Mr. Cooper Mortgage Review 2025

Mr. Cooper overview

Pros and cons of Mr. Cooper

How Bankrate scored Mr. Cooper

Affordability: 3.3/5

Mr. Cooper tends to offer attractive rates, but it’s difficult to compare current rates via the lender’s website. Along with some fees, this brings its affordability score to 3.3 out of 5 stars. 

• Interest rates: While Mr. Cooper’s advertised rates are lower than Bankrate’s national averages (as of this review), those rates include discount points that could add up to sizable upfront costs. 
• Down payment: Mr. Cooper provides low-down payment conventional, FHA and VA loans.
• Closing costs: Mr. Cooper charges some fees, but you won’t learn your specific costs until you apply.

Availability: 5/5

Mr. Cooper operates nationwide and in some U.S. territories. It offers a range of loan products, including options for investors. We score it the full 5 out of 5 stars for availability.

• Home loans offered: Mr. Cooper provides conventional loans as well as some government-backed loans (FHA and VA), along with options to refinance your existing mortgage. 
• Footprint: The lender is licensed to lend throughout the U.S., Puerto Rico and the U.S. Virgin Islands. 
• Where to find: You can apply for a mortgage with Mr. Cooper online or by phone.

Borrower experience: 4.3/5

Mr. Cooper supports a fairly seamless application process on its website and app. J.D. Power has given the lender lower marks for customer satisfaction, though, bringing its borrower experience score to 4.3 out of 5 stars.

• Preapproval and application process: Unlike many lenders with 30- or 60-day preapproval windows, Mr. Cooper’s preapproval lasts for 120 days, and its VerifiedApproval offering generates an approval letter when you’re ready to make an offer on a home. In addition, the lender’s StreetSmarts tool allows you to browse listings and set up property alerts, which could aid you in your home search. You can also use the lender’s app to check in on your application status.
• Transparency: Mr. Cooper requires you to submit contact information before receiving a rate quote.
• Customer service: You can reach Mr. Cooper’s customer service team at 833-685-2566 or online through its 24/7 chat feature.

Mr. Cooper reputation

While Mr. Cooper has favorable reviews on Trustpilot (as of this review), it’s important to note its reputation has some blemishes: The lender’s track record with the Better Business Bureau includes more than 1,900 complaints in the past three years, and it came in well below average in J.D. Power’s latest customer satisfaction study of large mortgage originators. 

What consumers say about Mr. Cooper

Borrowers on Bankrate have had mixed experiences obtaining a mortgage through Mr. Cooper, with some borrowers calling the application process “pretty easy” and “very simple,” but others characterizing it as “very difficult.”

Mr. Cooper in the news

In 2024, Mr. Cooper completed its purchase of Flagstar Bank’s mortgage operations. As of this review, however, you can still apply for a home loan through the Flagstar website.

Mr. Cooper special offers

Close On Time Guarantee

The Mr. Cooper Close On Time Guarantee helps ensure your home loan will close on or before the contract closing date. If not, you’ll get a check equal to your first month’s principal and interest payment.

Refinancing with Mr. Cooper

Mr. Cooper offers both rate-and-term and cash-out refinancing options.

How to apply for a mortgage with Mr. Cooper

You can apply for a mortgage with Mr. Cooper online or by phone at 855-235-0991.

• Methodology

  To determine a mortgage lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%
  • Availability: Loan products - 50%; licensing - 40%; credit score - 10%
  • Borrower experience: Rate transparency - 35%; customer service - 35%; convenience - 20%; rate locks - 10%; reputation (if applicable)

  Learn more about our methodology.