Founded in 1994 and based in Dallas, Texas, Mr. Cooper is the nation’s largest non-bank mortgage servicer. Mr. Cooper does servicing and originations for conventional loans, FHA loans, FHA streamline loans, Jumbo loans, and fixed-rate and adjustable-rate VA loans.
VA loans for veterans, active duty servicemembers, and surviving spouses of veterans generally have lower rates and manageable down payments (usually none required) compared to non-VA loans. Plus, there are no monthly mortgage insurance payments. They do require an up-front funding fee.
Mr. Cooper offers fixed-rate and adjustable-rate VA loans as well as VA IRRRL or Interest Rate Reduction Refinance Loans. Note that you can only use the IRRRL for a refinance to a VA loan from a VA loan. A funding fee is required but can be financed into any these VA loans.
If Mr. Cooper doesn’t close your loan on or before the contract closing date, your first month’s mortgage payment (principal plus interest) is on the lender to pay via check in the mail.
Mr. Cooper’s cutting edge mobile app for Android and iOS gives borrowers these capabilities:
To take advantage of the Close on Time Guarantee, the purchase contract closing date must be at least 21 calendar days after the date the customer submits the complete mortgage application, purchase agreement, and all requested supporting documentation. In some situations where closing is expedited by the seller and buyer, the guarantee wouldn’t apply. In addition, where the guarantee is a new promotion, it’s possible it won’t be around for long — and Mr. Cooper can amend, terminate, or withdraw it at any time.