Mr. Cooper Mortgage Review 2026

Mr. Cooper overview

Mr. Cooper's federal violations

Bankrate researches recent cases in which lenders have paid a penalty for harming borrowers so you can make an informed decision. Our research includes:

• Federal settlements or judgments by a regulator against the lender
• Certified federal class-action lawsuits against the lender

In May 2024, Mr. Cooper agreed to pay $3.6 million to settle a class-action lawsuit in which it was accused of charging borrowers illegal fees. Because of this, we’ve subtracted one point from Mr. Cooper’s Bankrate Score.

Pros and cons of Mr. Cooper

How Bankrate scored Mr. Cooper

Affordability: 5 stars

Mr. Cooper tends to offer attractive rates. As of this review, it has an APR of 5.99%, .33 below the national average. Along with some fees, this brings its affordability score to 5 out of 5 stars. One word of caution: while Mr. Cooper’s advertised rates are lower than Bankrate’s national averages (as of this review), those rates include discount points that could add up to sizable upfront costs. When it comes to closing costs, it does charge some fees, but you won’t learn your specific cost until you apply.

Availability: 5 stars

Mr. Cooper operates nationwide and in some U.S. territories. It offers a range of loan products, including options for investors. We score it the full 5 out of 5 stars for availability.

Borrower experience: 3.2 stars

Mr. Cooper supports a fairly seamless application process on its website and app. However, J.D. Power scores it at the bottom of the list for mortgage origination, and well below average for mortgage servicing. Bankrate's Mr. Cooper reviews back this up, with multiple criticisms of the company's customer service. This adds up to a borrower experience score of 3.2 out of 5 stars. 

• Preapproval and application process: Unlike many lenders with 30- or 60-day preapproval windows, Mr. Cooper’s preapproval lasts for 120 days, and its VerifiedApproval offering generates an approval letter when you’re ready to make an offer on a home. In addition, the lender’s StreetSmarts tool allows you to browse listings and set up property alerts, which could aid you in your home search. You can also use the lender’s app to check in on your application status.
• Transparency: Mr. Cooper requires you to submit contact information before receiving a rate quote.
• Customer service: You can reach Mr. Cooper’s customer service team at 833-685-2565, Monday through Friday from 7:30 a.m. to 8 p.m. and Saturday, 8 a.m. to 3 p.m., CT or online through its 24/7 chat feature, which transfers to Rocket Mortgage for questions about mortgages. When calling the customer service number, you will need to give your full Social Security number or loan number to speak with a representative. It may be worth noting that the number listed on their home page, 833-830-0706, appears to be disconnected.

Mr. Cooper reputation

Mr. Cooper refinance reviews on Trustpilot (as of this review), are generally positive, and it has a 4.3 rating out of 5. But it’s important to note its reputation has some blemishes: The lender’s track record with the Better Business Bureau includes more than 1,900 complaints in the past three years, and it came in well below average in J.D. Power’s latest customer satisfaction study of large mortgage originators. 

In 2024, Mr. Cooper paid $3.6 million to settle a class-action lawsuit on behalf of borrowers whom it had charged up to $14 per month to make their monthly mortgage payments by phone. Such charges violated several states' consumer protection laws, as well as federal regulations.

What Bankrate users say about Mr. Cooper

Borrowers on Bankrate have had mixed experiences obtaining a mortgage through Mr. Cooper, with some borrowers calling the application process “pretty easy” and “very simple,” but others characterizing it as “very difficult.”

Mr. Cooper in the news

In October 2025, Detroit-based Rocket Mortgage acquired the Mr. Cooper Group for $14.2 billion in what the company called "the largest independent mortgage deal in history." The combined companies have a servicing portfolio of nearly 10 million homeowners, making it one of the largest mortgage servicers in the U.S. As part of the acquisition, Mr. Cooper will be rebranded under the Rocket umbrella.