If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Mr. Cooper Mortgage (formerly known as Nationstar Mortgage) is one of the largest mortgage loan servicers in the country and the largest non-bank service provider. With 4.1 million customers, Mr. Cooper Mortgage shows its clients updated interest rates on a daily basis. It also offers a variety of perks, such as a 45-day mortgage rate lock. Read our full review to find out if it's right for you.
Best for: Unique perks
Mr. Cooper Mortgage
Bottom Line
Mr. Cooper offers full digital access to help borrowers manage their mortgages. Mr. Cooper also offers other perks, such as reducing your interest rate by 1% for one year, connecting borrowers with local real estate agents, and guaranteeing the closing date.
Min. Credit Score 580 FHA 600 VA 620 Conventional
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
Mr. Cooper Mortgage is a good fit for: Borrowers looking to get a mortgage online or through an app and who want unique borrower perks.
Mr. Cooper Mortgage's mobile app keeps borrowers updated on each stage of the loan process and helps users manage their mortgage loan.
Mr. Cooper Mortgage offers a discount for borrowers called the 1% Mortgage Markdown. It is a lender-paid temporary buydown program that lowers the monthly payment by a full percentage point for the first year. Savings start immediately and borrowers are not responsible for paying the reduced portion of principal and interest.
Mr. Cooper Mortgage's RateSwap lets homeowners buy a home now and Mr. Cooper Mortgage will waive the origination fees (up to $1,500) on a refinance within 39 months of the purchase loan's lock date.
Mr. Cooper Mortgage's perks offer an all-in-one toolkit for home buyers. Mr. Cooper Mortgage connects home buyers with local real estate agents from trusted firms like Century 21 and Coldwell Banker. Another perk is the Close On Time Guarantee, where it guarantees a loan will close on time, or the first month's mortgage payment (principal and interest) will be paid by the lender. Mr. Cooper Mortgage also offers real-time interest rates, personalized mortgage options, and a 45-day lock, where borrowers can get peace of mind by locking in a rate and not worrying about it going up.
Mr. Cooper Mortgage is an online-only lender with no physical branches. If borrowers want to speak with a representative face to face, then Mr. Cooper Mortgage may not be for them. In addition, borrowers must call or contact Mr. Cooper Mortgage online to get personalized mortgage rates.
Mr. Cooper Mortgage states that it will set you up with a dedicated mortgage professional to help guide you through the process. You'd think this would mean a higher customer service score. However, according to the 2023 J.D. Power U.S. Mortgage Servicer Satisfaction Study, Mr. Cooper's customer service was ranked toward the bottom at No. 23 out of 31, receiving a score of 577 out of 1,000. The industry average was 607.
In addition, according to the 2023 J.D. Power U.S. Mortgage Origination Satisfaction Study, Mr. Cooper Mortgage was ranked third from the bottom at No. 20 of 27, receiving a score of 707 out of 1,000. The industry average was 730.
Though potentially useful, Mr. Cooper's mobile app has suffered in recent ratings. The app scores a 4.8 on the App Store and a 3.7 on Google Play. Frequent complaints concern autopay and trouble logging in.
In 2020, the Consumer Financial Protection Bureau filed a complaint against Nationstar, formerly known as Mr. Cooper Mortgage, alleging unlawful foreclosures on borrowers with loan modifications between 2012 and 2016. Additionally, in 2021, Mr. Cooper Mortgage's reverse mortgage servicing division, Champion, reached a settlement with the New York Attorney General over allegations of inadequate borrower information disclosure, potentially leading to foreclosure risks.
Also in 2021, the CFPB initiated an investigation into an incident involving Mr. Cooper Mortgage's duplicate withdrawals from thousands of customers' bank accounts, attributed to an electronic payments vendor issue. Mr. Cooper Mortgage has assured affected customers that they will not be held responsible for any related fees, as the lender cooperated with the impacted banks to address the error and mitigate its impact.
While Mr. Cooper Mortgage offers a wide range of mortgage products, it does not offer USDA loans.
The qualification process depends on the type of mortgage you want to apply for. You can call Mr. Cooper Mortgage at its toll-free number or fill out an online form to be contacted. Minimum down payment requirements for conventional loans are 3% and 3.5% for FHA loans. Mr. Cooper Mortgage doesn't publish minimum credit score requirements for its loans.
Mr. Cooper Mortgage's refinance rates are about the same as the national average. Mortgage interest rates could be impacted by several factors, including credit score, loan amount, property type, and down payment size. For context, take a look at current mortgage refinance rates among other lenders.
Mr. Cooper Mortgage also offers a RateSwap perk that gives up to $1,500 in credit for a future refinance. Mr. Cooper Mortgage will waive the origination up to $1,500 on a refinance within 39 months of the purchase loan's lock date.
Mr. Cooper Mortgage's mortgage rates are about the same as the national average. Mr. Cooper Mortgage offers a 45-day rate lock to help borrowers lock in a rate without worrying about it changing. Mr. Cooper Mortgage shows rates for a 15-year and 30-year mortgage.
Mr. Cooper Mortgage's 1% Mortgage Markdown discounts monthly payments by reducing the mortgage loan's interest rate by a full percentage point for the first year, potentially saving thousands of dollars.
You want to apply for a mortgage online, rely on an easy-to-use app, and take advantage of multiple perks, including the 1% Mortgage Markdown and up to $1,500 in credit for a future refinance.
Mr. Cooper's mortgage rates are about the same as the national average. Keep in mind your interest rate will depend on a variety of factors such as credit score, home price and location, down payment amount, and more. Mr. Cooper offers the 1% Mortgage Markdown, where it will take 1% off the mortgage rate for a full year.
Mr. Cooper is a good choice for those looking to get a loan online and those who want to take advantage of its numerous perks. These include the 1% Mortgage Markdown, Close On Time Guarantee, Agent Assurance, and more.
Mr. Cooper's refinance rates are in line with the national average and through its RateSwap perk, the lender gives up to $1,500 in credit for eligible borrowers refinancing their home.
Each type of loan that Mr. Cooper offers has different qualifications. A mortgage specialist will help you decide which one is best for you.
Mr. Cooper Mortgage offers fixed-rate mortgages (15 year or 30 year), adjustable-rate mortgages (3/1, 5/1, or 10/1 ARM), conventional, FHA, VA, jumbo loans, and HELOCs.
Our Mortgages Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.