Mr. Cooper Completes Sale of Reverse Servicing Portfolio
December 02 2021 - 8:00AM
Business Wire
Mr. Cooper Group Inc. (“Mr. Cooper Group” or “the Company”)
announced today that it has completed the sale of its Reverse
servicing portfolio, operating under the Champion Mortgage brand,
to Mortgage Assets Management, LLC and its affiliates.
“We’re pleased to complete this sale, which allows us to
continue on our path of rationalizing and simplifying the business
model, in order to focus on the attractive growth opportunities in
our core mortgage servicing and originations segments,” said Jay
Bray, Chairman and CEO of Mr. Cooper Group, and added, “We believe
this transaction is a positive outcome for our Reverse customers
and the team members who have supported this business.”
Vice Chairman, President and CFO Chris Marshall commented, “This
transaction improves profitability and liquidity, simplifies our
financial statements, and strengthens our capital ratios, which are
now above our previously disclosed target of 15%.” The Company
estimated that pro forma for the sale, its ratio of tangible net
worth to total assets was approximately 17.5% as of September 30,
2021, consistent with its prior disclosures.
Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr.
Cooper Group and Houlihan Lokey acted as financial advisor to Mr.
Cooper Group.
About Mr. Cooper Group
Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing,
origination and transaction-based services related principally to
single-family residences throughout the United States with
operations under its primary brands: Mr. Cooper® and Xome®. Mr.
Cooper is one of the largest home loan servicers in the country
focused on delivering a variety of servicing and lending products,
services and technologies. For more information, visit
www.mrcoopergroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211202005252/en/
Investor Contact: Kenneth Posner, SVP Strategic Planning and
Investor Relations (469) 426-3633 Shareholders@mrcooper.com
Media Contact: Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
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