Mr. Cooper Mortgage Review 2023

Good for: tech-savvy borrowers looking for lower credit score requirements and a mobile app that goes beyond the basics.
By Phil Metzger and  Abby Badach Doyle 

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

Our Take


NerdWallet rating 

The bottom line:

Mr. Cooper offers digital tools to manage your application and mortgage, but it only lists sample rates on its website. Origination fees tend to be higher than other lenders’, according to the latest federal data.

Mr. Cooper
Mr. Cooper: NMLS#2119
Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Home Equity, Fixed, Adjustable, FHA, VA

Pros & Cons


  • Has a robust digital experience and mobile app.
  • Offers a 45-day rate lock option.


  • Requires a call or email for personalized rates.
  • Does not offer home equity loans or lines of credit, or home improvement loans.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. credit score


Min. credit score


Min. down payment


Min. down payment


Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity

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Full Review

What borrowers say about Mr. Cooper mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • Mr. Cooper receives a 678 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.) 

  • Mr. Cooper receives a 560 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

  • Mr. Cooper receives a customer rating of 4.91 out of 5 on Zillow, as of the date of publication. The score reflects more than 130 customer reviews.

Mr. Cooper mortgage variety of loan types

  • 4 of 5 stars

Mr. Cooper’s menu of mortgage options covers most of the usual bases. Available loans include fixed and adjustable-rate purchase and refinance loans. Home equity loans and lines of credit are not available, but the lender does offer a cash-out refinance option.

Mr. Cooper offers both conventional and government-insured mortgages, including FHA and VA loans. Like some other lenders, Mr. Cooper offers down payments as low as 3% on conventional loans and 3.5% on FHA loans, which may be especially helpful for first-time home buyers.

Mr. Cooper mortgage ease of application

  • 5 of 5 stars

The entire mortgage process with Mr. Cooper unfolds remotely, starting with your online application. Phone support and online chat are also available.

Mr. Cooper's Digital Loan Tracker provides real-time progress updates to track your application status. The tracker also allows you to electronically sign disclosures, upload financial documents and ask your loan team any questions.

After closing day, you can make payments and view your mortgage balance through Mr. Cooper's mobile app. The app also offers detailed information on your home equity, home value trends in your neighborhood and property taxes.

Mr. Cooper mortgage rates and fees

  • 2.5 of 5 stars

  • Mr. Cooper earns 2 of 5 stars for average origination fee.

  • Mr. Cooper earns 3 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Mr. Cooper mortgage rate transparency

  • 3 of 5 stars

While Mr. Cooper offers many digital conveniences, it lags behind some lenders in rate transparency. The Mr. Cooper website offers sample rates for 15- and 30-year conventional purchase loans. However, personalized rates are available over the phone or by filling out an online contact form.

Alternatives to Mr. Cooper mortgage 

Here are some comparable lenders we review that borrowers can consider. 

Better has a similar digital experience for tech-savvy borrowers, but it doesn’t offer VA or USDA loans. New American Funding also offers loans with lower credit score requirements.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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More from NerdWallet


NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).