Editorial Review

Mr. Cooper Mortgage Review 2020

Ideal for borrowers looking for lower credit score requirements and who don’t mind remote customer service.

Beth BuczynskiMarch 15, 2019

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Our Take


NerdWallet rating 

The bottom line: Mr. Cooper offers tools to manage your application and mortgage, but you won’t find rates or an application online.

Mr. Cooper

Mr. Cooper: NMLS#2119

Min. Credit Score


Min. Down Payment


Loan Types and Products

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

Pros & Cons


  • Has low credit score options and will consider alternative credit data for FHA borrowers.

  • Offers a real-time loan application tracker.

  • Has a mobile app that tracks property details after closing.

  • Lends in all 50 states, Washington, D.C., Guam, Puerto Rico and the U.S. Virgin Islands.


  • Doesn’t offer an online application.

  • Requires a call or email for personalized rates.

Compare to Other Lenders

BNC National Bank
Min. Credit Score


Min. Credit Score


Min. Down Payment


Min. Down Payment


Loan Types and Products

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

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Full Review

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.

As part of the reinvention process, Mr. Cooper says it’s taking a digital-first approach that meets customers wherever they are. It also wants to build relationships with its borrowers that extend beyond closing day.

"We want to be known for helping our customers put the home at the center [of the process], and be truly happy and smart about their homes,” says Francis Lobo, Mr. Cooper’s chief business and product officer.

Mr. Cooper mortgage products

Mr. Cooper’s menu of mortgage options covers all the usual bases. Available loans include purchase, refinance and jumbo with fixed and adjustable rates. Home equity loans are also available under certain circumstances, but may be offered through a third-party and only to borrowers with paid-off mortgages, so you won’t find them on the Mr. Cooper website.

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 for FHA loans is 580 and 600 for VA loans. For FHA borrowers with no credit history, the lender combines non-traditional credit data with manual underwriting to increase the chance of qualification.

Mr. Cooper mortgage process

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. Mr. Cooper doesn’t currently have an online application either, so clicking "apply," or "learn more" on a loan option leads to a contact form.

After submitting the form, a Mr. Cooper home loan professional will contact you to discuss mortgage options and assist with pre-qualification and preapproval.

If you submit a loan application, Mr. Cooper’s Digital Loan Tracker — a web tool that Lobo likens to online pizza delivery trackers — provides progress updates in real time. 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 upload financial documents and ask your loan team any questions.

After closing day, Mr. Cooper’s Home Intelligence app can help you manage your mortgage and better understand your home’s value. Lobo says 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 values in your neighborhood and property taxes.

Mr. Cooper mortgage rates and fees

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.

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.

Most borrowers pay a flat origination fee of $995, while borrowers in New Jersey will pay a $1,220 application fee, according to Mr. Cooper.

Mr. Cooper customer service

Even though you can’t meet with Mr. Cooper’s loan officers in person, other avenues for support exist.

Before applying, customers can contact Mr. Cooper online and over the phone. For existing customers, support is available by phone Central time from 7 a.m. to 8 p.m. Monday through Thursday, 7 a.m.- 7 p.m. on Friday and from 8 a.m. through noon on Saturday. The lender extends its call center hours even further for new customers interested in purchasing a home or refinancing their mortgage.

Once you’re under contract on a house, Mr. Cooper says its mortgage professionals are available via text, email or even video call to help ensure the loan closes on time.

When it comes to quality of service, Mr. Cooper’s ratings are middle of the road. In the 2018 J.D. Power Primary Mortgage Origination Satisfaction Study, Mr. Cooper ranked No. 14 out of 24 lenders profiled. It earned 823 points out of 1,000, or “about average,” for overall customer satisfaction. This was a 41-point improvement from Mr. Cooper’s performance in the same study a year earlier.

More from NerdWallet:

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.