Mr. Cooper Completes Acquisition of Roosevelt Management Company and Affiliated Companies

Rhea-AI Summary

Mr. Cooper Group Inc. has completed its acquisition of investment management firm Roosevelt Management Company, LLC and its subsidiaries. The acquisition positions Mr. Cooper to move forward with its asset management strategy. The company aims to make attractive yields available to institutional investors while growing its customer base and operational scale.

DALLAS--(BUSINESS WIRE)-- Mr. Cooper Group Inc. (“Mr. Cooper”) announced today that it has completed its acquisition of the investment management firm, Roosevelt Management Company, LLC (“Roosevelt”) and its affiliated subsidiaries. This acquisition, which includes a registered investment advisor and licensed MSR owner, positions Mr. Cooper to move forward with its MSR-related asset management strategy.

Mr. Cooper’s Chairman and CEO Jay Bray commented, “We are happy to welcome the talented Roosevelt team to Mr. Cooper, and we look forward to leveraging their knowledge and expertise as we execute on our asset management strategy.”

Vice Chairman and President Chris Marshall added, “We continue to see significant volumes of MSRs trading in the marketplace with attractive yields. Our asset management strategy is designed to make these yields available to institutional investors, while continuing to grow our customer base and operational scale.”

Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper. Mayer Brown acted as legal advisor to Roosevelt and Houlihan Lokey acted as financial advisor to Roosevelt.

About Mr. Cooper Group

Mr. Cooper Group Inc. (NASDAQ: COOP) provides customer-centric 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230801012561/en/

Media Inquiries:

Christen Reyenga, VP Corporate Communications

MediaRelations@mrcooper.com

Investor Inquiries:

Kenneth Posner, SVP Strategic Planning and Investor Relations

Shareholders@mrcooper.com

Source: Mr. Cooper Group Inc.

FAQ

What did Mr. Cooper Group Inc. announce?

Mr. Cooper Group Inc. announced the completion of its acquisition of Roosevelt Management Company, LLC and its subsidiaries.

What does the acquisition allow Mr. Cooper to do?

The acquisition positions Mr. Cooper to move forward with its asset management strategy.

Who acted as legal advisor to Mr. Cooper?

Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper.

Who acted as legal advisor to Roosevelt?

Mayer Brown acted as legal advisor to Roosevelt.

Who acted as financial advisor to Roosevelt?

Houlihan Lokey acted as financial advisor to Roosevelt.