Mr. Cooper Mortgage Review 2024

Mr. Cooper offers most major home loan options, including:

For homeowners, Mr. Cooper also offers:

Anyone interested in buying or refinancing a home can begin working with Mr. Cooper by giving the company a call or filling out an online questionnaire to request a call back. Borrowers can also get prequalified online.

Once you connect, the mortgage professional will go over your loan options and be able to generate quotes and provide specifics for you. If you initiate an application, most of it can be managed and tracked online or via Mr. Cooper’s mobile app.

Mr. Cooper has a flat $1,295 origination fee (except in New Jersey, which has a $1,295 application fee instead).

You may qualify for Mr. Cooper’s “Zero Dollar Move” if purchasing a home within 50 miles of your existing residence. Zero Dollar Move includes a minimum of two movers and a moving van.

Minimum credit scores for Mr. Cooper applicants are in line with what’s required by the respective loan programs.

Mr. Cooper operates in all 50 states.

Mr. Cooper has a B- rating with the Better Business Bureau, but it is not accredited.

In 2021, the Consumer Financial Protection Bureau received 786 mortgage-related complaints about Mr. Cooper. The most common were related to trouble during the payment process and application process and struggling to make payments. Mr. Cooper provided the CFPB with a timely response in all but five instances and closed 752 complaints with an explanation, 22 with monetary relief and 12 with nonmonetary relief.

In December 2020, the CFPB settled with Nationstar, Mr. Cooper’s parent company, resulting in the company’s paying about $91 million in redress to more than 40,000 harmed borrowers. The CFPB alleged that, between January 2012 and December 2015, Nationstar violated multiple federal consumer finance laws, including foreclosing on borrowers unlawfully, missing tax payments from borrower escrow accounts and failing to terminate private mortgage insurance once conditions had been met.

Mr. Cooper offers customer service that is completely U.S.-based. Customers can send questions anytime via a secure message center on the site. You can call customer service at 833-685-2565 Monday through Thursday from 7 a.m. to 8 p.m., Friday from 7 a.m. to 6 p.m. and Saturday from 8 a.m. to 2 p.m., all Central Time.

Mr. Cooper’s application process is completely digital and telephone-based. Online features include digital disclosure delivery, e-signing and a loan tracker with status updates on the mobile app. Borrowers can also make monthly loan payments using the app for no fee.