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☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Delaware						91-1653725
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
8950 Cypress Waters Blvd, Coppell, TX						75019
(Address of principal executive offices)						(Zip Code)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value per share			COOP			The Nasdaq Stock Market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.          Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.         Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                  Yes ☒ No ☐

                                                  Yes ☒  No ☐                                    

Large Accelerated Filer			☒			Accelerated Filer			☐
Non-Accelerated Filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        Yes ☐  No ☒

						Page
			PART I
Item 1.			Business			3
Item 1A.			Risk Factors			9
Item 1B.			Unresolved Staff Comments			30
Item 2.			Properties			31
Item 3.			Legal Proceedings			31
Item 4.			Mine Safety Disclosures			31
			PART II
Item 5.			Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			32
Item 6.			Selected Financial Data			33
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			34
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			62
Item 8.			Financial Statements and Supplementary Data			64
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			118
Item 9A.			Controls and Procedures			118
Item 9B.			Other Information			120
			PART III
Item 10.			Directors, Executive Officers and Corporate Governance			120
Item 11.			Executive Compensation			120
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			120
Item 13.			Certain Relationships and Related Transactions, and Director Independence			120
Item 14.			Principal Accountant Fees and Services			120
Item 15.			Exhibits and Financial Statement Schedules			120
Item 16.			Form 10-K Summary			128
Signatures						129

Mr. Cooper Group Inc., including our consolidated subsidiaries (collectively, “Mr. Cooper,” the “Company,” “we,” “us” or “our”), is the largest non-bank servicer of residential mortgage loans in the U.S. according to Inside Mortgage Finance, a major mortgage originator and provides title, real estate owned (“REO”) disposition, and other services through its subsidiary, Xome. We have provided a glossary of terms, which defines certain industry-specific and other terms that are used herein, in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), of this Form 10-K.

See Part II, Item 7, Management’s Discussion and Analysis of Results of Operations and Segment Results, and Note 20, Segment Information of the Notes to Consolidated Financial Statements in Part II, Item 8, for additional financial information about our segments.

Included within owned MSRs are the rights to service reverse residential mortgage, which were acquired by Nationstar from third parties in prior years. We do not originate reverse mortgages. Accordingly, our portfolio is in run-off. Our reverse portfolio accounted for 3% of our total servicing UPB as of December 31, 2020.

We are focused on providing quality service to our customers and building strong, lasting relationships. We have developed a culture of customer advocacy and celebrate and reward our team members for providing excellent service that helps our customers achieve their goal of homeownership and manage their largest financial asset. Additionally, we have invested significantly in technology solutions to improve the customer experience.

Diversity and Inclusion Initiatives: Our success as a business is directly tied to our ongoing efforts to attract and retain diverse talent and maintain an inclusive and progressive environment where each team member can thrive. We established our internal Office of Diversity and Inclusion to serve as a driver and a resource for our team members. Since its inception, the Office of Diversity and Inclusion has spearheaded numerous programs including the formation of nearly 20 Resource Teams comprised of team members who have similar interests and backgrounds. In 2020, the Office of Diversity and Inclusion and the Resource Teams facilitated approximately 500 team member events and trainings and contributed $371,000 to social justice organizations.

Talent Management: We invest in attracting, developing and retaining the best talent, and we know that focusing on a holistic experience will continue to be key in our journey from better to best, so we operate an overarching Talent Management function, which combines our Training, Leadership Development and Talent Acquisition teams in one group. Over the past year, we offered our employees approximately 437,000 hours of training across a broad range of categories, including leadership, inclusion, professional skills, and performance management.

Performance Management and Compensation: We abide by a pay for performance philosophy, which is a model in which rewards are linked to a team member’s performance. Rewards are differentiated, which results in top performers receiving higher rewards, showing team members they are being compensated based on their individual contributions. To ensure our compensation practices are fair and market competitive, we evaluate our pay ranges every year using data from several industry surveys.

Total Rewards: We are proud to offer team members a variety of benefits to attract and retain top talent, and we are committed to giving our team greater transparency and choice in the benefits available to them. To provide more insight into the value of all the Company benefits they receive at Mr. Cooper Group, each team member has access to a personalized Total Rewards statement, which provides a simple, complete picture of a team member’s pay, medical benefits, life insurance, retirement plan, tax-free spending accounts, family benefits, career development opportunities and more. We believe that our unique benefits help us to attract and retain top talent, including the following offerings: Healthcare Exchange, which provides a choice of competitive insurance options, Team Member Mortgage Loan Program, Down Payment Assistance Program and Team Member Relief Fund.

To learn more about Mr. Cooper Group Inc., please visit our website at www.mrcoopergroup.com. From time to time, we use our website as a channel of distribution of material Company information. We make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) available free of charge under the Investor Information section of our website as soon as reasonably practicable after we electronically file the reports with, or furnish them to, the Securities and Exchange Commission (“SEC”). Our reports, proxy and information statements and other information filed electronically with the SEC can also be accessed at www.sec.gov.

•Economic, financial and public health disruptions caused by the COVID-19 pandemic and federal, state and local governmental responses to the pandemic;

•our ability to maintain or grow the size of our servicing portfolio;

•our ability to maintain or grow our originations volume and profitability;

•our ability to recapture voluntary prepayments related to our existing servicing portfolio;

•our shift in the mix of our servicing portfolio to subservicing, which is highly concentrated;

•delays in our ability to collect or be reimbursed for servicing advances;

•our ability to obtain sufficient liquidity and capital to operate our business;

•changes in prevailing interest rates;

•our ability to finance and recover costs of our reverse servicing operations;

•our ability to successfully implement our strategic initiatives;

•our ability to realize anticipated benefits of our previous acquisitions;

•our ability to use net operating loss carryforwards and other tax attributes;

•changes in our business relationships or changes in servicing guidelines with Fannie Mae, Freddie Mac and Ginnie Mae;

•Xome’s ability to compete in highly competitive markets;

•our ability to pay down debt;

•our ability to manage legal and regulatory examinations and enforcement investigations and proceedings, compliance requirements and related costs;

•our ability to prevent cyber intrusions and mitigate cyber risks; and

•our ability to maintain our licenses and other regulatory approvals.

All of these factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for our management to predict all such factors or to assess the effect of each such factor on our business. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and any of these statements included herein may prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Please refer to Item 1A, Risk Factors, and Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, sections of this report for further information on these and other factors affecting our business.

•We may be unable to obtain sufficient capital to operate our business, and our substantial indebtedness may limit our financial and operating activities and our ability to incur additional debt to fund future needs.

•Our earnings may decrease because of changes in prevailing interest rates.

•If our estimates or assumptions in our financial models prove to be incorrect, it may affect our earnings.

•We may not realize all of the anticipated benefits of previous or potential acquisitions and dispositions.

•We may not be able to fully utilize our NOLs, the IRS could challenge our NOL carry forwards and changes in legislation could negatively affect our ability to use the tax benefits associated with our NOL carry forwards.

•Our hedging strategies may not be successful in mitigating our risks associated with interest rates.

•We have third-party credit and servicer risks.

•Changes in the method of determining LIBOR or the replacement of LIBOR may adversely affect interest rates.

•A significant increase in delinquencies for the loans, including as a result of the COVID-19 pandemic, that we own and service could have a material impact on our revenues, expenses and liquidity and on the valuation of our MSRs.

•We may not maintain or grow our business if we do not acquire MSRs or enter into favorable subservicing agreements.

•We service higher risk loans which are more expensive to service than conventional mortgage loans.

•We are required to make servicing advances that can be subject to delays in recovery or may not be recoverable.

•Our counterparties may terminate our servicing rights and subservicing contracts.

•We service reverse mortgages, which subjects us to additional risks.

•We could have a downgrade in our servicer ratings.

•We may not be able to maintain the volumes in our loan originations business.

•We may be required to indemnify or repurchase loans we sold, or will sell, if these loans fail to meet certain criteria.

•We are highly dependent upon loan programs administered by the Agencies to generate revenues.

•Xome participates in highly competitive markets and has pressure from existing and new companies.

•Xome may be accused of infringing intellectual property rights of third parties.

•Xome is subject to extensive government regulation at the federal, state and local levels.

•Xome’s revenue from clients in the mortgage and real estate industries is affected by the strength of the economy and the housing market generally, including the volume of real estate transactions.

•We could have, appear to have or be alleged to have conflicts of interest with Xome.

•We may not be successful in implementing certain strategic initiatives.

•Technology failures or cyber-attacks against us or our vendors could damage our business operations, and new laws and regulations could increase our costs.

•Our capital investments in technology may not achieve anticipated returns.

•We and our vendors have operations in India that could be adversely affected by changes in political or economic stability or by government policies.

•Our vendor relationships subject us to a variety of risks.

•Our risk management policies and procedures may not be effective.

•Our business could suffer if we fail to attract, or retain, highly skilled employees and changes in our executive management team may be disruptive to our business.

•Negative public opinion could damage our reputation and adversely affect our business.

•We may have lapses in disclosure controls and procedures or internal control over financial reporting.

•Our business is subject to the risks of natural catastrophic events.

•We operate within a highly regulated industry on federal, state and local levels.

•We are subject to numerous legal proceedings, federal, state or local governmental examinations and enforcement investigations.

•We are subject to state licensing and operational requirements that result in substantial compliance costs.

•Our business would be adversely affected if we lose our licenses.

•We may incur increased litigation costs and related losses if a court overturns a foreclosure or if a loan we are servicing becomes subordinate to a Home Owners Association lien.

•Delays in residential mortgage foreclosure proceedings could have a negative effect on our ability to liquidate loans timely and slow the recovery of advances and thus impact our earnings or liquidity.

•Our common stock and the Series A Preferred Stock are subject to transfer restrictions.

•Anti-takeover provisions in our charter and under Delaware law could limit certain stockholder actions.

•Affiliates of KKR own a substantial amount of equity interests in us, have other substantial interests in us and agreements with us, and may have conflicts of interest with us or the other holders of our capital stock.

•Neither KKR nor its director appointees are required to present us with investment opportunities and may pursue them separately or otherwise compete with us.

•The market price of our common stock may decrease, resulting in a loss for investors.

•an event of default, a negative ratings action by a rating agency and limitations imposed on us under the indentures governing our current debt that contain restrictive covenants and borrowing conditions that may limit our ability to raise additional debt;

•limitations on borrowings on advance facilities imposed by the amount of eligible collateral pledged, which may be less than the borrowing capacity of the advance facility.

•require us to dedicate a substantial portion of cash flow from operations to the payment of principal and interest on our current indebtedness and any indebtedness we may incur in the future, thereby reducing the funds available for other purposes;

•place us at a competitive disadvantage to competitors with relatively less debt in economic downturns, adverse industry conditions or catastrophic external events; or

•a decrease in interest rates may increase prepayment speeds which may lead to (i) increased amortization expense; (ii) decrease in servicing fees; and (iii) decrease in the value of our MSRs;

•an increase in interest rates, together with an increase in monthly payments when an adjustable mortgage loan’s interest rate adjusts upward from an initial fixed rate or a low introductory rate, may cause increased delinquency, default and foreclosure. Increased mortgage defaults and foreclosures may adversely affect our business as they increase our expenses and reduce the number of mortgages we service;

•an increase in interest rates could adversely affect our loan originations volume because refinancing an existing loan would be less attractive for homeowners and qualifying for a purchase money loan may be more difficult for consumers;

•an increase in interest rates could also adversely affect our production margins due to increased competition among originators;

•a substantial and sustained increase in prevailing interest rates could adversely affect the loan origination volumes of Xome’s clients since refinancing and purchase loans would be less attractive to borrowers, which would in turn adversely impact Xome Solutions’ valuation and Xome Title’s title order volume;

•an increase in interest rates could adversely affect Xome Exchange’s property sales, particularly non-distressed sales, as financing may become less attractive to borrowers;

•an increase in interest rates would increase the cost of servicing our outstanding debt, including our ability to finance servicing advances and loan originations and for borrowing for acquisitions; and

•unanticipated issues in integrating information, management style, controls and procedures, servicing practices, communications and other systems including information technology systems;

Consumer Credit Risk: We provide representations and warranties to purchasers and insurers of the loans that we sell that typically are in place for the life of the loan. In the event of a breach of these representations and warranties, we may be required to repurchase a mortgage loan or indemnify the purchaser, and any subsequent loss on the mortgage loan may be borne by us. Our loss estimates are affected by factors both internal and external in nature, including, level of loan sales, as well as to whom the loans are sold, the expectation of credit loss on repurchases and indemnifications, our success rate at appealing repurchase demands, our ability to recover any losses from third parties, the overall economic condition in the housing market, the economic condition of borrowers, the political environment at investor agencies and the overall U.S. and world economies. Many of the factors are beyond our control and may lead to judgments that are susceptible to change. In adverse market conditions, loans may decrease in value due to an increase in delinquencies, borrower defaults and non-payments. In addition, property values may experience losses at liquidation due to extensions in foreclosure and REO sales timelines as well as home price depreciation.

Counterparty Credit Risk: We are exposed to counterparty credit risk in the event of non-performance by counterparties to various agreements. Although certain credit facilities and warehouse lines are committed, we may experience a disruption in operations due to a lender withholding a funding of a borrowing requested on the respective credit facility.

Prior Servicer Risk: We service mortgage loans under guidelines set forth by regulatory agencies and GSEs. Failure to meet stipulations of the servicing guidelines can result in the assessment of fines and loss of reimbursement of loan related advances, expenses, interest and servicing fees. When the servicing of a portfolio is assumed either through purchase of servicing rights or through a subservicing arrangement, various loans in the acquired portfolio may have been previously serviced in a manner that will contribute towards our not meeting certain servicing guidelines. If not recovered from a prior servicer, such events frequently lead to the eventual realization of a loss to us. The recovery process against a prior servicer can be prolonged based upon the time required by us to meet minimum loss deductibles under the indemnification provisions in our agreements with the prior servicer and for the time requirements by the prior servicer to review underlying loss events and our request for indemnification. The amounts ultimately recovered from prior servicers may differ from our estimated recoveries recorded based on the prior servicer’s interpretation of responsibility for loss, which could lead to our realization of additional losses.

Correspondent Risk: We purchase closed loans from correspondent lenders. The failure of these correspondent lenders to comply with any applicable laws, regulations and rules may subject us to monetary penalties or other losses. Although we have controls and procedures designed to assess areas of risk with respect to these acquired loans, including, without limitation, diligence regarding compliance with underwriting guidelines and applicable laws or regulations, we may not detect every violation of law by these correspondent lenders.

•Revenue. An increase in delinquencies will result in lower revenue for loans we service for GSEs and Ginnie Mae because we only collect servicing fees from GSEs and Ginnie Mae for performing loans. Additionally, while increased delinquencies generate higher ancillary revenues, including late fees, these fees do not offset the higher cost to service a delinquent loan and are not likely to be recoverable in the event that the loan is liquidated. In addition, an increase in delinquencies reduces cash held in collections and other accounts and lowers the interest income we receive.

•Expenses. An increase in delinquencies will result in a higher cost to service due to the increased time and effort required to collect payments from delinquent borrowers and an increase in interest expense as a result of an increase in our advancing obligations.

•Liquidity. An increase in delinquencies could also negatively impact our liquidity because of an increase in servicing advances resulting in an increase in borrowings under advance facilities and/or insufficient financing capacity to fund increases in advances.

•Valuation of MSRs. We base the price we pay for MSRs on, among other things, our projections of the cash flows from the related pool of mortgage loans. Our expectation of delinquencies is a significant assumption underlying those cash flow projections. If delinquencies were significantly greater than expected, the estimated fair value of our MSRs could be diminished. If the estimated fair value of MSRs is reduced, we would record a loss which would adversely impact our ability to satisfy borrowing conditions in our debt agreements which could have a negative impact on our financial results.

•adversely affect our ability to finance servicing advances and maintain our status as an approved servicer by Fannie Mae, Freddie Mac, Ginnie Mae, and other investors;

•lead to the early termination of existing advance facilities and affect the terms and availability of advance facilities that we may seek in the future;

•cause our termination as servicer in our servicing agreements that require that we maintain specified servicer ratings; and

•our representations and warranties concerning loan quality and loan circumstances are inaccurate, including representations concerning the licensing of a mortgage broker;

•we fail to secure adequate mortgage insurance within a certain period after closing;

•a mortgage insurance provider denies coverage;

•we fail to comply, at the individual loan level or otherwise, with regulatory requirements in the current dynamic regulatory environment; or

•Strengthen our balance sheet by building capital and liquidity, and managing interest rate and other forms of risk;

•Improve efficiency by driving continuous improvement in unit costs for Servicing and Originations, as well as by taking corporate actions to eliminate costs throughout the organization;

•Grow our servicing portfolio and customer by acquiring new customers and retaining existing customers;

•Reinvent the customer experience by acting as the customer’s advocate and by harnessing technology to deliver user-friendly digital solutions;

•Sustain the talent of our people and the culture of our organization; and

•Maintain strong relationships with agencies, investors, regulators, and other counterparties and a strong reputation for compliance and customer service.

Because of the complexity of applying Section 382, and because the determination of ownership for purposes of Section 382 does not correspond to SEC beneficial ownership reporting on Schedules 13D and 13G, holders and potential acquirers of our securities should consult with their legal and tax advisors prior to making any acquisition or disposition of our securities. Pursuant to Article VIII of our Certificate of Incorporation, the Board has the sole power to determine compliance with the transfer restrictions, and we cannot assure you that the Board will concur with any conclusions reached by any holder of our securities or their respective advisors, and/or approve or ratify any proposed acquisitions or dispositions of our securities. Under Article VIII, Section 3(b), of our Certificate of Incorporation, if the Board determines that a Prohibited Transfer (as defined in our Certificate of Incorporation) has occurred, such Prohibited Transfer shall, to the fullest extent permitted by law, be void ab initio and have no legal effect, and upon written demand by us, the Purported Transferee (as defined in our Certificate of Incorporation) shall disgorge or cause to be disgorged our securities, together with any dividends or distributions received, with respect to such securities.

•our operating performance and the performance of our competitors and fluctuations in our operating results;

•macro-economic trends, including changes in interest rates and economic growth and unemployment;

•the public’s reaction to our press releases, our other public announcements and our filings with the SEC;

•changes in earnings estimates or recommendations by research analysts who follow us or other companies in our industry;

•global, national or local economic, legal and regulatory factors unrelated to our performance;

•announcements of negative news by us or our competitors, such as announcements of poorer than expected results of operations, data breaches or significant litigation;

•actual or anticipated variations in our or our competitors’ operating results, and our or our competitors’ growth rates;

•failure by us or our competitors to meet analysts’ projections or guidance we or our competitors may give the market;

•changes in laws or regulations, or new interpretations or applications of laws and regulations, that are applicable to our business;

•changes in accounting standards, policies, guidance, interpretations or principles;

•the departure of key personnel;

•the number of shares publicly traded;

•the converted Series B preferred stockholders selling their shares; and

•other developments affecting us, our industry or our competitors.

For a description of our material legal proceedings, see Note 19, Commitments and Contingencies of the Notes to the Consolidated Financial Statements within Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K.

As of February 18, 2021, there were 2,675 stockholders of record of our common stock. A substantially greater number of holders of our common stock are “street name” or beneficial holders, whose shares are held by banks, brokers and other financial institutions.

Period						(a) Total Number of Shares Purchased (in thousands)						(b) Average Price Paid per Share						(c) Total Number of Shares Purchased as Part of Publicly Announced Plan or Program (in thousands)						(d) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program (in millions)
October 2020						—						$	—					—						$	76
November 2020						797						$	23.38					797						$	58
December 2020						600						$	26.70					600						$	42
Total						1,397												1,397

The following graph shows a comparison of the cumulative total stockholder return for our common stock, as adjusted for the 1-for-12 reverse stock split that occurred in October 2018, our peer group index, the S&P SmallCap 600 Financials Index and the S&P 500 Index from December 31, 2015 through December 31, 2020. In 2020, we revised our peer group index and our new peer group index is composed of the following companies: PennyMac Financial Services, Inc., Ocwen Financial Corporation, Flagstar Bancorp, Inc., New Residential Investment Corp., and Rocket Companies, Inc. We changed our peer group index from the S&P SmallCap 600 Financials Index to a peer group index of industry competitors to provide a comparison of stock performance more specific to the mortgage industry. This data assumes an investment of $100 on December 31, 2015.

			December 31,
			2015						2016						2017						2018						2019						2020
Mr. Cooper (formerly WMIH)			$	100					$	60					$	33					$	38					$	40					$	100
S&P 500 Index			100						110						131						123						158						184
Peer Group Index(1)			100						90						80						53						70						107
S&P SmallCap 600 Financials Index			100						132						139						127						154						138

The following discussion should be read in conjunction with the information contained in our consolidated financial statements, including the notes thereto. The following discussion contains, in addition to the historical information, forward-looking statements that include risks and uncertainties (see discussion of “Forward-Looking Statements” included elsewhere in this Annual Report on Form 10-K). Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those factors set forth under Item 1A. Risk Factors and elsewhere in this Annual Report on Form 10-K. All dollar amounts presented herein are in millions, except per share data and other key metrics, unless otherwise noted.

The below presentation discusses the results of the operations for the year ended December 31, 2020 compared to the year ended December 31, 2019. For a discussion of results of operations for the year ended December 31, 2019, compared to the year ended December 31, 2018, please refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2019.

Overview

•Strengthen our balance sheet by building capital and liquidity, and managing interest rate and other forms of risk;

•Improve efficiency by driving continuous improvement in unit costs for Servicing and Originations segments, as well as by taking corporate actions to eliminate costs throughout the organization;

•Grow our servicing portfolio and customer base by acquiring new customers and retaining existing customers;

•Reinvent the customer experience by acting as the customer’s advocate and by harnessing technology to deliver user-friendly digital solutions;

•Sustain the talent of our people and the culture of our organization; and

•Maintain strong relationships with agencies, investors, regulators, and other counterparties and a strong reputation for compliance and customer service.

The COVID-19 pandemic introduces unprecedented uncertainty in the economy, including the risk of a significant employment shock and recessionary conditions, with implications for the health and safety of our employees, borrower delinquency rates, servicing advances, origination volumes, the availability of financing, and our overall profitability and liquidity. We have taken aggressive steps to address these risks, including moving in excess of 95% of our staff to work-from-home status as well as implementing other practices for mitigating the risk of the pandemic, including restrictions on non-essential travel and face-to-face meetings and enhanced sanitization of our facilities. We have also implemented the provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which makes available forbearance plans for up to one year for borrowers under government and government agency mortgage programs, which we have extended to borrowers in our private label mortgage servicing portfolio. As of February 18th, 2021, approximately 5.5% of our customers were on a forbearance plan, down from a peak of 7.2%. More customers are now exiting forbearance than are entering. We include loans in forbearance related to the CARES Act, whereby no payments have been received from borrowers for greater than 90 days, in loans subject to repurchase right from Ginnie Mae in other assets and payables and other liabilities on a gross basis. The balance was $5,879 loans as of December 31, 2020. See liquidity discussion related to the COVID-19 pandemic in Liquidity and Capital Resources section in MD&A.

Table 1. Consolidated Operations

			Year Ended December 31,
			2020						2019						$ Change						% Change
Revenues - operational(1)			$	3,412					$	2,512					$	900					36		%
Revenues - mark-to-market			(679)						(505)						(174)						34		%
Total revenues			2,733						2,007						726						36		%
Total expenses			1,831						1,851						(20)						(1)		%
Total other expenses, net			(503)						(159)						(344)						216		%
Income (loss) before income tax expense (benefit)			399						(3)						402						NM
Less: Income tax expense (benefit)			92						(273)						365						NM
Net income			307						270						37						14		%
Less: Net income (loss) attributable to non-controlling interests			2						(4)						6						NM
Net income attributable to Mr. Cooper			$	305					$	274					$	31					11		%

(1)Revenues - operational consists of total revenues, excluding mark-to-market.

Segment Results

•The Servicing segment performs operational activities on behalf of investors or owners of the underlying mortgages, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans where appropriate to help borrowers stay current, and, when necessary, performing collections, foreclosures, and the sale of REO.

•The Originations segment originates residential mortgage loans through our direct-to-consumer channel, which provides refinance options for our existing customers, and through our correspondent channel, which purchases or originates loans from mortgage bankers and brokers. Our wholesale channel was shut down during the three months ended June 30, 2020 and subsequently ceased originating loans and funded out the remaining pipeline.

•The Xome segment provides a variety of real estate services to mortgage originators, mortgage and real estate investors, and mortgage servicers, including title, valuation, and field services, and operates an exchange which facilitates the sale of foreclosed properties.

Refer to Note 20, Segment Information, in the Notes to Consolidated Financial Statements for a summary of segment results.

Servicing Segment

Table 2. Servicer Ratings

Fitch(1)

Moody’s(2)

S&P(3)

Rating date

January 2020

September 2020

December 2020

Residential

RPS2-

Not Rated

Above Average

Master Servicer

RMS2+

SQ2

Above Average

Special Servicer

RSS2-

Not Rated

Above Average

Subprime Servicer

RPS2-

Not Rated

Above Average

(1)Fitch Rating Scale of 1 (Highest Performance) to 5 (Low/No Proficiency)

(2)Moody’s Rating Scale of SQ1 (Strong Ability/Stability) to SQ5 (Weak Ability/Stability)

Table 3. Servicing Segment Results of Operations

			Year Ended December 31,
			2020												2019												$ Change												% Change
			Amt						bps(1)						Amt						bps(1)						Amt						bps						Amt						bps
Revenues
Operational			$	1,206					20						$	1,273					21						$	(67)					(1)						(5)		%				(5)		%
Amortization, net of accretion			(420)						(7)						(236)						(4)						(184)						(3)						78		%				75		%
Mark-to-market			(679)						(11)						(505)						(8)						(174)						(3)						34		%				38		%
Total revenues			107						2						532						9						(425)						(7)						(80)		%				(78)		%
Expenses
Salaries, wages and benefits			313						5						346						5						(33)						—						(10)		%				—		%
General and administrative
Servicing support fees			109						2						121						2						(12)						—						(10)		%				—		%
Corporate and other general and administrative expenses			130						2						162						3						(32)						(1)						(20)		%				(33)		%
Foreclosure and other liquidation related (recoveries) expenses, net			(33)						—						42						1						(75)						(1)						NM						(100)		%
Depreciation and amortization			20						—						19						—						1						—						5		%				—		%
Total general and administrative expenses			226						4						344						6						(118)						(2)						(34)		%				(33)		%
Total expenses			539						9						690						11						(151)						(2)						(22)		%				(18)		%
Other income (expense)
Income earned on reverse mortgage interests			176						3						313						5						(137)						(2)						(44)		%				(40)		%
Other interest income			61						1						187						3						(126)						(2)						(67)		%				(67)		%
Interest income			237						4						500						8						(263)						(4)						(53)		%				(50)		%
Reverse mortgage interests expense			(174)						(3)						(236)						(4)						62						1						(26)		%				(25)		%
Advance interest expense			(26)						—						(29)						—						3						—						(10)		%				—		%
Other interest expense			(242)						(4)						(204)						(3)						(38)						(1)						19		%				33		%
Interest expense			(442)						(7)						(469)						(7)						27						—						(6)		%				—		%
Other income, net			—						—						4						—						(4)						—						(100)		%				—		%
Total other (expenses) income, net			(205)						(3)						35						1						(240)						(4)						NM						NM
Loss before income tax benefit			$	(637)					(10)						$	(123)					(1)						$	(514)					(9)						NM						NM
Weighted average cost - advance facilities			2.9		%										3.9		%										(1.0)		%										(26)		%
Weighted average cost - excess spread financing			9.0		%										8.9		%										0.1		%										1		%

(1)Calculated basis points (“bps”) are as follows: Annual dollar amount/Total average UPB X 10000.

Table 4. Servicing - Revenues

			Year Ended December 31,
			2020												2019												$ Change												% Change
			Amt						bps(1)						Amt						bps(1)						Amt						bps						Amt						bps
Forward MSR Operational Revenue
Base servicing fees			$	942					16						$	999					16						$	(57)					—						(6)		%				—		%
Modification fees(2)			10						—						17						—						(7)						—						(41)		%				—		%
Incentive fees(2)			9						—						15						—						(6)						—						(40)		%				—		%
Late payment fees(2)			69						1						84						2						(15)						(1)						(18)		%				(50)		%
Other ancillary revenues(2)			247						4						172						3						75						1						44		%				33		%
Total forward MSR operational revenue			1,277						21						1,287						21						(10)						—						(1)		%				—		%
Base subservicing fees and other subservicing revenue(2)			276						5						239						4						37						1						15		%				25		%
Reverse servicing fees			24						—						31						—						(7)						—						(23)		%				—		%
Total servicing fee revenue			1,577						26						1,557						25						20						1						1		%				4		%
MSR financing liability costs			(33)						—						(41)						—						8						—						(20)		%				—		%
Excess spread costs - principal			(338)						(6)						(243)						(4)						(95)						(2)						39		%				50		%
Total operational revenue			1,206						20						1,273						21						(67)						(1)						(5)		%				(5)		%
Amortization, net of accretion
Forward MSR amortization			(778)						(13)						(527)						(9)						(251)						(4)						48		%				44		%
Excess spread accretion			338						6						243						4						95						2						39		%				50		%
Reverse MSL accretion			20						—						47						1						(27)						(1)						(57)		%				(100)		%
Reverse MSR amortization			—						—						1						—						(1)						—						NM						NM
Total amortization, net of accretion			(420)						(7)						(236)						(4)						(184)						(3)						78		%				75		%
Mark-to-Market Adjustments
MSR MTM(3)			(878)						(14)						(669)						(11)						(209)						(3)						31		%				27		%
Excess spread / financing MTM			199						3						164						3						35						—						21		%				—		%
Total MTM adjustments			(679)						(11)						(505)						(8)						(174)						(3)						34		%				38		%
Total revenues - Servicing			$	107					2						$	532					9						$	(425)					(7)						(80)		%				(78)		%

(1)Calculated basis points (“bps”) are as follows: Annual dollar amount/Total average UPB X 10000.

(2)Certain ancillary and other non-base fees related to subservicing operations are separately presented as other subservicing revenues.

(3)The amount of MSR MTM includes the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. The impact of negative modeled cash flows was $28 and $62 for the years ended December 31, 2020 and 2019, respectively.

Forward - Due to the decrease of the forward MSR portfolio’s UPB, base servicing fee revenue decreased for the year ended December 31, 2020 as compared to 2019. Late payment fees and incentive fees decreased due to loan forbearance related to the CARES Act. Other ancillary revenues increased primarily due to the $80 gain on sale associated with loans bought out of a GNMA securitization, modified and redelivered following GNMA guidelines.

Subservicing - Subservicing fees increased for the year ended December 31, 2020 as compared to 2019, due to a higher average subservicing portfolio UPB and higher fees earned on delinquent loans.

Table 5. Servicing Portfolio - Unpaid Principal Balances

																											Year Ended December 31,
																											2020						2019
Average UPB
Forward MSRs																											$	286,159					$	311,601
Subservicing and other(1)																											305,063						283,743
Reverse loans																											20,477						25,270
Total average UPB																											$	611,699					$	620,614
			December 31, 2020																		December 31, 2019
			UPB						Carrying Amount						bps						UPB						Carrying Amount						bps
Ending UPB
Forward MSRs
Agency			$	227,136					$	2,305					101						$	240,688					$	2,944					122
Non-agency			44,053						398						90						56,094						552						98
Total Forward MSRs			271,189						2,703						100						296,782						3,496						118
Subservicing and other(1)
Agency			321,858						N/A												308,532						N/A
Non-agency			14,655						N/A												15,451						N/A
Total subservicing and other			336,513						N/A												323,983						N/A
Reverse loans
MSR			1,961						5												2,508						6
MSL			10,870						(41)												13,994						(61)
Securitized loans			5,260						5,253												6,223						6,279
Total reverse portfolio serviced			18,091						5,217												22,725						6,224
Total ending UPB			$	625,793					$	7,920											$	643,490					$	9,720
Forward MSRs UPB Encumbrance																											December 31, 2020						December 31, 2019
Forward MSRs - unencumbered																											$	104,798					$	83,557
Forward MSRs - encumbered(2)																											166,391						213,225
Total Forward MSRs																											$	271,189					$	296,782

(1)Subservicing and other includes (i) loans we service for others, (ii) residential mortgage loans originated but have yet to be sold, and (iii) agency REO balances for which we own the mortgage servicing rights.

(2)The encumbered forward MSRs consist of residential mortgage loans included within our excess spread financing transactions and MSR financing liability.

Table 6. Forward Servicing and Subservicing and Other Portfolio UPB Rollforward

			Year Ended December 31,
			2020																		2019
			Forward MSR						Subservicing and Other						Total						Forward MSR						Subservicing and Other						Total
Balance - beginning of year			$	296,782					$	323,983					$	620,765					$	295,481					$	223,886					$	519,367
Additions:
Originations			58,734						4,331						63,065						37,969						1,386						39,355
Acquisitions / Increase in subservicing(1)			1,506						154,718						156,224						39,392						171,246						210,638
Deductions:
Dispositions			(110)						(27,765)						(27,875)						(14,592)						(20,412)						(35,004)
Principal reductions and other			(10,722)						(10,754)						(21,476)						(11,702)						(10,090)						(21,792)
Voluntary reductions(2)			(73,691)						(107,762)						(181,453)						(46,423)						(41,260)						(87,683)
Involuntary reductions(3)			(991)						(238)						(1,229)						(3,043)						(773)						(3,816)
Net changes in loans serviced by others			(319)						—						(319)						(300)						—						(300)
Balance - end of year			$	271,189					$	336,513					$	607,702					$	296,782					$	323,983					$	620,765

(1)Includes transfers to/from Subservicing and Other.

(2)Voluntary reductions are related to loan payoffs by customers.

(3)Involuntary reductions refer to loan chargeoffs.

Table 7. Key Performance Metrics - Forward Servicing and Subservicing Portfolio(1)

			December 31, 2020						December 31, 2019
Loan count(2)			3,373,066						3,588,162
Average loan amount(3)			$	180,165					$	172,980
Weighted average coupon - agency(4)			4.2		%				4.5		%
Weighted average coupon - non-agency(4)			4.5		%				4.7		%
60+ delinquent (% of loans)(5)			5.8		%				2.0		%
90+ delinquent (% of loans)(5)			5.3		%				1.7		%
120+ delinquent (% of loans)(5)			4.5		%				1.5		%
			Year Ended December 31,
			2020						2019
Total prepayment speed (12-month constant prepayment rate)			27.1		%				14.7		%

(1)Characteristics and key performance metrics of our servicing portfolio exclude UPB and loan counts acquired but not yet boarded and currently serviced by others.

(2)As of December 31, 2020, loan count includes 199,118 loans in forbearance related to the CARES Act.

(3)Average loan amount is presented in whole dollar amounts.

(4)The weighted average coupon amounts are only reflective of our owned forward MSR portfolio that is reported at fair value.

(5)Loan delinquency is based on the current contractual due date of the loan. In the case of a completed loan modification, delinquency is based on the modified due date of the loan. Loan delinquency includes loans in forbearance.

Table 8. Forward Loan Modifications and Workout Units

			Year Ended December 31,
			2020						2019						Amount Change						% Change
Modifications(1)			21,674						20,694						980						5		%
Workouts(2)			42,867						19,669						23,198						118		%
Total modification and workout units			64,541						40,363						24,178						60		%

Table 9. Forward MSRs - Fair Value Rollforward

			Year Ended December 31,
			2020						2019
Fair value - beginning of year			$	3,496					$	3,665
Additions:
Servicing resulting from mortgage loans sold			687						434
Purchases of servicing rights			124						858
Dispositions:
Sales and cancellation of servicing assets			(9)						(408)
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model:
Agency			(709)						(556)
Non-agency			(180)						(33)
Other changes in fair value:
Scheduled principal payments			(94)						(94)
Disposition of negative MSRs and other(1)			72						64
Prepayments
Voluntary prepayments
Agency			(635)						(366)
Non-agency			(39)						(41)
Involuntary prepayments
Agency			(9)						(24)
Non-agency			(1)						(3)
Fair value - end of year			$	2,703					$	3,496

(1)Amounts primarily represent negative fair values reclassified from the MSR asset to reserves as underlying loans are removed from the MSR and other reclassification adjustments.

See Note 3, Mortgage Servicing Rights and Related Liabilities and Note 17, Fair Value Measurements, in the Notes to Consolidated Financial Statements, for additional information regarding the range of assumptions and sensitivities related to the fair value measurement of forward MSRs as of December 31, 2020 and 2019.

As further disclosed in Note 3, Mortgage Servicing Rights and Related Liabilities, in the Notes to Consolidated Financial Statements, we have entered into sale and assignment agreements treated as financing arrangements whereby the acquirer has the right to receive a specified percentage of the excess cash flow generated from an MSR.

Excess spread financings are recorded at fair value, and the impact of fair value adjustments on future revenues and capital resources varies primarily due to (i) prepayment speeds and (ii) our ability to recapture prepayments through the origination platform. See Note 3, Mortgage Servicing Rights and Related Liabilities and Note 17, Fair Value Measurements, in the Notes to Consolidated Financial Statements, for additional information regarding the range of assumptions and sensitivities related to the fair value measurement of the excess spread financing liability as of December 31, 2020 and 2019.

Table 10. Excess Spread Financing - Rollforward

			Year Ended December 31,
			2020						2019
Fair value - beginning of year			$	1,311					$	1,184
Additions:
New financings			24						542
Deductions:
Settlements and repayments			(207)						(246)
Changes in fair value:
Agency			(195)						(176)
Non-Agency			1						7
Fair value - end of year			$	934					$	1,311