Mr. Cooper Group appointed Mike Rawls, its former executive vice president of servicing, as the new CEO of Xome, its real estate portal.
“Given Mike’s track record with our servicing business, he is in a unique position to help Xome achieve its full potential as a leading integrated services provider for the mortgage industry,” said Jay Bray, CEO of Dallas-based Mr. Cooper.
Mr. Cooper, formerly known as Nationstar, launched Xome in 2015 as an “end-to-end digital platform for real estate” that would bring together buyers and sellers while offering services such as title and escrow. Xome was formerly known as Solutionstar.
While Xome was initially marketed as a portal to connect buyers and sellers, it now derives most of its revenue from services related to a real estate transaction, such as title, according to KBW analysts Thomas McJoynt-Griffith.
Xome produced $112 million of revenue in the third quarter, up from $73 million in the year-ago quarter, according to filings with the Securities and Exchange Commission.
In 2018, Xome acquired Assurant Mortgage Solutions for $35 million, providing it with mortgage and real estate data and analytics. The integration with Assurant was completed a few months ago, McJoynt-Griffith said.
“At this point, it should be a cleaner story going forward now that the integration is complete,” McJoynt-Griffith said in an interview. ”It’s taken longer to develop than most people expected.”
Rayman Mathoda, who previously served as CEO of Xome, will remain with the company as a strategic advisor, the Mr. Cooper announcement said.
“We thank Ray for her many contributions to Xome, including the successful integration of Assurant Mortgage Services,” Bray said in the statement.
Rawls joined Mr. Cooper in 2000, when it was Nationstar, and was named executive vice president of servicing in 2015. Prior to that, he held management positions in both servicing and originations.