Mr. Cooper Group Inc. (NASDAQ: COOP) announced that it has closed on the acquisition of Pacific Union Financial, LLC, a full-service mortgage company. As of today, Pacific Union customers and team members are part of Mr. Cooper, the nation’s largest non-bank mortgage servicer and a leading mortgage lender.
Quote from Jay Bray, Chairman and CEO of Mr. Cooper Group Inc.
“We are pleased to finalize the acquisition of Pacific Union Financial and welcome our new team members, customers and clients to the Mr. Cooper family,” said Jay Bray, Chairman and CEO of Mr. Cooper Group Inc. “This acquisition expands our servicing portfolio with the addition of more than 120,000 customers and increases our mortgage lending volume and capabilities.”
Key Facts about the Acquisition
- As part of this acquisition, Mr. Cooper takes ownership of the entire, existing Pacific Union Financial company, which has been merged into Nationstar Mortgage LLC dba Mr. Cooper.
- Pacific Union is a leading originator with a servicing portfolio of approximately $25 billion.
- Integration of the Pacific Union platform enables Mr. Cooper to expand its originations presence with delegated and non-delegated product offerings.
- Pacific Union brings more than 700 active correspondent clients (there is only about 20% overlap with Mr. Cooper’s existing clients) and more than 1,800 mortgage brokers.
- Incremental annual originations volume potential is estimated in excess of $10 billion with over 80% being purchase loans.
- Cooper welcomes Pacific Union team members and more than 120,000 customers to their Servicing platform.
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. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.