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Mr. Cooper

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Mr. Cooper
AUTHORIZED PARTNER

Mr. Cooper

 4.5/5 (602 ratings)
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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?
  • 3,480,622 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: 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 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 26, 2020

    Mr. Cooper reached out to us and said that there was an error on our mortgage when they acquired it and needed it to be fixed. They were kind of pushy about needing to get it done by a certain date. I don't believe that that was the truth. They did it to us twice. The first time they did it, we were in a panic thinking something was wrong with our VA loan because that was what they told us. We reached out to our mortgage attorney and told her what was happening. She got involved in that first one. But she said it was a good deal and told us to do it. That was about a year after they had purchased our mortgage. Then, just this last month or so, they called and tried to pull that again. It was the same sales pitch that something was wrong with the mortgage and with some of the paperwork. They said we don't have to have an appraisal and that nothing comes out of our pocket.

    It's a little shady how they try and get you to refinance. They could call and say the rates are a lot lower and say what they could do instead of making me panic - overthinking that something was wrong with my mortgage. But they did what they said they were going to do. We got a lower rate, nothing came out of our pocket, and we got cash back at the end. Also, everybody was very nice and helpful. They answered questions that we had. And their app is great to use. I could just go in, make my payment, and go on with my day and not worry about it. That's very nice.

    4 people found this review helpful
    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.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 24, 2021

    Mr. Cooper's representatives are good.

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    Rated with 2 stars
    Verified Reviewer
    Original review: Nov. 24, 2021

    Please review the following recorded conversations with Fidel and Ms. ** that should be saved on your company server. My complain is in reference to Mr. Cooper’s staff in arranging or scheduling our closing meeting. I was not kept informed and was not made a priority. The customer service provided was subpar. Excuses made by Mr. Fidel and his supervisor Ms. ** along with passing the blame is simply unprofessional.

    Nov 8, approximately 12:00 pm – Fidel called to let me know that the New Braunfels location for closing, on Friday, Nov 12, was canceled and that it would need to be conducted in San Antonio. I agreed. But requested that the time change from 1000 to 1700 because of a schedule change with my spouse’s new job. Fidel stated, “I was making his job hard”. During the recorded call I noticed the following about his professionalism:

    Incompetence in coordinating this closing meeting.
    It did not seem as though he wanted to accommodate a time change.

    Training in customer service is needed.

    Nov 12, 2:24 pm – Fidel calls and leaves a voice message to let me know that closing would “not happened” and that he was not getting much of a response from the title company…. He went on to say, “So I’m gonna go ahead and call it and just say it's not gonna happen today”. During this call I perceived the following:

    Lack of urgency to get the appointment change.
    Proficiency in contacting appropriate people to get appointment changed. He lacks ability to “make it happened”.

    He relied on voice and email messages to conduct business which show lack of confidence.

    Nov 12, 3:45 pm – Spoke to Mariela **, supervisor, about Fidel’s lack of professionalism and incompetence. What stood out with the conversation with her is that she attempted to defend her employee, which is fine, but without knowledge to the entirety of the situation, she stated, “We are not incompetent, but the title company is”. As a professional she should have never passed the blame or place fault on another company. Ms. ** assured me that she would fix the problem and would call me on Monday 15 Nov, 3:00 pm, to follow up with me in reference my complaint. She did not call and as of today, 23 Nov, has not reached out to me. Ms. **, branch manager, at the title company stated she never received a request to change our appointment time.

    R.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 23, 2021

    The loan officer from Mr. Cooper called, and I told him to make me an offer I couldn't refuse, and he did. Overall, the reps were all fantastic. They were personable and were there to help. I'm just a little concerned because I was supposed to make my first payment on the first of December, but I have gotten any paperwork with the new loan number. I can't go online into our old loan. I can get online to Mr. Cooper but I don't have the new loan number.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 22, 2021

    The entire refinance process was smooth and relatively fast. Everyone at Mr. Cooper is to be commended. My loan officer was very helpful and professional. My dedicated loan specialist was very nice, professional, hard working, and through her efforts we were able to move through this process quickly.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 22, 2021

    I've been working with Mr. Cooper to buy my house. The rep was excellent. I've been going through a lot and Mr. Cooper helped me a lot. I'm so happy with them and I will continue working with them.

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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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