Mr. Cooper Mortgage Review
Mr. Cooper at a glance
 | Minimum credit score: Not published Minimum down payment: 0% to 3.5% Available loan products and programs: Conventional, FHA, VA, Jumbo |
Our verdict: Mr. Cooper is a good fit for borrowers looking for a lender that discloses its interest rates daily, and has some extra programs to help homebuyers find an agent and save money on a local move.
| Pros | Cons |
|---|---|
Provides daily updated rate and APR information Offers standard loan programs Real estate agent matching and moving assistance options available | Online loan application is only for purchase customers Doesn’t provide any information about loan fees No home equity loan or HELOC products |
Based in Dallas, Mr. Cooper is one of the largest home loan servicers in the country. The company offers a fully digital loan experience with an online loan tracking system and a Close On Time Guarantee program that covers the homeowners first payment if the closing date is missed.
Mr. Cooper mortgage products
Conventional
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- Fixed-rate mortgages terms range from 15 to 30 years
- Adjustable-rate mortgages (ARMs) with initial low rates for three, five or 10 years
- Purchase programs allow down payments as low as 3%
- High balance and super-conforming loan programs for homeowners who need larger loan amounts.
FHA
- Purchase loans available with down payments as low as 3.5%
- FHA streamline is available for homeowners with an existing FHA loan
VA
- No down payment loans for military borrowers
- No mortgage insurance regardless of down payment
- Funding fees required unless veteran has a service-related disability
- Homeowners with a current VA loan may be eligible for the interest rate reduction refinance loan (IRRRL) with no appraisal requirement
Jumbo
- Borrow up to $2.5 million
- Available for primary residences as well as second homes
Special programs
- Mr. Cooper Agent Assurance program. Mr. Cooper matches homebuyers and sellers to local real estate agents familiar with your market.
- The Zero Dollar Move program. If you’re relocating to a new home within 50 miles of their current one, Mr. Cooper pays for your moving costs.
Mr. Cooper mortgage rates and fees
Mr. Cooper features interest rates and APRs updated daily on its website for 30-year and 15-year fixed rate conventional loans and 30-year fixed-rate FHA loans.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
Read more about getting a 15-year vs 30-year mortgage.
Mr. Cooper mortgage application experience
The website application process is somewhat confusing to navigate. There are multiple options for starting the application process, depending on whether you’re refinancing or buying a home.
The “Buy/Sell a Home” button on the homepage is the only button that takes users to an online application. The “Apply” and “Refinance” button don’t lead to an actual online application. Users can provide basic contact information including an email to get a call back during the lender’s regular business hours which are:
- Monday-Thursday: 7 a.m. to 9 p.m. CT
- Friday: 7 a.m. to 7 p.m. CT
- Saturday: 8 a.m. to 5 p.m. CT
Mr. Cooper customer service experience
Customers can reach Mr. Cooper representatives at 388-685-2565 during the following hours:
- Monday-Thursday: 7 a.m. to 8 p.m. CT
- Friday: 7 a.m. to 7 p.m. CT
- Saturday: 8 a.m. to 12 p.m. CT
How does Mr. Cooper compare to other lenders?
| Mr. Cooper | Homepoint | PenFed | |
|---|---|---|---|
| Lender rating | |  |  |
| Minimum credit score | Not published | 580 to 620 | 620 to 650 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Loan products and programs |
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Compare more options by browsing our list of the best mortgage lenders.
How we rated Mr. Cooper
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Note: We awarded Mr. Cooper a half-point for the online application process because the “Apply” button is a contact-gathering tool, rather than an actual online application. Users can only get to a full application by clicking on the “Buy or Sell a Home” button.
Mr. Cooper’s scorecard: 4.5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
⭕ Provides an online application