PennyMac vs Mr. Cooper
16.4% of PennyMac's 2025 loans were VA loans, versus 8.2% nationally; 26.3% of Mr. Cooper's 2025 loans were cash-out refinance loans, versus 14% nationally.
The short answer
Lean toward PennyMac if…
- you're using an FHA loan — FHA was 23.8% of its 2025 loans versus 10.5%.
- you're using a VA loan — VA was 16.4% of its 2025 loans versus 6.1%.
- you're buying in Florida, where it lends at 4.5× the other's volume.
Lean toward Mr. Cooper if…
- you want lower upfront costs: its median total loan costs on those loans were about $1,650 lower.
No meaningful difference on refinance focus — there, the better quote decides.
Every point above comes from federal lending data, not from either lender. Your own rate depends on your credit, down payment and points, so get Loan Estimates from both on the same day.
PennyMac
Best for rate shoppers
A top-three U.S. lender by volume, active in both direct lending and loan servicing, with competitive online pricing.
100,816 loans in 2025 · avg $351,057
Full reviewMr. Cooper
Best for servicing & refinancing
One of the largest U.S. mortgage servicers (formerly Nationstar), which also originates and refinances loans for its large customer base.
52,217 loans in 2025 · avg $191,387
Full reviewPennyMac vs Mr. Cooper: side by side
| PennyMac | Mr. Cooper | |
|---|---|---|
| Type | Nonbank lender | Nonbank lender |
| Headquarters | Westlake Village, CA | Coppell, TX |
| Best for | Rate shoppers | Servicing & refinancing |
| Loan types | Conventional · FHA · VA · USDA · Refi | Conventional · FHA · VA · Refi |
| Loans originated (2025) | 100,816 | 52,217 |
| Total lending (2025) | $35.4B | $10.0B |
| Average loan | $351,057 | $191,387 |
| Approval rate* | 80.9% | 80.8% |
| Conventional share | 59.6% | 83.4% |
| FHA share | 23.8% | 10.5% |
| VA share | 16.4% | 6.1% |
| Purchase share | 36.2% | 11% |
| Refinance + cash-out share | 45.7% | 40.9% |
| Approval: conventional* | 81.9% | 81.5% |
| Approval: FHA* | 76.4% | 73.0% |
| Approval: VA* | 85.0% | 86.9% |
| Second-lien / home-equity share | 21.0% | 46.0% |
| Manufactured homes share | 1.0% | 0.2% |
| CFPB complaints (12 mo.) | 1,131 | 813 |
Source: 2025 HMDA data (FFIEC/CFPB); CFPB Consumer Complaint Database. *Approval = originated ÷ (originated + denied); it mirrors each lender's channel and borrower mix, not how hard it is to qualify — see mortgage-approval figures.
What their borrowers actually paid
Medians from 2025 HMDA loan-level records for 30-year fixed home purchases, compared like for like. "Vs benchmark" is the APR minus the average prime offer rate for the week each rate was locked, so loans locked in different weeks compare fairly.
| Loan type | PennyMac | Mr. Cooper | All lenders |
|---|---|---|---|
| Conventional | 6.624% · +0.07 vs benchmark · $6,963 costs (8,315 loans) | 6.625% · +0.09 vs benchmark · $5,313 costs (2,438 loans) | 6.50% · +0.02 · $5,476 |
| FHA | 6.25% · +0.37 vs benchmark · $11,442 costs (6,007 loans) | 6.625% · +0.73 vs benchmark · $11,241 costs (342 loans) | 6.25% · +0.42 · $11,291 |
| VA | 6.00% · −0.47 vs benchmark · $9,526 costs (3,546 loans) | 6.49% · −0.06 vs benchmark · $7,308 costs (496 loans) | 6.125% · −0.36 · $6,554 |
Source: 2025 HMDA loan-level data (FFIEC/CFPB), first-lien 30-year fixed purchases; costs are the borrower-paid total loan costs. Rates have moved since 2025: use these to compare the two lenders, not as today's quote — see national rate averages.
PennyMac or Mr. Cooper: which fits your loan
Which of the two writes more of each loan type, from 2025 originations.
| Your situation | Does more of these | Evidence (share of loans) |
|---|---|---|
| Buying with an FHA loan | PennyMac | 23.8% vs 10.5% of loans (U.S. 13.2%) |
| Using a VA loan | PennyMac | 16.4% vs 6.1% of loans (U.S. 8.2%) |
| Buying a home (purchase) | PennyMac | 36.2% vs 11% of loans (U.S. 52.5%) |
| Refinancing to a lower rate | PennyMac | 26.1% vs 14.6% of loans (U.S. 15.3%) |
| Cash-out refinance | No clear edge | 19.6% vs 26.3% of loans (U.S. 14%) |
| Large or jumbo loan | PennyMac | avg loan $351k vs $191k |
Where each one is bigger
PennyMac reported more 2025 HMDA activity than Mr. Cooper in every one of the 51 states where either is active. PennyMac's strongest relative edge is Florida (4.5× the other's volume).
| State | PennyMac | Mr. Cooper | Bigger here |
|---|---|---|---|
| Texas | 52,320 | 14,868 | PennyMac |
| Florida | 43,205 | 9,549 | PennyMac |
| California | 34,071 | 13,208 | PennyMac |
| Georgia | 21,814 | 6,367 | PennyMac |
| North Carolina | 22,468 | 5,540 | PennyMac |
| Virginia | 19,481 | 5,095 | PennyMac |
| Pennsylvania | 17,842 | 4,617 | PennyMac |
| Illinois | 15,215 | 6,385 | PennyMac |
The eight states where the two together are most active. HMDA records include applications and loans reported for 2025.
Approval by loan type
The widest gap is on FHA applications: PennyMac approved 76.4% of decisioned FHA applications in 2025 and Mr. Cooper 73.0%. Their books also differ on home equity: second-lien loans were 21.0% of PennyMac's originations and 46.0% of Mr. Cooper's.
Complaints to the CFPB
| PennyMac | Mr. Cooper | |
|---|---|---|
| Mortgage complaints since November 2025 | 1,131 | 813 |
| Most common issue | Trouble during payment process | Trouble during payment process |
| Timely company response | 99.9% | 100.0% |
| Closed with relief | 13.4% | 0.1% |
CFPB Consumer Complaint Database, complaints received since November 2025 under "PENNYMAC LOAN SERVICES, LLC." and "Mr. Cooper Group Inc.". Counts grow with the number of loans a company services and are not adjusted for size; complaints are not verified findings.
Who each lender is for, and not for
PennyMac
Good fit: Pennymac suits rate-focused borrowers who are comfortable applying online and shopping quoted numbers rather than sitting across from a loan officer.
Think twice if: Ranked last in J.D. Power's 2024 U.S. Mortgage Origination Satisfaction Study, scoring 652 versus a 727 study average.
Mr. Cooper
Good fit: Mr. Cooper is most relevant to two groups: existing homeowners whose loan servicing was transferred to it and who now manage payments through its app and website, and borrowers shopping a straightforward refinance or purchase who want a large, established nonbank lender.
Think twice if: As one of the largest servicers, it draws a high absolute volume of CFPB complaints, which partly tracks the size of its servicing portfolio.
From our independent reviews of PennyMac and Mr. Cooper.
How to check PennyMac and Mr. Cooper before you choose
- Get both Loan Estimates the same day, with the same lock period and points, and compare section A (origination charges) and the APR.
- Check experience where they differ most: purchase loans. They were 36.2% of PennyMac's 2025 lending but 11% of Mr. Cooper's. If that is your loan, ask Mr. Cooper's loan officer how many they closed last year.
Benchmark both quotes against national rate averages and run the payment in the payment calculator.
PennyMac vs Mr. Cooper: FAQ
Is PennyMac or Mr. Cooper better for an FHA loan?
PennyMac does far more FHA lending: 23.8% of its 2025 loans were FHA, versus 10.5% at Mr. Cooper. More FHA volume means more experience with FHA appraisals and mortgage insurance, but your rate still depends on the quote, so compare Loan Estimates.
Where does PennyMac lend more than Mr. Cooper?
PennyMac reported more 2025 HMDA activity than Mr. Cooper in every one of the 51 states where either is active. PennyMac's biggest relative edge is in Florida.
Does PennyMac or Mr. Cooper get more complaints?
Since November 2025, consumers filed 1,131 mortgage complaints about PennyMac and 813 about Mr. Cooper with the CFPB, not adjusted for how many loans each services.
Which is better for refinancing, PennyMac or Mr. Cooper?
Neither is clearly more refinance-focused: refinances and cash-out refinances were 45.7% of PennyMac's 2025 loans and 40.9% of Mr. Cooper's.
Independent comparison from public federal data; no lender paid for placement. Not personalized advice.
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