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Mr. Cooper Completes Agreement with Sagent to Create the Mortgage Industry’s First Cloud-Native Servicing Platform
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Rhea-AI Summary
Mr. Cooper Group Inc. (NASDAQ: COOP) has finalized a deal with Sagent M&C, LLC for the sale of intellectual property rights related to its cloud-based mortgage servicing technology. This agreement allows Mr. Cooper to acquire an equity stake in Sagent and appoint two directors to Sagent’s board. The collaboration aims to develop the industry's first cloud-native, homeowner-first servicing platform. Additionally, Mr. Cooper will engage Sagent as a multi-year customer, enhancing its service offerings in the mortgage sector.
Positive
Acquisition of equity stake in Sagent enhances strategic partnership.
Appointment of two directors to Sagent's board strengthens influence and collaboration.
Development of a cloud-native servicing platform positions Mr. Cooper as an innovator in the mortgage industry.
Long-term customer relationship with Sagent ensures continued access to advanced technology.
Negative
None.
DALLAS--(BUSINESS WIRE)--
Mr. Cooper Group Inc. (“Mr. Cooper”) announced today that it has completed its previously-announced agreement with Sagent M&C, LLC, d/b/a Sagent Lending Technologies (“Sagent”). Under the terms of this transaction, Sagent purchased certain intellectual property rights related to Mr. Cooper’s proprietary, cloud-based technology platform for mortgage servicing, and Mr. Cooper has received an equity stake in Sagent and appointed two directors to Sagent’s board. This agreement will leverage Mr. Cooper’s mortgage servicing depth and Sagent’s software innovation speed to create the industry’s first cloud-native, homeowner-first servicing platform. Mr. Cooper will also become a multi-year customer of Sagent.
Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper Group. Kirkland & Ellis LLP acted as legal advisor to Sagent.
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. For more information, visit www.mrcoopergroup.com.
About Sagent
Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit www.sagent.com to learn more.
What is the recent agreement between Mr. Cooper and Sagent?
Mr. Cooper has completed an agreement with Sagent to sell certain intellectual property rights related to its mortgage servicing technology, acquiring an equity stake in return.
How will Mr. Cooper benefit from the deal with Sagent?
Mr. Cooper will gain access to Sagent's software innovations and develop a cloud-native servicing platform, enhancing its service offerings.
What role will Mr. Cooper have in Sagent after the agreement?
Mr. Cooper will appoint two directors to Sagent’s board, reinforcing its strategic partnership.
Is Mr. Cooper entering a long-term relationship with Sagent?
Yes, Mr. Cooper will become a multi-year customer of Sagent as part of this agreement.
