Mr. Cooper, formally Nationstar: Home Purchase and Refinancing

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Formerly Nationstar, Mr. Cooper’s motto is “Changing the Face of Home Loans.” They provide a variety of loan options, including conventional loans, fixed rate loans, adjustable rate loans, VA loans, and jumbo loans. They also offer a free online guide on homebuying, as well as calculators to help you plan your finances. Whether you’re looking to purchase your first house or want to refinance your current home, Mr. Cooper is here to help

Pros Cons
Good for borrowers with less than ideal credit or credit history. Mortgage rates tend to be higher than average.
Close-On-Time Guarantee and Real Estate Rewards Program Does not have an online application; consumers have to call to speak to a loan officer.

Through their mobile app, Mr. Cooper allows borrowers to view their FICO® Score and property tax history. Borrowers can also make their mortgage payments with no online transaction fees. And with US based customer service, any questions or concerns about your mortgage can be taken care of quickly and confidently.

Mr. Cooper requires a minimum down payment of 5% and a minimum credit score of 580. Compared to other similar lenders, Mr. Cooper may have slightly higher rates, but this could be because they are able to help borrowers with lower credit scores. After all, the better your credit score, the better rate you can generally get.

Potential customers of Mr. Cooper may be able to benefit from its Close-On-Time Guarantee or its Real Estate Rewards Program. Close on time guarantees normally offer some type of monetary reward if the closing has to be pushed back due to an issue on the mortgage lender’s end. In Mr. Cooper’s case, they will offer an amount to cover the first month’s mortgage payment (principal and interest). The Real Estate Rewards Program, which requires the consumer to use an agent from StreetSmarts by Xome, could help the consumer save via real estate agent fees and a buyer’s bonus credit.

Mr. Cooper has over three million customers as of 2019, with headquarters in Texas. They are licensed in all fifty states, plus Puerto Rico, Guam, Washington D. C., and the U. S. Virgin Islands. They have no physical branch locations, but are easily contactable via phone, mail, or email.

Unlike other internet-based mortgage companies, Mr. Cooper does not allow automatic online applications. This is because the company believes that in order for a consumer to get the loan best for them, they need to speak to a loan officer directly. Once an application has been started, however, the consumer can upload documents and check its status online.

The Better Business Bureau gives Mr. Cooper an A Rating.

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