Mr. Cooper Mortgage Review 2022: Moving Assistance, Guaranteed Closing

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Types of Loans Offered

Conforming, FHA, VA

Types of Loans Offered

Conforming, FHA, VA

Advantages

  • If you do not book on time, Mr. Cooper will pay off your first month’s mortgage
  • Pays for travel up to 50 miles

Disadvantages

  • It does not offer HELOCs or mortgages
  • It ranks low in customer satisfaction, according to JD Power
  • You can not find personalized prices online

More information

  • Lends to all 50 states
  • The fee for a standard compliant mortgage is $ 1,295
  • The minimum credit score and down payment shown are for compatible mortgages

Overall lender rating

Pros and cons

Mortgage rates and commissions Mr. Cooper

You can see some sample rates by clicking on “PricesTo get a quote that is personalized for your financial situation, you will need to call and talk to a loan officer or fill out an online form for someone to contact you. with you.

Mr Cooper says he generally charges borrowers a $ 1,295 fee in a standard compatible mortgage. Other types of mortgages may have different lender charges.

Mr. Cooper vs. Better.com

Better.com may seem like the cheapest option for many borrowers, thanks to the fact that Better.com does not charge any lender fees. However, your total cost will also depend on the interest rate and the type of mortgage you receive, so it may be a good idea to get approval from both lenders to see who offers you the best deal.

Better.com does not lend to Hawaii, New Hampshire or Nevada. Mr. Cooper lends to all 50 states in the United States.

Mr. Cooper vs. Fairway Independent Mortgage Corporation

Between these two lenders, Fairway Independent Mortgage Corporation is a better choice for borrowers with less than ideal credit, as it accepts alternative credit data. Alternative credit data may include things like rent receipts or utility payments.

Both of these lenders come with mortgages in all 50 states, although Mr. Cooper also offers mortgages in Guam, Puerto Rico and the US Virgin Islands.

Fairway Independent Mortgage Corporation has physical branches all over the country, while Mr. Cooper has none, so which of these lenders is best for you may depend on whether you want an in-person or outsourced process.

How does Mr. Cooper work?

Mr. Cooper is based near Dallas, but has no physical locations. To get a mortgage with this lender, you will do it online and over the phone. You can start by calling and talking to a loan officer or by filling out an online form for someone to contact you.

Mr. Cooper lends in all 50 states and in Washington, DC, Guam, Puerto Rico and the US Virgin Islands. Offers compatible, FHA and VA mortgages. Compatible mortgages allow up to 3% down payment. FHA mortgage borrowers must pay at least 3.5%. VA mortgage borrowers can get a mortgage without a down payment.

On a compatible home loan, you can pay a starting fee of $ 1,295. According to Mr. Cooper, his lender’s fees may vary depending on the type of mortgage you receive.

If you want to get a mortgage with Mr. Cooper, you will need a solid credit score. You can not use alternative credit data to apply.

Mr. Cooper’s customer service is available by telephone from 7 a.m. until 8 p.m. CT Monday to Thursday, 7 p.m. until 7 p.m. CT on Friday and 8 p.m. until 12 p.m.

Is Mr. Cooper credible?

Mr. Cooper has one B rating by the Better Business Bureau due to government measures against the company. In 2020, the Office of Consumer Financial Protection filed a complaint against Nationstar, as Mr. Cooper was known, claiming that between 2012 and 2016 he illegally excluded borrowers who had loan modifications.

In 2021, the CFPB was announced He was investigating an incident in which Mr Cooper made double withdrawals from thousands of customer bank accounts due to a problem with its electronic payment provider. According to Mr. Cooper, the lender worked with the banks of the affected customers to ensure that they would not be held responsible for the errors associated with the error.

This lender ranks low on JD Power’s 2021 Master Loan Origin Satisfaction Survey, which measures customer satisfaction. However, it has strong reviews for both Zillow and Trustpilot.

Mr. Cooper FAQ

Is Nationstar Mr. Cooper?

Yes, Mr. Cooper was known as Nationstar. The company was renamed Mr. Cooper in 2017.

Does Mr. Cooper offer HELOC?

No, Mr. Cooper does not currently offer HELOCs or equity loans for housing.

What are Mr. Cooper’s mortgage rates?

Mr. Cooper shows samples of mortgage rates for 30-year and 15-year fixed compatible mortgages and 30-year fixed FHA mortgages. To get a custom interest rate, you need to talk to a loan officer.

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