COOP profits from refinancing when interest rates are low, and they also profit from rising interest rates because then they can do another positive mark-to-market of their MSR portfolio. They will also benefit from a higher corporate tax rate, the their DTAs will become more valuable.
Fair PPS between $80 and $100 IMO
"think of the earnings power of this business"
Mr. Cooper Group: Revenues To Naturally Decline After This Year