Mr. The largest nonbank home loan servicer in the U.S. is Cooper. S. (and the fourth largest overall), in addition to being one of the top 15 loan originators. Headquartered in Dallas, Mr. Cooper serves 3. 5 million customers. The business, formerly known as Nationstar Mortgage, was founded in 1994 and is a division of Mr Cooper Group Inc. , which also includes Xome, a real estate services company. BBB Rating.
What Types of Mortgage Loans Does Mr. Cooper Offer?
Mr. Cooper offers most major home loan options, including:
For homeowners, Mr. Cooper also offers:
How Does Mr. Cooper Work?
Anyone interested in financing a home purchase or refinance can start working with Mr. Cooper by calling the business or submitting an online form to request a callback. Borrowers can also get prequalified online.
When you connect, the mortgage expert will discuss your loan options with you, be able to produce quotes for you, and give you details. The majority of applications can be managed and tracked online or through Mr Coopers mobile app.
What Are the Terms, Fees and Conditions for Mr. Cooper Mortgage Loans?
Mr. Except in New Jersey, where there is a $1,295 application fee instead, Cooper has a flat origination fee of $1,295.
What Discounts Does Mr. Cooper Offer?
You may qualify for Mr. If you are buying a home within 50 miles of your current residence, Cooper’s “Zero Dollar Move” is recommended. A moving van and a minimum of two movers are included in Zero Dollar Move.
How Can You Qualify for a Mr. Cooper Loan?
Mr. Cooper generally abides by the rules established by programs like Fannie Mae, Freddie Mac, the FHA, and others.
What Credit Score Do You Need?
Minimum credit scores for Mr. Cooper applicants meet the requirements of the relevant loan programs.
Where Does the Lender Operate?
Mr. Cooper operates in all 50 states.
Is your dream home within reach? U. S. The latest mortgage calculator will demonstrate your housing affordability.
Is the Lender Reputable?
Mr. Cooper is not accredited by the Better Business Bureau, despite having a B- rating there.
The Consumer Financial Protection Bureau received 786 complaints about Mr. in 2021 regarding mortgages. Cooper. The most frequent complaints concerned issues with the application and payment processes as well as difficulty paying bills. Mr. Cooper resolved 752 complaints with an explanation, 22 with financial relief, and 12 with non-financial relief, and responded to the CFPB promptly in all but five instances.
In December 2020, the CFPB settled with Nationstar, Mr. More than 40,000 harmed borrowers received compensation from Coopers parent company, totaling about $91 million. The CFPB claimed that Nationstar broke several federal consumer finance laws between January 2012 and December 2015, including illegally foreclosing on borrowers, failing to pay taxes into borrower escrow accounts, and failing to terminate private mortgage insurance after conditions had been satisfied.
How Is Mr. Cooper’s Customer Service?
Mr. Cooper offers customer service that is completely U. S. -based. Through a secure message center on the website, users can ask questions at any time. Callers can reach customer service at 833-685-2565 from 7 a.m. to noon, Monday through Thursday. m. to 8 p. m. , Friday from 7 a. m. to 6 p. m. and Saturday from 8 a. m. to 2 p. m. , all Central Time.
What Are Some of Mr. Cooper’s Online Features?
Mr. Coopers application process is completely digital and telephone-based. Online features include electronic delivery of disclosures, electronic signing, and a loan tracker with mobile app status updates. Additionally, borrowers can use the app to make free monthly loan payments.
Mr. Cooper Mortgage Loans Are Best for:
Mr. Cooper Mortgage Review
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FAQ
Why did my mortgage get transferred to Mr. Cooper?
Due to your previous servicer selling your loan to us, your new servicer, your account was transferred. Mortgage loans being sold between servicers is very common. In this way, hundreds of thousands of loans are transferred each year.
Does Mr. Cooper service their loans?
Mr. Cooper is your mortgage servicer. That means we handle the day-to-day details, including processing your monthly payment and taking care of escrow, taxes, and insurance.
What mortgage company did Mr. Cooper take over?
In March 2012, Nationstar Mortgage Holdings, Inc. commenced trading publicly through a IPO on the New York Stock Exchange. Due to financial issues, the business changed its name to Mr. Cooper.
Is Lakeview loan servicing legit?
One of the biggest loan servicers in the U.S. is legitimate business Lakeview Loan Servicing. S. According to the company, it assists over 1. 4 million customers per year with their loans.