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AUTHORIZED PARTNER

Mr. Cooper

Mr. Cooper
Overall Satisfaction Rating 4.33/5
  • 5 stars
    408
  • 4 stars
    50
  • 3 stars
    13
  • 2 stars
    6
  • 1 stars
    65
Based on 542 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?
  • 3,055,939 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.

4 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.

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

    Mr. Cooper was fantastic. I got a letter saying that my escrow amount was going up so I called them and asked why because I was paying extra. The guy said, “You know, our rate is cheaper now than it was when you refinanced before.” I asked how much cheaper and asked if I have to pay the appraisal thing and he said, “No. Your appraisal is still up-to-date. You can go ahead and refinance.” So I refinanced.

    They do that little pie chart thing and it tells you how much you’re paying for the interest and the principal. And then it tells you how much you’re paying for the escrow account. The way they refinanced me, I was paying more to the principal and less to my interest. So, I was like, “Wow. The way they refinanced me, now I’m paying more in.” So it was a better idea all the way around. I pay 400 more to my principal so that I could pay it down. It made me happy. And after I refinanced I have that one month free. My one month free was the total amount of what my debt was. So I refinanced, wiped out all my debt and I’m debt-free, except for the mortgage. I was happy because then my mortgage payment dropped down like $200.

    When I paid off the mortgage, I was looking at it. Like this month is gone and I had $2,100 left. And I have rental property so in my fun account I have $5,000 and I had $2,100 left in my operating account. Then I got to thinking about it. Girl, I’m gonna tell you, I was just spending whatever I wanted. I was just being wasteful because how can anybody have that much money left off at the end of the month? So, once I paid the debts for next month, just imagine, next month, the only bill I got is just the mortgage payment. I’m just gonna stay out the stores.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 30, 2020

    Our experience with the reps of Mr. Cooper was pleasant. I spent three hours on the phone. The rep did an excellent job and explained everything to me. She did detailed research into what would be the best option for us in our situation. I made sure she had everything she needed, for the most part, to get everything up and running. It was extremely thorough that I didn't have to question what I needed to send in. I made sure it was all taken care of that day on the phone with her.

    The only thing that was unclear, was the amount that we paid to refinance, like the taxes and the refinance fee. I still really never got a super clear number on that other than I was promised that we're still making money on this. She gave the overall outlook on what we would make over the term of the loan, that we're still saving about $40,000. But it was unclear how much we're paying upfront to take on refinancing the mortgage. She admitted she couldn't give me that exact number until she had done more stuff on her end. By the time she finishes up on her end, I feel like we were already in the process of doing it so it was too late to really say no. But overall, it was a happy experience 'cause we were communicated with very well. Other than that one thing, for the most part, I felt like I could trust who I was talking to.

    This process was really smooth and it happened very quickly. I was surprised because initially when we went to do it, it was a three-week wait period before we'd even hear back from someone, not even starting the process. I don't know if it was the timing on our end but we heard back from someone within four days, and then within a week, we were already in the process of doing it. Then, a week after that, we were closing. The whole process took three weeks. The payment option as far as it being online is really nice and convenient too. Overall, we're happy with everything so far.

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

    Our existing mortgage at the time was with Mr. Cooper and they sent me a notice saying that if I haven’t thought about it, I might think about refinancing. So, I called them and looked into it. It turned out to be a great deal and we went ahead and did it. The refinancing process went smoothly and that was confirmed even more when I talked to people who I worked with. They were talking about how they were either in the process of trying to refinance or in some cases, purchasing a home.

    One person, particularly, was trying to buy a home and they were having trouble just getting people to get the title company together. So, they’ve been working for a month and a half to try and get a mortgage approval and everything put together. We had our whole mortgage refinance put together and signed within two weeks of when we called. So, when I started telling people that I worked with about that, they started flipping. That was unheard of right now because nobody’s available. During the whole COVID thing is when we started. We got a lot more time on our hands and I’m not so busy with work.

    The rep wanted to entertain the conversation about what was gonna be best for us in the long-term. So, he helped me work through a lot of those different things and had a lot of great answers to questions. Sometimes, people get sticker shock when they look at how much it’s gonna cost them to refinance alone but what the rep helped me understand was that you gotta look at the long-term such as how much you are gonna be paying out. So, he was extremely informative, courteous, punctual and timely. Also, I’m very happy about the rate and terms. We dropped from 1450 a month to 1250 a month in terms of our mortgage payment. It was a great experience with Mr. Cooper. It was painless and everybody was very professional and very quick to move.

    Be the first one to find this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: April 1, 2021

    I have been conditionally approved for a refi since early Dec 2020. As of the review April 1st 2021, I still have not closed. My loan application has been sitting with the same person who either refuses to help or doesn't understand their job. I don't get any communication unless I initiate it and continue to be told they are working on it. I have not pulled my application simply because interest rates have increased from the time I got locked in. I hope someone finds this review helpful and avoids trying to get a new loan with Mr Cooper.

    Mr. Cooper response

    Good afternoon,

    Words seem inadequate to express the sadness we feel about your recent experience. This is not the service we strive for at Mr. Cooper. I was able to locate the account, and this is not the impression we want to leave you with.

    Please follow up with me directly to help address your concerns. 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. You can email me at Social.Media@Mrcooper.com.

    Respectfully,

    LaQuinte’ Proby
    Community Manager

    469.549.3329

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 1, 2021

    Sent them my county tax bill in October 2020. They acknowledged they received it. Found out February 3, 2021 that they didn’t pay the taxes and now there is a penalty. When I first called, on 2/3/2021 they told me not to worry, it would be resolved within 7 business days. It is now 3/31/2021 and my taxes have not been paid. Every time I call it is a different story and I am told the check has been mailed, but each time the date changes. I’ve now been told the check was mailed 3/22/2021, 3/26/2021, and 3/29/2021. Such a joke...but not funny, because I will lose my house if these incompetent people don’t pay my taxes.

    Mr. Cooper response

    Good afternoon, Emily

    Words seem inadequate to express the sadness we feel about your recent experience. This is not the service we strive for at Mr. Cooper. I was able to locate the account, and this is not the impression we want to leave you with.

    Please follow up with me directly to help address your concerns. 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. You can email me at Social.Media@Mrcooper.com.

    Respectfully,

    LaQuinte’ Proby
    Community Manager

    888.509.2432

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2021

    Within a week, we had everything set, and then we were signing papers. It took about three weeks in total from when we first started to when we were closing. We refinanced to get a lower interest rate and decrease the amount of the time frame of our loan. So, I got to save even more money in the long run. We're gonna end up being able to cut it down to $50,000 in the end. I've done signing the paperwork all by myself. It was pretty easy. It was nice to be able to sign it online.

    Be the first one to find this review helpful
    Resolution In ProgressRated with 1 star
    Verified Reviewer
    Original review: March 25, 2021

    Last mid November 2020, I attempted to re-finance my home, through Mr. Cooper, who was then my primary mortgage holder. They were insistent they could get a lower rate for me, and they knew my past payment record as they had held my mortgage since March 2012. I had a perfect credit score, hardly any debt, and I had sufficient income to make my mortgage payments without fail as far as we can see into the future. The first two weeks went swimmingly. Derek **, my Mr. Cooper representative guided me how to convey requested documents to the staff at Mr. Cooper. Kayla ** was my liaison at Mr. Cooper who would process my documents.

    I was then advised that it would be just a few weeks to get the paperwork in the system. I could see my status on my personal Mr. Cooper app. Over the next two weeks, every single document was provided to Mr. Cooper in order to get the matter concluded. I called Derek and Kayla two weeks into December about how much longer it would take. No response. The third week, I called again. No response. I e-mailed, texted and called these two individuals every day until the week of Christmas. The first week in January 2021, I get a cryptic email from Kayla ** who wanted a scanned copy of my Certificate of Trust. I had sent that, before, but I just sent it again.

    On January 5 Kayla ** e-mails me that she was terribly busy and did not have the time to get back to me. She then said she would call me on January 11. She did not, so I started to call, e-mail, text etc., again to get a status update. I have never heard from Derek ** all this time who was the friendly MC salesman who started me down this path. Needless to say, Ms. ** never got back to me, and I persistently kept trying to get in touch with her.

    On January 21, Mr Cooper FLUSHED my whole loan package without a warning or a reason, or anything else. The whole thing just disappeared from my MC app!! No one ever got back to me or told me why this happened. About a week after all this, I noticed houses in my area were selling appreciably above market share in a very short amount of time. So I take it up and make a fine six figure profit. Once the sale was completed, I get a call from a Mr. Cooper Broker who tells me that I am now --- Pre-qualified with them to purchase another home!! BWAH HeAAAH---BWAHeAAAH--HeAAAH--HeAAAH! After composing myself, I told him that I WOULD NEVER use Mr. Cooper for anything at any time, now and forever!

    Mr. Cooper response
    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 - you can email me at Social.Media@Mrcooper.com. Thanks!

    Be the first one to find this review helpful
    Resolution In ProgressRated with 1 star
    Verified Reviewer
    Original review: March 24, 2021

    I am in the process of selling my home (scheduled to close on 4/1/21). For 3 weeks now, I have been trying to get open liens canceled. We should only have 1 active lien with Mr Cooper, however they have screwed up both refinances and recorded multiple times with my county. We have 2 liens that should not be open, and no one seems to want to help. I have emailed for 3 weeks straight. I have called over 50 times. All they have sent me is a recorded release which is the one I already have. I have asked them to research the records so they can see the liens that still need to be recorded as satisfied. They will not do it. I have attached the deeds of trust that are open, and they are ignoring those files and just sending what they already have as satisfied.

    I am running out of options, as I cannot sell my home with multiple liens. Since they messed this up, and will not update the records and cancel the remaining duplicate liens, we are in jeopardy of losing our buyers, and in breach of contract. This has become more than frustrating as it is now putting my family and sale in jeopardy, and we have to sell this home, to complete the purchase of the new one.

    Mr. Cooper response
    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 - you can email me at Social.Media@Mrcooper.com. Thanks!

    Be the first one to find this review helpful
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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