Mr Cooper Group Inc Stock Price, News & Analysis

Rushmore Loan Management Services has announced a definitive agreement to sell its residential mortgage servicing platform to Mr. Cooper Group for approximately $37 billion in unpaid principal balance, impacting around 250,000 customers. This strategic move follows Mr. Cooper's prior agreement to acquire Rushmore's parent company, Roosevelt Management Company, aiming to enhance its mortgage servicing rights fund. The deal is expected to close by mid-2023 pending regulatory approvals. Rushmore's CEO, Terry Smith, expressed confidence that this transaction will elevate their operational capabilities, while Mr. Cooper's CEO, Jay Bray, noted the commitment to delivering a seamless client experience. Financial and legal advisories for both companies include Houlihan Lokey and Mayer Brown.

Mr. Cooper Group Inc. (NASDAQ: COOP) reported a first quarter net income of $37 million or $0.52 per diluted share, bolstered by a mark-to-market gain of $63 million, leading to a return on capital employed (ROCE) of 3.7%. The company’s servicing portfolio grew 7% year-over-year to $853 billion, while the origination segment funded loans totaling approximately $2.7 billion, despite a 14% quarter-over-quarter decline in funded volume. Chairman Jay Bray emphasized the company's strong operating results and robust capital positioning. Book value per share remained stable at $58.57, reflecting solid asset quality and liquidity. The company repurchased 2.1 million shares for $89 million, indicating confidence in its financial standing.

Mr. Cooper Group Inc. (NASDAQ: COOP) will report its Q1 2023 financial results on April 26, 2023, at 10:00 A.M. Eastern Time. The press release and investor presentation will be accessible prior to the call on the company's website, where pre-registration for the call is also available. Participants will receive a toll-free number and unique ID for access. A replay will be available two hours after the call until May 10, 2023. Mr. Cooper is a leading home loan servicer in the U.S., providing various services primarily under the Mr. Cooper® and Xome® brands.

Mr. Cooper Group Inc. (NASDAQ: COOP) has announced executive appointments, promoting Kurt Johnson to Chief Financial Officer and Christine Paxton to Executive Vice President and Chief Risk and Compliance Officer. Johnson, with 25 years in the mortgage industry, previously served as Chief Risk and Compliance Officer, and led significant transformation initiatives. Paxton returns to the company from Wells Fargo, bringing her extensive experience in risk management. As Johnson transitions into his new role, Jaime Gow will step into a strategic advisor position. The changes aim to enhance operational efficiency and strengthen investor returns.

Mr. Cooper Group Inc. (NASDAQ: COOP) has appointed Carlos M. Pelayo as Executive Vice President and Chief Legal Officer, enhancing its executive leadership team. Pelayo, with over 20 years of legal experience in financial services, previously served as Managing Director at Merrill Lynch Wealth Management and held notable roles at Barclays and Davis Polk & Wardwell. CEO Jay Bray expressed confidence in Pelayo's ability to contribute to the company's growth, including its aim to exceed $1 trillion in servicing. Pelayo is enthusiastic about joining at a time when opportunities for client and shareholder value are abundant.

Mr. Cooper Group Inc. (NASDAQ: COOP) reported a fourth quarter net income of $1 million, translating to $0.01 per diluted share. Total net income included a mark-to-market adjustment of $58 million, while pretax operating income reached $82 million following significant charges. The company’s servicing segment saw a 23% year-over-year growth in its servicing UPB, amounting to $870 billion. Tangible book value per share increased by 29% to $56.72. However, the originations segment reported a pretax operating loss of $2 million, with funded volume down 45% from the previous quarter. The company will host a conference call on February 10, 2023 for further insights.

Mr. Cooper Group Inc. (NASDAQ: COOP) will announce its financial results for the fourth quarter of 2022 on February 10, 2023, at 10:00 A.M. Eastern Time. Interested parties can access a live conference call and audio webcast via the investors section of Mr. Cooper's website. Pre-registration is required for participants to receive a toll-free dial-in number. Following the call, a replay will be available approximately two hours later, accessible until February 24, 2022. Mr. Cooper is one of the leading home loan servicers in the U.S., providing a variety of services under its brands, including Mr. Cooper and Xome.

Mr. Cooper Group reported a net income of $113 million, or $1.55 per diluted share, for Q3, contributions included $122 million in mark-to-market adjustments. The servicing portfolio rose to $854 billion, marking a 28% year-over-year increase. Book value per share increased to $58.18. The company repurchased 1.1 million shares for $50 million. Despite a 26% decline in funded loans quarter-over-quarter, Mr. Cooper emphasized strong capital and liquidity for future growth.