Mr. Cooper mortgage review: rates, costs & calculator
One of the largest U.S. mortgage servicers (formerly Nationstar), which also originates and refinances loans for its large customer base.
Mr. Cooper mortgage rates: what borrowers actually paid
Mr. Cooper prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 2,438 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.625% and the median APR was 0.07 percentage points above the typical lender's, with $5,313 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · Mr. Cooper | 2,438 | 6.625% | +0.09 | $5,313 | 65% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · Mr. Cooper | 342 | 6.625% | +0.73 | $11,241 | 84% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
| VA · Mr. Cooper | 496 | 6.49% | −0.06 | $7,308 | 79% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
What the numbers say
- On conventional loans, Mr. Cooper's median APR ran 0.07 percentage points above the typical lender's (+0.09 vs +0.02 percentage points against the benchmark) — roughly $17 a month on a $325,000 loan at today's 7.18% average rate.
- Other loan types: FHA 0.31 percentage points above the market (342 loans); VA 0.31 percentage points above the market (496 loans).
- Borrowers paid a median $5,313 in loan costs, close to the $5,476 typical across all lenders.
- 65% of its loans carried discount points, versus 53% overall — ask for quotes with and without points.
- Lender credits were uncommon: 5% of its loans, versus 33% overall.
How Mr. Cooper compares on conventional loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| Mr. Cooper | 2,438 | 6.625% | +0.09 | $5,313 | 5% |
| United Wholesale Mortgage | 57,444 | 6.50% | +0.02 | $7,032 | 46% |
| Rocket Mortgage | 35,588 | 6.50% | +0.01 | $5,816 | 3% |
| CrossCountry Mortgage | 22,973 | 6.75% | +0.24 | $6,675 | 30% |
| Guild Mortgage | 14,742 | 6.625% | +0.08 | $5,918 | 15% |
| All lenders | 700,082 | 6.50% | +0.02 | $5,476 | 33% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. Read the full method.
Mr. Cooper mortgage calculator
Estimate a Mr. Cooper payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, Mr. Cooper's 2025 conventional purchase loans closed at a median 6.625%.
Prefer a full-page version? Open the mortgage refinance calculator.
Mr. Cooper by the numbers
| Home loans originated (2025) | 52,217 |
|---|---|
| Total lending (2025) | $10.0B |
| Average loan size | $191,387 |
| Approval rate* | 80.8% |
| Volume rank (our roster) | #23 of 60 |
| Largest market | Texas |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See the mortgage-approval data.
What Mr. Cooper actually lends
26.3% of Mr. Cooper's 2025 loans were cash-out refinance loans, versus 14% nationally.
| Share of 2025 loans | Mr. Cooper | U.S. |
|---|---|---|
| Conventional | 83.4% | 78% |
| FHA | 10.5% | 13.2% |
| VA | 6.1% | 8.2% |
| USDA | 0% | 0.6% |
| Home purchase | 11% | 52.5% |
| Rate-and-term refinance | 14.6% | 15.3% |
| Cash-out refinance | 26.3% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
Mr. Cooper at a glance
Mr. Cooper is one of the largest mortgage companies in the United States, headquartered in Coppell, Texas.
It began as Nationstar Mortgage, a nonbank lender that grew rapidly after Fortress Investment Group took control in 2006 and took the company public in 2012. In August 2017, Nationstar rebranded as Mr. Cooper, positioning itself around a more consumer-facing identity.
Unlike a traditional bank, it does not take deposits; it funds and sells loans and, above all, services them.
The distinction between originating and servicing is central to understanding this company. Originating means underwriting and funding a brand-new mortgage.
Where Mr. Cooper's approval rate sits
Mr. Cooper's 2025 approval rate of 80.8% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
Servicing means administering an existing loan after closing: collecting monthly payments, managing escrow for taxes and insurance, and handling payoffs, hardship, and default. Mr. Cooper is best known as a servicing giant, holding one of the largest portfolios in the country.
A great many of its customers never chose it at all; their loan was originated elsewhere and the servicing rights were later transferred to Mr. Cooper, so they simply began sending payments to a new company. That transfer dynamic shapes much of how borrowers experience the brand.
Mr. Cooper also runs a direct origination and refinance business. In 2025 it reported 52,217 originated loans against 12,404 denials, an approval rate of about 80.8%, totaling roughly $9.99 billion in volume at an average loan size near $191,387.
In a major industry development, Rocket Companies completed its all-stock acquisition of Mr. Cooper Group effective October 1, 2025, combining the nation's largest originator with its largest servicer; Mr. Cooper's operations are being folded under the Rocket brand.
Who Mr. Cooper is best for
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.
Following the Rocket acquisition, prospective borrowers should confirm which brand and platform they are actually applying through.
Loan programs at Mr. Cooper
Its most notable programs and specialties:
- Conventional fixed-rate mortgages (common 15- and 30-year terms)
- Adjustable-rate mortgages (ARMs)
- FHA loans for lower-down-payment and lower-credit-score borrowers
- VA loans for eligible veterans and service members
- Jumbo loans above conforming limits
- Rate-and-term and cash-out refinancing, plus loan servicing for transferred mortgages
Typical industry minimum down payment by core loan type — Mr. Cooper's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
| Refi | n/a |
Strengths
- One of the largest nonbank servicers in the U.S., with the scale and infrastructure to handle very high loan volume
- Long operating history under Nationstar and Mr. Cooper, plus the added backing of Rocket Companies after the 2025 acquisition
- Nationwide reach, with heaviest 2025 origination activity in Texas, California, Florida, Illinois, and Georgia
- Offers the core loan menu most borrowers need, including FHA and VA options alongside conventional and jumbo
- Digital account tools and a mobile app for managing payments, escrow, and statements
Considerations
- As one of the largest servicers, it draws a high absolute volume of CFPB complaints, which partly tracks the size of its servicing portfolio
- Mr. Cooper is now part of Rocket Mortgage: its website and app have been retired, and loans are managed through a Rocket account at Rocket.com.
- In 2025 HMDA data, Mr. Cooper's median APR ran above the typical lender's on all three purchase segments we track — 0.07 points on conventional (20%+ down), 0.31 points on FHA, 0.31 points on VA — and only 5% of its conventional loans carried lender credits (33% for all lenders)
Where Mr. Cooper lends most
By federal HMDA records, Mr. Cooper's largest 2025 markets were Texas, California, Florida, Illinois and Georgia. Explore local rates, home prices and down-payment assistance for each:
The verdict
Mr. Cooper is a large, established nonbank best understood as a servicing powerhouse that also originates and refinances loans. Most borrowers encounter it because their mortgage was transferred to it, not because they picked it.
Its complaint volume largely reflects its size and servicing role. With Rocket's October 2025 acquisition now complete, anyone applying should verify current terms and branding, and compare offers against several lenders before deciding.
How to compare Mr. Cooper
Shopping a few lenders is the single most reliable way to save. Before you commit to Mr. Cooper:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search Mr. Cooper on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 549300LBCBNR1OT00651, is not a license number.)
Benchmark whatever you're quoted against today's average rates by loan type.
Mr. Cooper FAQ
Is Mr. Cooper a good mortgage lender?
Mr. Cooper is a licensed U.S. mortgage lender and one of the largest, roughly #23 of 60 in our roster by 2025 volume, best for servicing & refinancing.
On price, its 2025 conventional borrowers' median APR was 0.07 percentage points above the typical lender's, with $5,313 in loan costs against $5,476 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are Mr. Cooper's mortgage rates today?
Mr. Cooper sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, Mr. Cooper's conventional purchase loans closed at a median 6.625%, against 6.50% for all lenders.
How many mortgages does Mr. Cooper originate?
In 2025, Mr. Cooper originated about 52,217 home loans, roughly $10.0 billion in lending, per federal HMDA data — an average loan of about $191,387.
What loan types does Mr. Cooper offer?
Mr. Cooper offers Conventional, FHA, VA, Refi. Notable programs include conventional fixed-rate mortgages (common 15- and 30-year terms); adjustable-rate mortgages (ARMs); FHA loans for lower-down-payment and lower-credit-score borrowers.
How do I verify Mr. Cooper is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 549300LBCBNR1OT00651 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — Mr. Cooper did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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