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Mr. Cooper Mortgage Review 2025

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At a glance

Mr. Cooper

Editor's take

Mr. Cooper is a large national mortgage lender with a slick website, plenty of loan options and a special focus on FHA loans and first-time homebuyers. It hasn’t had the best feedback from customers, however — and that was before a security breach in 2023 compromised the personal data of nearly 15 million borrowers.

Bankrate Score
4.2
Rating: 4.2 stars out of 5
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Bankrate Score

Mortgage Percent Icon

Loans offered

Conventional, FHA, VA, refinancing and more

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Min. credit score required

620 for conventional loans, 580 for FHA loans, 600 for VA loans

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Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Mr. Cooper overview

Mr. Cooper is a non-bank mortgage lender and servicer that operates throughout the U.S. The lender, formerly Nationstar, offers a number of mortgage options, including low-down payment conventional loans, investment property loans and FHA and VA loans, along with free 45-day rate-locks. The lender also touts a “Close on Time Guarantee” for those purchasing a new home with a conventional loan.
 

Pros and cons of Mr. Cooper

Pros

  • Checkmark Icon

    Available in all states, Puerto Rico and the U.S. Virgin Islands

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    Slick app to track loan status and make payments

Cons

  • No branch locations

  • No USDA loans

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.

Compare mortgage lenders

Mr. Cooper

Rating: 4.2 stars out of 5
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4.2

Bankrate Score
Old National Bank
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
Read full review

Loans offered

Conventional, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

620 for conventional loans, 580 for FHA loans, 600 for VA loans

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Mr. Cooper customer ratings and reviews

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2.9

Rating: 2.88 stars out of 5

17 ratings

This lender has 17 recent reviews.

Knowledge
Rating: 2.9 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 3.1 stars out of 5
Responsiveness
Rating: 3 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
18%
35%
6%
0%
41%

59% of customers would recommend this lender.

10 of 17 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Rating: 1 stars out of 5

Payment change

Mr.cooper company is a scam. I received a letter in the mail one day that bought my mortgage and I had been nothing but problems. They raised my monthly payment $200, and they claim there was an escrow shortage. I made the full shortage payment they claimed, yet my payment hadn’t went to what I have been paying. When I called their customer service, 99% of their agents have no idea what they talking about. When you state the obvious to them especially knowing what you’re talking about they hung up on you and make it seem like the call disconnected. If there was a zero star, I would definitely give them that. DO NOT GET USE THEM, TAKE MY ADVICE AND RUN.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Thaer
NEW YORK (Dec. 28, 2024)

Rating: 1 stars out of 5

No live agent to speak to

My Mortgage recently transferred. I paid through old account as did not have this account number as it would be easily transfer....nope that payment was refunded back to me on day it was due. There is no on to talk live to

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

anita/jerry
NY (Dec. 19, 2024)

Rating: 1 stars out of 5

Mutiple Issues over the last few months

My mortgage was transferred to Mr. Cooper and I have had nothing but issues. Let me start by saying I am always early to pay my mortgage. The issues have just been one after another. My insurance went up, so I called around and got new insurance. The insurance company and myself both sent Mr. Cooper the updated policy. I waited a week and called them when it wasn't updated on my dashboard. It took 30 days, 10 phones, 4 chat messages, and 3 emails to get my insurance updated properly. Then they incorrectly calculated my escrow analysis and tried to refund me money when my taxes were due in two weeks which would have left me in an escrow shortage. It took 6 more calls and 6 more chat messages for me to teach them basic math on why that would leave me in an escrow shortage. Now I am selling the home, and they have two liens for the same loan due to an error by the title company and Mr. Cooper. The title company is working to correct the issues but Mr. Cooper refuses to help or cooperate and will not provide any documentation other than a payoff letter which does not show that both liens would be satisfied if the loan is paid off. This has resulted in multiple calls, chats, and emails again. This is the worst mortgage company ever!

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

JohannaS
Cave Creek, AZ (Dec. 3, 2024)

Rating: 1 stars out of 5

Poor Customer Service -

Terrible Experience. Poor Customer Service and took charged double payments - multiple phone calls, emails, chats - do not do business with this company

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Texas B.
Texas (Nov. 21, 2024)

Rating: 1 stars out of 5

Company is a zero; service tries to make up the difference but poor

If you found this review run away quickly. Mortgage was sold to Mr Cooper. Worst company I’ve ever had. Customer service tries to make up for a poor company but they just have no idea how to support a mortgage services. Payments get missed, or just hang in the ether. Had an escrow shortage recently. Decided to just pay the shortage; they reran an assessment and was told did not owe anything and all was good. Logged in next day and site says I owed 250. Paid the amount and balance is 0; next day I log in and now balance is 150…. Paid it then next day find that funds are just unassigned and sitting there. Call back in and they have no idea what happened. They ran a REAL escrow assessment and find I have paid everything and finally gave me the new loan amount. Nice people just have no idea how mortgages work or what needs done to get the account into a stable state. Run, run away quickly.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Say n.
OHio (Nov. 10, 2024)

Rating: 1 stars out of 5

Worst customer service

I would give zero star if possible. Worst customer service, for a company who doesn’t have any physical offices for in person meet. Nonsensical process for recast taking 3 months, and not even aware of basic information. No response for basic information like amortization sheet. Will not recommend to anyone.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Kunal P.
Atlanta, GA (Oct. 25, 2024)

Rating: 1 stars out of 5

Worst mortgage company ever.

I have been calling for months try to resolve an issue with taxes. They paid my taxes without my consent. I told them not to pay because I was in protest with the county. They then went ahead and paid the wrong amount(over payed). I paid the correct amount back to them and now they are charging me for the over payment and interest.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5

Rates and terms of loan honored?

No

Closed mortgage with this lender?

No

Closed on time?

N/A

Would you recommend this lender?

No

Bob M.
Canyon Lake, TX (Oct. 3, 2024)

Rating: 3 stars out of 5

It was relatively easy. We got a good rate and closed on time.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 3 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

Yes

Anonymous Reviewer
(July 1, 2024)

Rating: 4 stars out of 5

It was very simple and seamless working with them. When I needed something they were professional and effective.

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

Yes

Anonymous Reviewer
(July 1, 2024)

Rating: 5 stars out of 5

Mr. Cooper is excellent in all means. The fees, the responsiveness to our needs, the customer service care, and the willingness to help when we need.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

No

Would you recommend this lender?

Yes

Anonymous Reviewer
(July 1, 2024)