DALLAS – Nov. 8, 2018 — Mr. Cooper Group Inc. (NASDAQ: COOP) today announced that it intends to acquire Pacific Union Financial, LLC, a full-service mortgage company headquartered near Dallas, Texas. At the close of the acquisition in early 2019, Pacific Union customers and employees will fall under 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’re excited to announce our plans to acquire Pacific Union Financial in early 2019. This acquisition allows us to expand our servicing portfolio by welcoming more than 120,000 customers and increases our mortgage lending volume and capabilities. The Pacific Union team, customers and clients are great additions to the Mr. Cooper family, and by joining forces we’re excited to capitalize on our strengths to provide industry-leading service and products.”
Quote from Evan Stone, Founder and CEO of Pacific Union Financial, LLC
- “Since our inception in 2004, Pacific Union has been highly focused on our clients and team members. We have taken great pride in providing superior service to our customers and business partners and providing a home for exceptionally talented mortgage professionals. We are thrilled to join Mr. Cooper Group as we embark on this next chapter in our story. Joining Mr. Cooper offers strength, stability and a tremendous opportunity for continued growth in our core businesses and for our team. I am highly confident that our Correspondent, Wholesale and Servicing teams will continue to thrive as a part of the Mr. Cooper family.”
Key Facts about the Acquisition
- In this acquisition, Mr. Cooper will take ownership of the entire, existing Pacific Union Financial company including their Correspondent, Wholesale and Servicing divisions.
- Pacific Union is a leading originator with a servicing portfolio of approximately $25 billion.
- Integration of the Pacific Union Financial platform enables Mr. Cooper to expand its presence in correspondent and wholesale originations with delegated and non-delegated product offerings.
- Pacific Union Financial is expected to bring 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.
- Subject to regulatory approvals, the close is anticipated in the first quarter of 2019 at which time Mr. Cooper will welcome Pacific Union team members to Mr. Cooper and board more than 120,000 customers to the 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.
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
About Pacific Union Financial
Pacific Union Financial, LLC is a full-service mortgage company located in Farmers Branch, Texas, with fulfillment centers in Texas, Arizona and California. We originate and purchase residential mortgage loans through Correspondent and Wholesale channels in addition to servicing an approximately $25 Billion portfolio. Pacific Union Financial offers white glove service for borrowers with best to bruised credit. Visit www.PacificUnionFinancial.com today to see how we work hard to make mortgage easy.