I'm purely basing this on the share price movement and volume. I have not seen any financial analysts discussing this.
I think you are right - NSM shareholders were mostly professionals. Hopefully they will come back after the reverse split and name change. It's easier to explain to your customers that you own what sounds like a new and upcoming mortgage company like Mr Cooper rather than a bankrupt, failed penny stock called WMIH.
This stock should be close to $2 right now. I'm buying the dips.