Items Tagged with 'Mr. Cooper Group'

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  • 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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  • Here’s how much Mr. Cooper is paying to buy Pacific Union Financial

    SEC filing reveals financial details
    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 SEC filing reveals the financial details of the deal.
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  • Mr. Cooper acquires Pacific Union Financial

    Closes on acquisition first reported by HousingWire in November
    Mr. Cooper, the nonbank formerly known as Nationstar Mortgage, has now finalized its acquisition of Pacific Union Financial, a deal that was first reported by HousingWire in November. At the time, Mr. Cooper said that it planned on closing on the Pacific Union acquisition in “early 2019.” HousingWire can now report that the acquisition has been finalized.
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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 laying off 109 mortgage employees in California

    Latest rounds of cuts for mortgage industry
    Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market. One company that’s been growing is Mr. Cooper Group, the nonbank formerly known as Nationstar Mortgage. But, layoffs are about to hit Mr. Cooper, too.
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  • Capital Bank co-founder named head of investor relations at Mr. Cooper Group

    Kenneth Posner signs on as senior VP, strategic planning and investor relations
    Mr. Cooper Group has named Capital Bank Financial co-founder Kenneth Posner senior vice president, strategic planning and investor relations. Mr. Cooper Chairman and CEO Jay Bray said Posner's 'background and experience will be valuable as we actively share our story and engage with the investor community."
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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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  • Monday Morning Cup of Coffee: Facebook responds to HUD’s housing discrimination allegation

    Social media giant says discrimination is prohibited by site’s policies
    In case you missed it late Friday, HUD accused Facebook of allowing a modern, technologically enhanced form of redlining, wherein Facebook allows advertisers to use its mountains of data to target housing ads to very specific audiences. Here, the company responds. That, and more, in your Monday Morning Cup of Coffee.
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