Mr. Cooper Group Inc. reported its third quarter 2024 financial results on October 23, 2024, showcasing an income before income tax expense of $112 million and a net income of $80 million. Excluding mark-to-market and other adjustments, the company achieved a pretax operating income of $246 million. Chairman and CEO Jay Bray highlighted an operating Return on Tangible Common Equity (ROTCE) of 16.8% and record liquidity for the quarter.
The Servicing segment demonstrated strong performance, recording a pretax operating income of $305 million, with its portfolio ending the quarter at $1,239 billion. The Originations segment also showed exceptional execution, earning a pretax operating income of $69 million. Funded volume in originations increased by 80% quarter-over-quarter, reaching approximately $6.8 billion in UPB.
Management noted that the acquisition of Flagstar's mortgage operations remained on target to close in the fourth quarter, a development expected to further enhance the company's market position. The strong performance in both servicing and originations, coupled with strategic growth initiatives, positions Mr. Cooper Group favorably in the mortgage market.
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