Mr Cooper Group Inc (COOP)

[BlackVoodoo]

Mr. Cooper Completes Sale of Reverse Servicing Portfolio

December 02, 2021 08:00 AM Eastern Standard Time
DALLAS--(BUSINESS WIRE)--

Mr. Cooper Group Inc. (“Mr. Cooper Group” or “the Company”) announced today that it has completed the sale of its Reverse servicing portfolio, operating under the Champion Mortgage brand, to Mortgage Assets Management, LLC and its affiliates.

“We’re pleased to complete this sale, which allows us to continue on our path of rationalizing and simplifying the business model, in order to focus on the attractive growth opportunities in our core mortgage servicing and originations segments”

“We’re pleased to complete this sale, which allows us to continue on our path of rationalizing and simplifying the business model, in order to focus on the attractive growth opportunities in our core mortgage servicing and originations segments,” said Jay Bray, Chairman and CEO of Mr. Cooper Group, and added, “We believe this transaction is a positive outcome for our Reverse customers and the team members who have supported this business.”

Vice Chairman, President and CFO Chris Marshall commented, “This transaction improves profitability and liquidity, simplifies our financial statements, and strengthens our capital ratios, which are now above our previously disclosed target of 15%.” The Company estimated that pro forma for the sale, its ratio of tangible net worth to total assets was approximately 17.5% as of September 30, 2021, consistent with its prior disclosures.

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



https://www.businesswire.com/news/home/20211202005252/en/