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Mr. Cooper Review

Mr Cooper is no longer available, and will not be seeing you any time soon.

Our Verdict

Mr. Cooper's call center made reaching a loan agent a frustrating experience. However, loan agents were knowledgeable and willing to share information, and this mortgage company can provide USDA and jumbo loans.


  • Mr. Cooper provides jumbo loans for properties that exceed traditional lending limits.


  • It's difficult to reach a loan agent.

Editor’s Note: This product has been removed from our side-by-side comparison because it has been discontinued. You can still read our original review below, but Top Ten Reviews is no longer updating this product’s information.

Mr. Cooper is an online mortgage lender that services the entire United States, including Washington DC, except Alaska. This is a wider area of service than U.S Bank and CitiMortgage. Its call center is problematic, but the loan officers are competent and easy to work with. This lender offers conventional and government program loans, including ones for rural or larger properties.

In addition to the usual home loans offered by most lenders, this private mortgage lender can provide USDA loans for rural properties. Other companies may offer this program, but Mr. Cooper was the only one to make a point of it. It can also offer jumbo loans. It does not provide construction loans.

Mr. Cooper does not post interest rates on its website, but we were able to secure a sample rate when we contacted a loan officer. Their rates were significantly higher than the rates quoted by other agencies. This mortgage lender charges bank fees, payable at closing, but it pays for your appraisal, something most banks don't do. Therefore, even though the fee itself is average for the lenders we evaluated, with the appraisal thrown in, your costs are less than with most lenders.

We had a frustrating experience when calling this mortgage lender. The phone number on the website is not correct but transfers you to second number and sometimes a third. Several times our calls simply dropped during the transfer. According to the agent we finally reached, Mr. Cooper uses a foreign call center for customer service.

Nonetheless, the agents we talked to were very knowledgeable about mortgages and were only one of two companies that informed us of upcoming changes to FHA regulations that might affect our test-case situation. An online form for initiating the loan process might be your best option for easily reaching an agent.

Mr. Cooper's website has a detailed calculator for determining how much you can borrow, but otherwise, the tips are mostly geared toward Mr. Cooper products. It did have a section for low-income families with links to resources such as getting food assistance.

The difficulty reaching a loan agent over the phone greatly detracts from the ease of getting a loan from Mr. Cooper, and the rates are somewhat higher than those of other mortgage companies, based on our comparisons of rates we were quoted from Mr. Cooper with the industry averages. However, its loan officers were knowledgeable, and this company offers USDA loans specifically for rural properties. While it may not be the best home mortgage company, it is worth looking into if you don’t mind contacting the company via online form.