MortgagePolitics & Money

Sources: Mr. Cooper to buy Pacific Union Financial

Company could soon announce plans for move

Multiple sources confirmed to HousingWire that Nationstar, also known as Mr. Cooper, is buying Pacific Union Financial.

Back in July, Pacific Union unexpectedly closed the doors to its mortgage fulfillment call center, leaving El Paso, Texas, short 699 promised jobs.

The company was promised $1.4 million from the city just months before, and in exchange, it would create 699 jobs over the next five years. The city was shocked to see the center close down.

And this wasn’t Pacific Union’s first branch to close. The company had previously closed two offices in California.

The company explained it had been struggling due to the challenging mortgage market conditions. The cost of originating a mortgage hit all-time highs back in 2013 and 2014, but at the beginning of 2018, those costs rose once again, and much like before, hit all-new highs, according to the first quarter Mortgage Bankers Performance report from the Mortgage Bankers Association.

Sources tell HousingWire that Mr. Cooper is expected to announce the move on Thursday in conjunction with the release of its third-quarter earnings and plans to discuss it during its earnings call.

Stay tuned in to HousingWire for more coverage to come on this developing story.

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