Mr. Cooper Group Inc. announced on November 1, 2024, the successful completion of its acquisition of Flagstar Bank N.A.'s mortgage operations. The transaction, valued at approximately $1.3 billion in cash, included the acquisition of Mortgage Servicing Rights (MSRs), advances, subservicing contracts, and Flagstar's third-party origination platform. This strategic move significantly expands Mr. Cooper's footprint in the U.S. mortgage market.
The acquisition propels Mr. Cooper to serve more than 6 million customers, solidifying its position as the largest home loan servicer in the country. Chairman and CEO Jay Bray emphasized that this acquisition demonstrates the company's capability to deliver comprehensive solutions to financial institutions and clients. The integration of operations onto Mr. Cooper's platform is anticipated to be completed during early 2025.
President Mike Weinbach highlighted the expanded customer base, reiterating the company's dedication to supporting homeownership and helping customers achieve their financial goals. This acquisition is a pivotal step in Mr. Cooper's strategy to leverage scale for operational efficiency and market leadership.
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