
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 3.5 / 5.0
★★★★★
Nationstar Mortgage rebranded itself in August 2017, and has since been doing business as Mr. Cooper. The mortgage provider has a small suite of home loans available, and boasts a couple of money-saving programs. But dubious customer experiences and former questionable practices make Mr. Cooper out to be less personable than the casual name might imply.
Loan products offered | Conventional, Jumbo, FHA, VA, Home Equity, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment | 3% |
State availability | Available in all states |
Mr. Cooper offers a few basic products, but the suite is limited compared to its bigger-name competitors.
You can find a few other options with Mr. Cooper, including:
Loans can carry different fees based on what type you’re applying for, but there are some general fees you can expect to pay across the board.
If you’re applying for a conventional mortgage, you have the chance to qualify for the Close On Time Guarantee. This program guarantees your loan will close on time, or Mr. Cooper will pay the principal plus interest on your first month’s mortgage payment.
You could receive a rebate on your agent’s fee of 15% when you use a real estate agent in the Xome Agent Network through Mr. Cooper.
Qualifying for a loan with Mr. Cooper depends on a number of factors, including your creditworthiness, the type of loan you’re applying for and the loan amount. While it doesn’t provide specific outlines for these requirements, you can apply for prequalification before submitting a full mortgage application.
While there isn’t an official list of documents you’ll need to submit, you can count on needing some or all of the following:
The application process with Mr. Cooper is completed online and over the phone.
Out of the 34 mortgage servicers rated by J.D. Power in 2019, Mr. Cooper came in toward the bottom at 28 for customer satisfaction. It ranked last in the “About average” grouping, earning only 738 out of 1,000 points.
The Better Business Bureau (BBB) profile for Mr. Cooper doesn’t paint a better picture for the company. It’s not accredited and holds an A+ ranking from the BBB. The average customer review as of November 2020 puts it under 1.14 out of 5 stars.
Mr. Cooper, formerly Nationstar Mortgage, is a mortgage provider based in Dallas, Texas. Several settlements and government actions against Mr. Cooper resolved in 2018, including suits by the California Department of Business Oversight and New York Department of Financial Services — as well as a fine by the state of Massachusetts.
In December 2020, Mr. Cooper agreed to pay a $91 million settlement for allegedly violating consumer protection laws between 2012 and 2015. Allegations filed by the Consumer Financial Protection Bureau include complaints that the lender improperly increased borrowers’ payments and mishandled loan modifications for homeowners who were struggling to make on-time payments. Representatives from Mr. Cooper acknowledged the issues and claimed that management took steps to address the problems during the investigation.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
According to third-party sources and customer reviews, you’re not likely to have the best experience with Mr. Cooper. If you’re looking for a provider with a better reputation or a bigger loan selection, check out our mortgage guide and compare your options — you might find a great fit.