How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Mr. Cooper Mortgage Review

Updated on:
Content was accurate at the time of publication.

Lender Rating: 4.5 out of 5

  Minimum credit score: Not published

  Minimum down payment: 0% to 3.5%

  Available loan products and programs: Conventional, FHA, VA, Jumbo

  Our verdict: Mr. Cooper is a good fit for borrowers looking for a lender that discloses its interest rates daily, and has some extra programs to help homebuyers find an agent and save money on a local move.


  Provides daily updated rate and APR information

  Offers standard loan programs

  Real estate agent matching and moving assistance options available

  Online loan application is only for purchase customers

  Doesn’t provide any information about loan fees

  No home equity loan or HELOC products



Based in Dallas, Mr. Cooper is one of the largest home loan servicers in the country. The company offers a fully digital loan experience with an online loan tracking system and a Close On Time Guarantee program that covers the homeowners first payment if the closing date is missed.


  • Fixed-rate mortgages terms range from 15 to 30 years
  • Adjustable-rate mortgages (ARMs) with initial low rates for three, five or 10 years
  • Purchase programs allow down payments as low as 3%
  • High balance and super-conforming loan programs for homeowners who need larger loan amounts.



  • Purchase loans available with down payments as low as 3.5%
  • FHA streamline is available for homeowners with an existing FHA loan



  • No down payment loans for military borrowers
  • No mortgage insurance regardless of down payment
  • Funding fees required unless veteran has a service-related disability
  • Homeowners with a current VA loan may be eligible for the interest rate reduction refinance loan (IRRRL) with no appraisal requirement



  • Borrow up to $2.5 million
  • Available for primary residences as well as second homes

Special programs

  • Mr. Cooper Agent Assurance program. Mr. Cooper matches homebuyers and sellers to local real estate agents familiar with your market.
  • The Zero Dollar Move program. If you’re relocating to a new home within 50 miles of their current one, Mr. Cooper pays for your moving costs.

loading image


Mr. Cooper features interest rates and APRs updated daily on its website for 30-year and 15-year fixed rate conventional loans and 30-year fixed-rate FHA loans.

Compared to other large national banks, Mr. Cooper’s rates are reasonably competitive, and on average came in around 0.58 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points over the APOR.


The average total cost of taking out a mortgage with Mr. Cooper was $8,635 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $5,968 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

  Read more about getting a 15-year vs 30-year mortgage.

The online application process is somewhat confusing to navigate. There are multiple options for starting the application, depending on whether you’re refinancing or buying a home.

The “Buy/Sell a Home” button on the homepage is the only button that takes users to an online application. The “Apply” and “Refinance” button don’t lead to an actual online application. Users can provide basic contact information including an email to get a call back during the lender’s regular business hours which are:

  • Monday-Thursday: 7 a.m. to 9 p.m. CT
  • Friday: 7 a.m. to 7 p.m. CT
  • Saturday: 8 a.m. to 5 p.m. CT

How to boost your loan approval odds

Mr. Cooper doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Mr. Cooper approved customers who — on average — had a 61% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.

In that same year, Mr. Cooper denied about 17% of its mortgage applications. That’s not uncommonly low when compared with other large, national mortgage lenders — but it is on the lower side. For comparison, some large lenders have denial rates in the mid-thirties.

Customers can reach Mr. Cooper representatives at 388-685-2565 during the following hours:

  • Monday-Thursday: 7 a.m. to 8 p.m. CT
  • Friday: 7 a.m. to 7 p.m. CT
  • Saturday: 8 a.m. to 12 p.m. CT

Mr. CooperBank of AmericaPenFed
Lender rating
Minimum credit scoreNot publishedNot disclosed620 to 650
Minimum down payment0% to 3.5%0% to 3%0% to 3.5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity
  • Conventional
  • FHA
  • VA
  • Jumbo
Rate spread*0.58%0.41%0.11%

*Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) Mr. Cooper offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

  Compare more options by browsing our list of the best mortgage lenders.

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

Note: We awarded Mr. Cooper a half-point for the online application process because the “Apply” button is a contact-gathering tool, rather than an actual online application. Users can only get to a full application by clicking on the “Buy or Sell a Home” button.

Mr. Cooper’s scorecard: 4.5/5

 Publishes rates online

 Offers standard mortgage products

 Includes detailed product info online

 Shares resources about mortgage lending

⭕ Provides an online application

 = 0 points   ⭕ = 0.5 points    = 1 point

Today's Mortgage Rates

  • 6.65%
  • 6.18%
  • 7.43%
Calculate Payment