Mr Cooper Group Inc - COOP STOCK NEWS

Mr. Cooper Group Inc. (NASDAQ: COOP) reported strong Q2 2024 results and announced a significant acquisition. Key highlights include:

- Net income of $204 million, with ROCE of 18.1% and operating ROTCE of 15.3%
- Book value per share increased to $71.24
- Servicing portfolio grew 37% y/y to $1,206 billion
- Repurchased 0.3 million shares for $24 million
- Announced acquisition of Flagstar's mortgage operations for $1.4 billion in cash

The acquisition includes MSRs and subservicing contracts totaling approximately $356 billion in UPB, expected to close in Q4 2024. The company's servicing segment recorded pretax income of $354 million, while the originations segment earned pretax income of $38 million.

Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has announced the sale of its residential mortgage servicing business to Mr. Cooper (NASDAQ: COOP) for approximately $1.4 billion. The transaction, expected to close in Q4 2024, includes mortgage servicing rights and the third-party origination platform. This strategic move is projected to add 60 basis points to NYCB's CET1 capital ratio.

The decision aligns with NYCB's focus on transforming into a leading, relationship-focused regional bank. While the company will continue to provide residential mortgage products to retail and private wealth customers, this sale reduces financial and operational risks associated with the volatile interest rate environment and increased regulatory oversight.

Mr. Cooper Group (NASDAQ: COOP) has scheduled a conference call to discuss its second-quarter 2024 financial results on July 25, 2024, at 10:00 A.M. Eastern Time. The press release and investor presentation will be available on the company's website before the call. Interested parties can pre-register for the call to receive immediate access. The event will be available via a live audio webcast on the company's investor section, with a replay available two hours after the call, accessible through August 8, 2024.

Xome has launched a new DIY sales platform that allows real estate investors to list properties directly on Xome.com without needing an agent. The platform offers full transparency and control from listing to post-closing without seller fees. Users can upload properties, add photos, set reserve prices, manage bids, and sign documents in real-time. Xome aims to meet the evolving needs of investors with this all-inclusive marketplace, reaching a nationwide network of over 875,000 buyers. The platform ensures competitive bidding for optimal market value and provides support from real estate professionals. Over 115,000 homes have been sold via Xome's auction process.

Mr. Cooper Group Inc. (NASDAQ: COOP) reported first quarter 2024 results with net income of $181 million, ROCE of 16.7%, and operating ROTCE of 14.5%. The company saw growth in book value per share, servicing portfolio, and repurchased shares. The Servicing segment recorded pretax income of $313 million, while the Originations segment earned $32 million. The company remains optimistic about its momentum, technology investments, and growth opportunities.

Mr. Cooper Group Inc. (NASDAQ: COOP) has appointed Ranjit Bhattacharjee as Executive Vice President and Chief Investment Officer and Kevin Barker as Senior Vice President, Corporate Finance. Bhattacharjee will oversee capital markets and correspondent lending, bringing over 20 years of expertise from Wells Fargo and other leading firms. Barker, with nearly 20 years of financial analyst experience, will lead the business finance teams. The new appointments aim to bring fresh ideas and insights to drive growth for Mr. Cooper Group.

Mr. Cooper Group Inc. (COOP) will discuss its Q1 2024 financial results on April 24, 2024, at 10:00 A.M. Eastern Time. Pre-register for the call and access the press release and investor presentation on their website. A replay will be available until May 8, 2024.

Mr. Cooper Group Inc. (NASDAQ: COOP) reported a net income of $46 million for the fourth quarter, with pretax operating income of $151 million. The company's servicing portfolio grew by 14% year-over-year to $992 billion. They repurchased 1.3 million shares of common stock and issued $1 billion in senior notes. The company's leadership expressed confidence in their performance and growth prospects for 2024.

Mr. Cooper Group Inc. (NASDAQ: COOP) has announced the pricing of a $1,000,000,000 7.125% Senior Notes due 2032 offering by Nationstar Mortgage Holdings Inc., a direct wholly-owned subsidiary of Mr. Cooper. The Notes will bear interest at 7.125% per annum, maturing on February 1, 2032, with semi-annual interest payments beginning on August 1, 2024. The net proceeds will be used to repay a portion of the amounts outstanding under Mr. Cooper’s MSR facilities. The offering was made to 'qualified institutional buyers' and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction.