Mr. Cooper assumption timeline
6 community reports · #4 fastest of 12 servicers.
Average days by loan type
| Loan type | Reports | Median | Average |
|---|---|---|---|
| Not stated | 4 | 136 d | 136 d |
| FHA | 1 | 152 d | 152 d |
| VA | 1 | 152 d | 152 d |
Common holdups
- No single point of contact4×
- Underwriting backlog3×
- Slow to send the application package2×
- Servicer transfer mid-process1×
- VA~152 days
Same investor: Mr. Cooper "in the middle around 5 months" and "pretty bad at everything along the way."
- Slow to send the application package
- FHA~152 days
3% → 2.5% FHA assumption closed in April 2024; "the process took 5 months." Hired a third-party assumption helper after ~54 days with no progress; told of a 1,500-file backlog.
- Underwriting backlog
- No single point of contact
- Not stated123+ days, still waiting
Paperwork in since Nov 6, 2023; credit finally pulled Mar 8, 2024. Mail-only paperwork, buyer couldn't call without seller's SSN.
- No single point of contact
- Slow to send the application package
- Not stated~120 days
Divorce assumption (Homepoint → Nationstar/Mr. Cooper mid-process): 2.5 months to hear anything, ~45 more days after submitting assets; rep left and file had to be reassigned.
- No single point of contact
- Servicer transfer mid-process
- Not stated160+ days, still waiting
Sent paperwork end of July 2023; after 5 months was only just assigned a loan officer.
- No single point of contact
- Underwriting backlog
- Not stated122–183 days (reported range)
Industry commenter: "Mr. Cooper is running 4-6 months and that's if you stay on them."
- Underwriting backlog