USA.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2022

    Kevin ** & Kathy ** made it a very easy experience. It was done quickly. They stayed with me all the way through & also followed up with phone calls to make sure that all had gone well. I am very pleased with the 'team' that I worked with. I always felt they were there for me. I love Mr Cooper. I have been with them for years now. Would not go anywhere else.

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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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