With nearly 4 million customers across the US, Mr. Cooper is one of the largest mortgage lenders in the country. Since 1994, the company has helped homeowners access affordable home loans. More recently, Mr. Cooper’s user-friendly mobile application and accessible, customer-first approach have made the company one of the most popular lenders around.
Today, Mr. Cooper is recognized as the largest US non-bank loan servicer, one of the largest loan servicers overall, and a top 15 loan originator, all thanks to its commitment towards creating a customer experience that is helpful and relatable.
Mr. Cooper Overview
Mr. Cooper is a non-bank mortgage loan originator and servicer available in all 50 states of the US. The company’s services are also available in the District of Columbia, Puerto Rico, and the US Virgin Islands. As a digital lender, Mr. Cooper does not operate any brick-and-mortar locations; all of their services are available online and can be accessed from anywhere.
The company was founded in 1994 and is a part of Mr. Cooper Group Inc. Mr. Cooper’s CEO is Jay Bray and the company operates out of Dallas, Texas.
Mr. Cooper offers a good mix of conventional and unique mortgage options, including:
- Federal Housing Administration (FHA) mortgage, including FHA fixed and ARM, and FHA streamline refinance
- Veterans Affairs (VA) mortgages, including cash-refinance, fixed and ARM
- Jumbo loans
- Non-QM mortgages
- Home equity loans
- HomeReady by Fannie Mae
- Home Possible by Freddie Mac
- Investment loans
- Agency jumbo/super conforming loans
Mission and aims of the company
The Mr. Cooper mortgage process revolves around the customer and their home, instead of the loan. The company has made a deliberate effort to create a process that is simple, straightforward, and customer focused.
Mr. Cooper believes in a mortgage process that attends to every customer concern. Careful focus is placed on creating a homeowner journey that produces less customer worries and more rewards.
Through its approach, the company provides a flexible and intelligent experience that is changing the face of US home loans. This includes detailed information about loans at a moment’s notice, and unrestricted digital access to your mortgage from anywhere.
Mr. Cooper also supports its customers with top customer service. From initial loan inquiry to closing and servicing, customers can rest assured that Mr. Cooper representatives will be with them every step of the way, providing the help they need.
How does Mr. Cooper work?
The typical customer journey with Mr. Cooper begins with a loan inquiry submitted through any of the company’s channels. After connecting with the company, a mortgage professional will contact you to learn about your goals and provide you with a quote. The entire customer experience is managed online, so if you choose to start an application, you can track the whole process digitally.
You can get estimates of rates and fees that may apply to you on the Mr. Cooper website. Customers also have the opportunity to partner with a US based real estate agent that can help save money on their home.
Mr. Cooper mortgage lending perks
Mr. Cooper customers enjoy several added-on benefits that they might take advantage of, including the following:
- Close on time guarantee: The loan origination process can sometimes get lengthy. If the company fails to close your mortgage on time, Mr. Cooper will take responsibility for your first principal and interest payment.
- Real estate rewards: With this program, Mr. Cooper customers can get connected with a high-performing real estate agent who will advise on and help complete their home purchase. With this perk, customers can potentially save thousands off the cost of their home.
- 45-day rate lock: Mr. Cooper’s mortgage rate lock protects customer’s preferred rate even during delays with their application. If your loan takes an extra few weeks to process, you can rest assured that the rate you have negotiated will stay locked-in for at least 45 days.