Mr. Cooper Group Reports First Quarter 2021 Financial Results
Mr. Cooper Group Inc. (NASDAQ: COOP) (the “Company”), which principally operates under the Mr. Cooper® and Xome® brands, reported a first quarter net income of
Chairman and CEO Jay Bray commented, “This quarter was a clear demonstration of how innovative technology, world-class operational discipline, and a culture of team members working together for customers can produce exceptional results, including record operating performance, record origination fundings, and strong growth in our servicing portfolio.”
Chris Marshall, Vice Chairman and CFO added, “Even after investing in MSRs and repurchasing shares, we ended the quarter with a very robust cash position and strengthened capital ratios. The company’s balance sheet and liquidity have never been stronger.”
Servicing
The Servicing segment is focused on providing a best-in-class home loan experience for our 3.5 million customers while simultaneously strengthening asset performance for investors. In the first quarter, Servicing recorded pretax income of
|
Quarter Ended |
|||||||||||||
($ in millions) |
Q4'20 |
|
Q1'21 |
|||||||||||
|
$ |
|
BPS |
|
$ |
|
BPS |
|||||||
Operational revenue |
$ |
326 |
|
|
21.4 |
|
|
$ |
375 |
|
|
23.6 |
|
|
Amortization, net of accretion |
|
(130 |
) |
|
(8.5 |
) |
|
|
(153 |
) |
|
(9.6 |
) |
|
Mark-to-market |
|
(6 |
) |
|
(0.4 |
) |
|
|
354 |
|
|
22.3 |
|
|
Total revenues |
|
190 |
|
|
12.5 |
|
|
|
576 |
|
|
36.3 |
|
|
Total expenses |
|
(169 |
) |
|
(11.1 |
) |
|
|
(125 |
) |
|
(7.9 |
) |
|
Total other expenses, net |
|
(50 |
) |
|
(3.3 |
) |
|
|
(38 |
) |
|
(2.4 |
) |
|
(Loss) income before taxes |
|
(29 |
) |
|
(1.9 |
) |
|
|
413 |
|
|
26.0 |
|
|
Mark-to-market |
|
6 |
|
|
0.4 |
|
|
|
(354 |
) |
|
(22.3 |
) |
|
Accounting items |
|
2 |
|
|
0.1 |
|
|
|
— |
|
|
— |
|
|
Pretax operating (loss) income excluding mark-to-market and accounting items |
$ |
(21 |
) |
|
(1.4 |
) |
|
$ |
59 |
|
|
3.7 |
|
|
|
Quarter Ended |
||||||
|
Q4'20 |
Q1'21 |
|||||
Ending UPB ($B) |
$ |
626 |
|
$ |
646 |
|
|
Average UPB ($B) |
$ |
608 |
|
$ |
634 |
|
|
60+ day delinquency rate at period end |
|
5.8 |
% |
|
5.3 |
% |
|
Annualized CPR |
|
33.1 |
% |
|
30.8 |
% |
|
Modifications and workouts |
|
26,406 |
|
|
33,976 |
|
|
The Originations segment focuses on creating servicing assets at attractive margins by acquiring loans through the correspondent channel and refinancing existing loans in the direct-to-consumer channel. Originations earned pretax income of
Mr. Cooper funded 92,463 loans in the first quarter, totaling approximately
|
Quarter Ended |
||||||
($ in millions)
|
Q4'20 |
|
Q1'21 |
||||
Income before taxes |
$ |
435 |
|
$ |
362 |
||
|
Quarter Ended |
||||||
($ in millions) |
Q4'20 |
Mr Cooper Group Inc
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