Mr. Cooper Group Inc.

Mr. Cooper is one of the largest mortgage servicers and lenders in the United States. It is perhaps best known as a mortgage servicer, meaning many homeowners end up with Mr. Cooper managing their loan after their original lender sells the servicing rights, which is a common practice in the mortgage industry. However, Mr. Cooper also originates new mortgages directly.

As a lender, Mr. Cooper commonly offers conventional purchase loans, FHA loans, VA loans for eligible veterans and active military, and refinancing options. Borrowers can apply online and the process is managed digitally, though support is available by phone.

For many homeowners, their first experience with Mr. Cooper is receiving a notice that their loan has been transferred to Mr. Cooper for servicing. This transfer does not change the terms of your loan, and your original loan agreement remains in effect. Payments simply go to a new address or portal.

For borrowers actively choosing a mortgage lender, the same comparison principles apply as with any lender. Review the interest rate, the annual percentage rate which reflects the true cost of the loan including fees, estimated closing costs, and the expected time from application to closing. Comparing at least two or three lender quotes is always advisable.

Mr. Cooper also offers a mortgage refinancing product for existing homeowners. When considering refinancing, calculate how long it will take to recover the closing costs through monthly savings, and factor in how long you plan to remain in the property.

For VA loan borrowers, Mr. Cooper offers VA purchase and refinance loans. These are available only to eligible veterans, active-duty service members, and qualifying surviving spouses.