Mr. Cooper Mortgage

Mr. Cooper Mortgage, a subsidiary of Mr. Cooper Group, offers solutions if you want to buy a home, refinance or sell your current home. Formerly Nationstar Mortgage, it’s the nation’s largest nonbank home loan servicer, licensed to do business in all 50 states, the U.S. Virgin Islands, and Puerto Rico. The company’s mobile app and online tools are designed to simplify the mortgage process, providing borrowers with a seamless online lending experience.

Mr. Cooper aims to guide customers through every step of their home financing journey, whether you’re a first-time buyer or a seasoned homeowner looking to leverage your property’s equity. With a focus on innovative systems and customer service, Mr. Cooper streamlines the mortgage process with digital tools while maintaining a human touch.

About Mr. Cooper

Headquartered in Dallas, Texas, Mr. Cooper aspires to keep the dream of homeownership alive by providing tailored solutions. You’ll also receive personalized support from the team of almost 9,000 professionals dedicated to helping you accomplish your homeownership goals.

Mortgage giant Mr. Cooper is the third-largest loan servicer in the nation, with 4.3 million customers to date. It also holds a top 30 spot for loan originations amongst home loan providers, reflecting its robust market presence and trusted reputation in the industry.

Services Provided by Mr. Cooper Mortgage

Mr. Cooper offers home buying, home selling and mortgage refinancing services.

Buy a Home

When you’re ready to purchase a home, Mr. Cooper can assist you every step of the way. It provides a range of home loans with competitive rates, including conventional, FHA, VA and jumbo loans.

Sell a Home

Mr. Cooper also offers tools to homeowners looking to sell their property. The Agent Assurance program connects you with an A-List agent to help you sell your home with ease. If you enroll in this program and successfully complete the transaction, you can receive a cash-back bonus of up to $8,000.

Mortgage Refinancing

If you’re contemplating refinancing your mortgage, various refinance options are available to meet your needs. Whether you want to lower your rates or monthly payments, change your term or pull cash from your equity (the difference between your home value and what you owe), Mr. Cooper can assist.

Mr. Cooper Mortgage Overview and Details

The Basics

You can use Mr. Cooper to buy a home or refinance your mortgage. It features an online portal to simplify the mortgage process from start to finish. You can use it to complete your loan application, upload documents, track your application status and request customer support.

Down Payment

Down payment requirements at Mr. Cooper depend on the type of loan you choose. To illustrate, conventional and FHA loans require a down payment as low as 3 and 3.5 percent, respectively. However, qualified borrowers can access USDA and VA loans without a down payment.

Credit

You’ll need to meet credit guidelines, which also vary by the mortgage product you select. Perfect credit isn’t required to qualify for a home loan, though, as government-backed options may be accessible to you. That said, a stronger credit score generally means you’ll be eligible for mortgages with more attractive terms.

Rates

You can check Mr. Cooper’s website for the most current rate data by loan product. Rate data is available online, or you can get pre-approved to view personalized rates.

Closing

The team at Mr. Cooper goes the extra mile to meet the projected closing dates with the Close On Time Guarantee. Again, the timeline is determined on a case-by-case basis. But if the timeline isn’t met, Mr. Cooper will waive your first mortgage payment (principal and interest only).

Pros and Cons of Mr. Cooper

Pros

• 24/7 chat support
• Wide range of online tools and resources
• 1% mortgage markdown for the first year
• User-friendly mobile app
• No fees for future refinances

Cons

• No physical branches
• Limited loan offerings
• Subpar J.D. Power customer satisfaction rating
• Personalized rates are only accessible via phone or email

How Mr. Cooper Compares with Other Mortgage Providers

Your choices with Mr. Cooper may be less diverse than those of some competitors. While it offers the standard conventional loans, Mr. Cooper’s portfolio of home loan products covers a smaller range than some larger banks that provide several specialized mortgage options.

Still, it stands out amongst other home loan providers for several reasons. For starters, homebuyers get up to $8,000 cash back when using Mr. Cooper Agent Assurance to buy or sell.

Pre-approval letters are also valid for up to 180 days, trumping the industry average of 60 to 90 days. And it takes just four hours to get a verified approval level so you can begin shopping confidently.

The Close On Time Guarantee is another benefit unique to Mr. Cooper. It’s something that not every mortgage company can offer. Plus, the added reassurance can give you peace of mind during the often uncertain home-buying process. And if you choose to refinance your loan in the future, you could get a credit of up to $1,500. Again, these perks are not widely available with all loan companies.

Who Are Mr. Cooper Mortgage Loans Best For?

Mr. Cooper’s mortgage loans cater to homebuyers and homeowners looking to refinance their current loans. That said, it’s ideal for first-time homebuyers as it adopts a customer-centric approach to simplify the process from start to finish. If you want to refinance, the lender may also be a suitable choice to help you reach your financial goals.

Mr. Cooper also works for homebuyers who are pressed for time and need to close fast. As mentioned, it also has a closing guarantee, making it a reliable option in urgent situations.

How to Get Started with Mr. Cooper

It’s easy to start the pre-approval process with Mr. Cooper. Simply fill out the online form on Mr. Cooper’s website or call 833-685-2566 to take the next step towards achieving your homeownership goals. You must provide your name, address, email, phone number, and location to get started.

A team member will connect with you to discuss potential loan options and immediate steps needed to secure a mortgage pre-approval.

FAQs About Mr. Cooper