Mr. Cooper is a mortgage originator and servicer with offices around the United States. The company, previously known as Nationstar, was created in 1994 and is based in Coppell, Texas. Mr. Cooper provides a variety of mortgage alternatives, including conventional loans with minimal down payments, investment property loans, and FHA and V.A. loans. For consumers buying a new home with a traditional loan, the lender also offers a “Close on Time Guarantee.” If the lender delays the closing, it will give the borrower a check for the first month’s mortgage principal and interest payment. Another benefit: Mr. Cooper Real Estate Rewards can connect consumers with a local real estate agent who will sell their present property at a reduced commission, as well as borrowers who purchase their home using Mr. Cooper Real Estate Rewards.

Mr. Cooper has a rating of 4.5 out of 5 stars, or “Excellent” on Trustpilot. In the J.D. Power rankings for U.S. Primary Mortgage Origination Satisfaction, Mr. Cooper came in below average. It received a score of 800, which was lower than the industry average of 851.

Mr. Cooper has been in trouble with the law multiple times. Mr. Cooper “violated various federal consumer finance laws, inflicting severe injury to the borrowers whose mortgages it serviced, including troubled homeowners,” according to the Consumer Financial Protection Bureau (CFPB), which announced a multimillion-dollar settlement in late 2020. Mr. Cooper, PNC Bank, and U.S. Bank similarly reached a settlement with the U.S. Department of Justice for similar servicing concerns at the same time.

(CFPB) announced in April 2021 that it would take action in response to “unauthorized duplicate-payment drafts by Mr. Cooper” that appeared to have resulted in “hundreds of thousands of consumers’ bank accounts being debited for multiples of their mortgage payments.” Overdraft fees have been imposed to affected customers, who have undoubtedly incurred further harm as a result of the illicit withdrawals.”

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