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Mr. Cooper Mortgage(2023)| Review+Ultimate Guide


Mr. Cooper, formerly known as Nationstar Mortgage, is a mortgage lender based in Dallas, Texas. It is the largest non-bank mortgage servicer in the United States. Mr. Cooper provides a variety of mortgage products, including fixed-rate and adjustable-rate mortgages (ARMs). They offer conventional, jumbo, and government-backed loans. Additionally, they provide refinancing options for existing mortgages.

To make the mortgage process convenient, Mr. Cooper has developed a user-friendly mobile app. Through their website, borrowers can access daily interest rates for their mortgage needs. However, the specific fees associated with their loans are not mentioned on the website.

It’s important to note that Mr. Cooper does not have physical branch locations for customers who prefer face-to-face interactions during the mortgage process.

Loan Options Available at Mr. Cooper

Mr. Cooper provides the following loan options nationwide, including Washington, D.C., Puerto Rico, and the U.S. Virgin Islands:

  1. Conventional Loans: They offer both fixed-rate and adjustable-rate options.
  2. Jumbo Loans: These are available in fixed-rate and adjustable-rate formats.
  3. Federal Housing Administration (FHA) Loans: These government-backed loans are designed to assist borrowers with lower credit scores or smaller down payments.
  4. FHA Streamline Refinance: This option allows FHA loan borrowers to refinance their mortgage with simplified documentation and less stringent requirements.
  5. Veterans Affairs (VA) Loans: These loans are exclusively for veterans, active-duty military members, and their eligible spouses.
  6. VA Interest Rate Reduction Refinance Loan (IRRRL): This is a streamlined refinancing option for VA loan borrowers to lower their interest rates.
  7. Cash-Out Refinances: To obtain information about this option, borrowers need to contact the lender directly by phone.

Although Mr. Cooper does not have physical branch locations, they offer various online features to make the application process easier. For example, borrowers can receive a verified approval letter within four hours.

The company does not disclose mortgage fees or minimum down payment requirements on their website. The rates and down payments offered by Mr. Cooper depend on individual factors such as creditworthiness, loan type, loan size, location, and more. Qualified borrowers can benefit from the 1% Mortgage Markdown, which reduces the interest rate by one percentage point for a year.

Pros:

  • Mr. Cooper is available in all 50 states, including Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.
  • They offer a user-friendly mobile app that allows borrowers to manage their loans conveniently.
  • Mr. Cooper provides a guarantee of on-time closing, and if they fail to meet the deadline, they will cover your first mortgage payment.

Cons:

  • Mr. Cooper does not offer USDA loans, home equity loans, or home equity lines of credit (HELOCs).
  • The mortgage fees associated with their loans are not published online, so borrowers may need to contact them directly for specific fee information.
  • There are no physical branch locations for customers who prefer in-person interactions during the mortgage process.

What Loan Services Mr. Cooper provides?

Mr. Cooper provides the following loan options nationwide, including Washington, D.C., Puerto Rico, and the U.S. Virgin Islands:

  1. Conventional Loans: They offer both fixed-rate and adjustable-rate options.
  2. Jumbo Loans: These are available in fixed-rate and adjustable-rate formats.
  3. Federal Housing Administration (FHA) Loans: These government-backed loans are designed to assist borrowers with lower credit scores or smaller down payments.
  4. FHA Streamline Refinance: This option allows FHA loan borrowers to refinance their mortgage with simplified documentation and less stringent requirements.
  5. Veterans Affairs (VA) Loans: These loans are exclusively for veterans, active-duty military members, and their eligible spouses.
  6. VA Interest Rate Reduction Refinance Loan (IRRRL): This is a streamlined refinancing option for VA loan borrowers to lower their interest rates.
  7. Cash-Out Refinances: To obtain information about this option, borrowers need to contact the lender directly by phone.

Although Mr. Cooper does not have physical branch locations, they offer various online features to make the application process easier. For example, borrowers can receive a verified approval letter within four hours.

The company does not disclose mortgage fees or minimum down payment requirements on their website. The rates and down payments offered by Mr. Cooper depend on individual factors such as creditworthiness, loan type, loan size, location, and more. Qualified borrowers can benefit from the 1% Mortgage Markdown, which reduces the interest rate by one percentage point for a year.

Minimum Loan Amounts For Mortgages: Mr. Cooper does not publicly disclose the minimum loan amounts for its mortgages. If you require a small mortgage loan, it is advised to contact one of Mr. Cooper’s mortgage experts to inquire if they can meet your specific needs.

Maximum Loan Amounts For Mortgages:: The maximum loan amounts available depend on the type of loan and your qualifications. However, the baseline conforming loan amount for Fannie Mae and Freddie Mac in 2023 is $726,200 for most states. For jumbo loans, which are suitable for larger loan amounts, the maximum can reach up to $2.5 million. The specific loan maximums are influenced by factors such as the property type.

Loan Servicing:
Mr. Cooper retains the servicing for 99% of the loans it originates. This means that borrowers make their mortgage payments directly to Mr. Cooper, simplifying the repayment process by eliminating the involvement of third-party servicing companies.

Offers and Discounts :
When you apply for a mortgage through Mr. Cooper, you can benefit from their digital loan tracker. This tool allows you to monitor the status of your application, electronically sign disclosures, upload financial documents, and ask questions. After approval, you can access information about your mortgage balance, make payments, and view other relevant real estate details using the Mr. Cooper mobile app.

Mr. Cooper also offers a Close On Time Guarantee for conventional, FHA, and VA loans. If your loan fails to close by the guaranteed closing date, Mr. Cooper will cover your first month’s mortgage payment.

Customer Support:
Customers can reach Mr. Cooper’s customer service team via telephone during specific hours. They are available from Monday to Thursday, 7 a.m. to 8 p.m. CT, Friday, 7 a.m. to 7 p.m. CT, and Saturday, 8 a.m. to 12 p.m. CT. Customer support is not available on Sundays.

Prospective borrowers can contact one of Mr. Cooper’s mortgage experts using a dedicated phone number. Current borrowers can access the lender’s secure message center through their login. However, the lender does not provide an email address for customer support.

In addition to live customer service, Mr. Cooper offers an online help center that provides resources covering various topics, including assistance for new customers, account management, mortgage guidance, refinancing, tax matters, and more.

Minimum Borrower Requirements:

Mr. Cooper has certain criteria that borrowers need to meet in order to qualify for a mortgage. Here are the basic requirements:

Minimum Credit Score: Mr. Cooper has relatively flexible minimum credit score requirements. For a conventional mortgage, a credit score of 600 is sufficient. First-time homebuyers with a minimum score of 580 can qualify for an FHA loan with a down payment of 3.5%. VA loan applications are evaluated based on various factors, and there is no specific minimum credit score requirement. This means that even with bad credit, it may still be possible to qualify for a VA loan.

Minimum Down Payment: Mr. Cooper’s minimum down payment requirements are as follows:

  • Conventional Loans: 3% down payment
  • FHA Loans: 3.5% down payment
  • VA Loans: 0% down payment If a borrower makes a down payment of less than 20% on a conventional loan, they will typically need to pay for private mortgage insurance (PMI) as required by most lenders.

Maximum Debt-to-Income Ratio: The debt-to-income ratio (DTI) compares a borrower’s total monthly debt payments to their monthly income. It helps lenders assess the borrower’s ability to make mortgage payments along with other existing debts.

Mr. Cooper does not publicly disclose its specific DTI requirements online. However, most lenders typically have a maximum DTI ratio of 43%, which means that your total monthly debt payments should not exceed 43% of your monthly income.

Fees You Need To Pay?

When obtaining a mortgage, you can expect to pay various closing fees, although the specific amounts and types of fees differ among lenders. Generally, mortgage fees range from 2% to 5% of the loan amount and can include charges such as origination fees, rate-lock fees, and more. Some lenders may impose prepayment penalties if borrowers pay off their mortgage ahead of schedule.

Similar to many lenders, Mr. Cooper does not disclose its mortgage fees on its website. However, it is mentioned that the lender does charge an origination fee. Mr. Cooper’s RateSwap program allows borrowers to have the origination fee waived if they refinance within three years, up to a maximum of $1,500.

How To Apply For a Mr. Cooper Mortgage Loan

To apply for a Mr. Cooper mortgage, you have the option to apply online or by phone. Mr. Cooper offers quick preapproval and the possibility of receiving a verified approval letter within a few hours. Here are the steps to apply for a Mr. Cooper mortgage:

  1. Visit the official website at https://www.mrcooper.com
  2. Click on “Buy/Sell a Home” Button


  3. Click on “Get Started” and provide your contact information and the location of the property you’re interested in. A representative from Mr. Cooper will then get in touch with you.


  4. Get preapproved by providing details about the area where you want to purchase a home and the type of property you’re looking for. Indicate if you plan to use the property as your primary residence, a second home, or an investment property.


  5. Provide additional details such as the estimated purchase price of the property and the amount or percentage of your planned down payment. Enter personal information for the primary borrower and, if applicable, the co-borrower. You’ll need to submit supporting documents like W-2s, tax returns, pay stubs, and bank statements. A hard credit check will also be conducted, which temporarily affects your credit score.


  6. Work closely with your assigned Mr. Cooper representative to address any outstanding questions and submit additional documentation as part of the underwriting process. Mr. Cooper will order a home appraisal and title search during this stage. It’s important to promptly respond to any requests from your loan officer to avoid delays.
  7. Once your loan is approved, a Mr. Cooper loan officer will send you a closing disclosure, which outlines the final terms and costs of the loan agreement. This document also specifies the amount of money required for closing. The time it takes to complete the closing process can vary, but typically, purchase loans close within 30 days, while refinances may take around 45 days.

Ease Of Application: Mr. Cooper Mortgage

Applying for a mortgage with Mr. Cooper is convenient and user-friendly. The entire process is conducted remotely, starting with the online application. If you need assistance, you can contact Mr. Cooper’s support team via phone or online chat.

Mr. Cooper provides a Digital Loan Tracker, which allows you to track the progress of your application in real-time. You can use the tracker to electronically sign important documents, upload financial files, and ask any questions you may have to your loan team.

Once your loan is closed, you can easily make payments and check your mortgage balance using Mr. Cooper’s mobile app. The app also provides detailed information about your home equity, trends in property values in your neighborhood, and property taxes.

To Register On The Mr. Cooper Portal Online:

  1. Visit the official website at https://www.mrcooper.com
  2. navigate to the “Checking & Savings” section, then click on “Online Savings.”
  3. You will be directed to an online savings account application form, which you can complete in five steps.
  4. Fill in all the required information in each step of the application form.
  5. If you wish to use online or mobile banking services, remember to create a username and password for your online account during the application process. Alternatively, you can call 1-877-247-2559 for assistance.
  6. Once you submit the online application, you will receive an Email notification once your application is approved.

To Access Your Mr. Cooper Account Online, Follow These Steps:

  1. Visit the official website at https://www.mrcooper.com
  2. Look for the “Sign In” link located in the top right corner of the website.


  3. Click on the Sign In” link.



  4. Enter your Username and Password associated with your Mr. Cooper online banking or invest account.
  5. Click the “Sign In” button to securely access your online account.

To Reset Your Password For Mr. Cooper:

  1. Visit the official website at https://www.mrcooper.com
  2. Look for the “Log In” link located in the top right corner of the website.


  3. Click on the “Forgot Your Password” link.


  4. Enter your username and SSN or ITIN or last 4 digits of your EIN Code


  5. Click the “Next” button.
  6. Check your Registered/Linked Email for instructions on how to Reset Your Password.
  7. Follow the link provided in the email and follow the instructions to Reset Your Password.

To Recover Your Username For Mr. Cooper:

  1. Visit the official website at https://www.mrcooper.com
  2. Look for the “Log In” link located in the top right corner of the website.
  3. Click on the “Forgot Username” link.


  4. Enter your Last 4 Digits of either SSN or ITIN or EIN
  5. Then below add Your Mortgaged Property Zip Code
  6. Below add your Last name
  7. Click on I’m not a Robot box
  8. Click the “Submit” button.
  9. Check your Email for instructions on How to recover your username.
  10. Follow the link provided in the email and follow the instructions to retrieve your username.

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