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Nationstar Mortgage Review (Now Called Mr. Cooper)


ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
21 Customer Comments & Reviews - see all comments
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Nationstar Mortgage specializes in residential mortgage services, offering a considerable selection of mortgage products for homebuyers across the nation.

 Among the company's partners are banks, financial organizations and government enterprises. Loan options are also available for homeowners searching to refinance their mortgage or looking for home equity-based loans.
 
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How is Mr. Cooper rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
4.0/5
Reputation & Transparency

Overall Rating: 4.2 / 5 (Excellent)

With over 2.9 million customers, Nationstar Mortgage is one of the largest non-bank lenders in the United States.

They are currently rebranding after investing over $90 million in technology and customer service training to create a better experience for borrowers. The company will henceforth be known as Mr. Cooper.

In December 2016, Nationstar introduced a mobile app to give clients a better way to manage their mortgage loans. The company does not charge an application fee, and there are no upfront charges to start a mortgage transaction.

Mr. Cooper Loan Specifics

Available Mortgage Types - 4.5 / 5

Nationstar Mortgage is a loan originator and servicer offering fixed and adjustable rate mortgages as well as the government-insured FHA, USDA, and VA loans.

In 2016, Nationstar launched a mobile application and redesigned its website. To further enhance their customer-centered features, they also created a Home Buying Guide to assist prospective homeowners in the process of applying for and obtaining a mortgage.

The company does not disclose information about current rates on their website.

Moreover, to pre-qualify or start a mortgage loan application, potential borrowers must complete an online contact form or speak to a representative directly.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • VA Fixed Rate
  • FHA Fixed Rate

Mr. Cooper Customer Experience

Customer Experience - 4.5 / 5

In December 2016, Nationstar invested time and money to improve the way they do business and their customer service in response to complaints filed against them.

The effort included a rebranding, employee training, and technological updates.

Only time will tell if the resources invested in making Nationstar a consumer-friendly lender will produce the desired results.

Online Features

Online Application
No
Online Quote
No
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles

Mr. Cooper Qualification Requirements

Qualification Requirements - 4 / 5

Nationstar requires the general documentation for mortgage loan applications, which may vary depending on the loan product. The minimum credit score requirement listed on their website is 600 for FHA loans.

As for down payments, the usual 3.5% applies to FHA loans while conventional loans require at least 20% down to avoid private mortgage insurance premiums.

Key Requirements at a Glance

Minimum FICO Score
600

Mr. Cooper Lender Reputation

Reputation & Transparency - 4 / 5

Nationstar is a BBB-accredited business with a B+ rating. Although the company has had several regulatory actions taken against it, they have made significant changes to the way they do business in an attempt to meet their customers's needs.

Nationstar's $90 million investment to improve their service and their timely response to the complaints filed against them could mean the company, now called Mr.Cooper, may again be worth looking into.

Key Facts

Lender Type
Direct Lender
Year Founded
1997
BBB Rating
B+
BBB Positive Reviews
24
BBB Negative Reviews
159

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
2119
The Nationwide Mortgage Regulatory Actions
12
Consumer Financial Protection Bureau Complaints
17

Company Profile

Full Name
Mr. Cooper Mortgage
Company Website
https://www.mrcooper.com/
Headquarters
8950 Cypress Waters Blvd., Coppell, TX, 75019
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Customer Comments

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C
Charles T
3/21/2017
I have received nothing but the best of service with Nationstar Mortgage! They have been courteous and professional each and every time that I have contacted them. I would highly recommend them to my friends
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