Items Tagged with 'Seterus'


  • Growing pains for Mr. Cooper? Nonbank takes big loss thanks to lower interest rates

    Adds more than 400,000 new servicing customers, but takes MSR-related loss
    Mr. Cooper grew its business significantly in the first few months of the year, closing the acquisitions of Pacific Union Financial and IBM’s Seterus mortgage servicing platform in the first quarter alone. But despite all of that, the nonbank formerly known as Nationstar Mortgage still took a big financial loss in the first quarter, due to lower interest rates.
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  • IBM lays off 310 mortgage servicing staff at Seterus

    Layoffs announced days after Mr. Cooper reveals Seterus purchase
    More than 300 employees working for mortgage servicer Seterus in Durham, North Carolina, will be out of a job come March. The news comes just days after Mr. Cooper announced it had purchased Seterus from IBM in a deal expected to close in the first quarter of the year, and coincides with layoffs in Mr. Cooper's origination channel.
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  • Mr. Cooper Group buys IBM's Seterus mortgage servicing platform

    Acquires $48 billion in servicing rights
    Mr. Cooper Group purchased IBM’s Seterus mortgage servicing platform in a deal announced Thursday, which includes $24 billion in GSE mortgages and a subservicing contract for $24 billion. Mr. Cooper Group Chairman and CEO Jay Bray said the deal "is consistent with our outlook for profitability targets and portfolio growth."
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  • Fannie Mae ranks top servicers

    STAR awards released to the public
    "With our expanded 2013 mid-year assessment, we continue to recognize servicers that are on track to meet overall performance scorecard goals," said Leslie Peeler, senior vice president of Fannie Mae’s National Servicing Organization.
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