Mr. Cooper Mortgage Review 2022

Good for: borrowers looking for lower credit score requirements and those who don’t mind fully remote customer service.

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Our Take


NerdWallet rating 

The bottom line:

Mr. Cooper offers digital tools to manage your application and mortgage, but you'll start by working with a loan officer; you won’t find rates online. Rates and fees also tend to be higher than other lenders.

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


  • Offers a robust digital experience.
  • Will consider alternative credit data for FHA borrowers.


  • 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

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

Mr. Cooper at a glance

Borrowers looking for low-down-payment loans, both conventional and government-backed, have options with Mr. Cooper. The lender offers a robust online experience, but to get rate information or learn more specifics on its loan products, you'll have to fill in a form or call to contact the lender.

Here's a breakdown of Mr. Cooper's overall score:

  • Variety of loan types: 4 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 2 of 5 stars

  • Rate transparency: 1 of 5 stars

Mr. Cooper mortgage loan types

As mortgage lenders go, Mr. Cooper isn't afraid to reinvent itself. Originally known as Nationstar Mortgage Holdings, the lender rebranded as Mr. Cooper in August 2017. Then, in early 2019, Mr. Cooper acquired another lender, Pacific Union Financial, which significantly expanded its presence as a nonbank mortgage originator.

Mr. Cooper wants to create relationships with its borrowers that extend beyond closing day. "We want to build an integrated and unified experience for our customers, which puts the home, rather than the loan, at the center of everything we do," says Neenu Kainth, Mr. Cooper's chief digital officer.

Mr. Cooper’s menu of mortgage options covers most of the usual bases. Available loans include fixed and adjustable-rate purchase and refinance loans.

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.

Borrowers who need some flexibility on credit score requirements will also find options at Mr. Cooper: The minimum is 580 for FHA loans and 600 for VA loans. For FHA borrowers with no credit history, the lender may combine nontraditional credit data with manual underwriting to increase the chance of qualification.

Mr. Cooper ease of application

Although Mr. Cooper is licensed to lend in all 50 states, it doesn't operate any public-facing branches, so the entire mortgage process unfolds remotely, including online application.

Once your application is submitted, Mr. Cooper's Digital Loan Tracker provides real-time progress updates so borrowers can track their application status. In addition to 24/7 tracking, you can view a mortgage to-do list that shows exactly what's needed to keep the process moving forward. The tracker also allows you to e-sign disclosures, upload financial documents and ask your loan team any questions.

After closing day, Mr. Cooper's mobile app can help you manage your mortgage and better understand your home's value. The app gives customers the ability to do more than just view their mortgage balance or make a payment (though it does that, too). Features include detailed information on your home equity, home value trends in your neighborhood and property taxes.

Mr. Cooper mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

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

  • Mr. Cooper earns 2 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

If you are a current Mr. Cooper customer, you may be eligible for a rate discount. According to their website, existing customers seeking a purchase loan may be eligible for a credit of 0.5% that's used to buy discount points. That translates to about $500 for every $100,000 financed.

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.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Mr. Cooper mortgage rate transparency

Customers hoping to do a little rate shopping on Mr. Cooper's website will be disappointed. No mortgage rates are published online — not even general estimates. You'll have to submit contact information through the online form or call to get a personalized rate quote.

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