On Tuesday, Mr. Cooper, the nonbank formerly known as Nationstar Mortgage, officially confirmed that the company finalized its acquisition of Pacific Union Financial, a development that HousingWire first reported on Monday.
What wasn’t known at the time or disclosed in Mr. Cooper’s announcement about the deal is how much Mr. Cooper is paying to buy Pacific Union, but an accompanying filing with the Securities and Exchange Commission reveals the financial details of the deal.
According to a Mr. Cooper Group SEC filing, the company is paying $127.8 million for Pacific Union, along with its more than 700 active correspondent clients, more than 1,800 mortgage brokers, more than 120,000 mortgage servicing customers, and a mortgage servicing portfolio of approximately $25 billion.
Mr. Cooper said that the acquisition is also expected to add $10 billion in mortgage originations on an annual basis, approximately 80% of which are purchase mortgages.
According to Mr. Cooper, the deal will allow it to expand its originations platform to include delegated and non-delegated product offerings. Pacific Union brings correspondent, wholesale, and servicing divisions to Mr. Cooper.
“We are pleased to finalize the acquisition of Pacific Union Financial and welcome our new team members, customers and clients to the Mr. Cooper family,” Jay Bray, chairman and CEO of Mr. Cooper Group said in a statement provided to HousingWire. “This acquisition expands our servicing portfolio with the addition of more than 120,000 customers and increases our mortgage lending volume and capabilities.”