Mortgage
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Mr. Cooper Mortgage Review 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Mr. Cooper is headquartered in Dallas and is one of the largest home loan servicers in the country. The company offers mortgage products in all 50 states, the District of Columbia, Guam and the U.S. Virgin Islands.

Who is this lender for?

Mr. Cooper is a good fit if:

  • You need to find a lender that does business in all 50 states and the District of Columbia
  • You’re looking for a company that guarantees an on-time closing
  • You want to research mortgage information online before you make a decision

7.5/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. 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 “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.

  1.   Application online
  2.  Product info online
  3. Rates listed online
  4.  Helpful articles about mortgages and homebuying
  5. Standard product offerings (Conventional, VA, FHA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Mr. Cooper pros and cons

Pros

  You’ll have access to Mr. Cooper loans no matter where you live in the country

  You may save money when you buy a home through the Real Estate Rewards program

  You can learn about loan programs on the lender’s mortgage blog

Cons

  You won’t be able to fill out a loan application online

  You won’t find loans backed by the U.S. Department of Agriculture (USDA)

  You won’t find any online mortgage interest rate information

Mr. Cooper borrowing requirements

Minimum credit scoreNot published on website
Minimum credit score 
  • Not published on website
Minimum down payment 
  • 5% on conventional loans
  • 3.5% on FHA loans
  • 0% on VA loans
Available loan terms 
  • 30-year fixed rate
  • 15-year fixed rate
  • 3-year, 5-year and 10-year adjustable-rate mortgage
Available loan types 
  • Conventional
  • FHA
  • VA
  • Jumbo

Mr. Cooper mortgage rates and fees

The lender’s website provides rates for 30-year and 15-year fixed conventional loans, as well as 30-year fixed options for FHA and VA loans. Rates quoted at the time of review were based on a single-family home in California with at least 30% equity a credit score of 740 or higher and include up to two discount points

Mr. Cooper mortgage products

Purchase and refinance

Mr. Cooper offers fixed-rate conventional mortgages with down payments as low as 5%. Borrowers can avoid mortgage insurance (which protects lenders if you default) with a down payment of 20% or more. The lender also offers adjustable-rate mortgages (ARMs) which typically feature lower initial rates for the first 3, 5 and 10 years.

Borrowers that need more leniency with credit may qualify for a loan backed by the Federal Housing Administration (FHA) with as little as 3.5% down. Eligible military borrowers may buy a home with no down payment with a loan guaranteed by the U.S. Department of Veterans Affairs (VA). An added bonus: No mortgage insurance is required regardless of your down payment.

If you need a loan above the standard conforming loan limit of $647,200 for single-family homes in most of the country, Mr. Cooper offers jumbo loan options. Both fixed-rate and adjustable-rate options are available.

You may be able to refinance without any income documents or an appraisal if you have a current FHA loan with the FHA streamline program. Homeowners with a current VA home loan also skip the income documents and an appraisal if they meet the VA interest rate reduction refinance (IRRRL) requirements.

Special programs

Homebuyers and sellers can save money on the purchase or sale of their home — or both — with the Real Estate Rewards program. Buyers may be eligible for a credit toward their closing costs, while sellers may benefit from savings on discounted real estate commissions.

If you’ve got a tight timeline for buying a new home, Mr. Cooper’s “Close On Time Guarantee” will cover your first month’s mortgage payment if your closing date is delayed. There is a catch: You must submit all of your loan documents electronically through Mr. Cooper’s online “Loan Tracker” portal.

How does Mr. Cooper compare to other lenders?

Mr. CooperCarrington MortgageFairway Independent Mortgage
Minimum credit score 
  • Not published on website
  • 500 for FHA loans and VA loans
  • 550 for Carrington Flexible Advantage loans
  • 620 for conventional loans
  • 600 FHA
Minimum down payment 
  • 5% on conventional loans
  • 3.5% on FHA loans
  • 0% on VA loans
  • 0% (VA, USDA)
  • 3% (Conventional)
  • 3.5% (FHA)
  • 0% (VA and USDA)
Loan products and types 
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Conventional
  • FHA
  • Jumbo
  • USDA
  • VA
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
Special programs offered 
  • Real Estate Rewards Program
  • Close On Time Guarantee
  • Carrington Flexible Advantage loans
  • Reverse mortgages
  • Physician loans
Lender ReviewCarrington MortgageFairway Independent Mortgage

 

Today's Mortgage Rates

  • 5.95%
  • 5.76%
  • 3.31%
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