In a stunning Q2 announcement, Mr. Cooper Group says it is acquiring Flagstar Bank’s TPO platform and $356 billion in mortgage servicing rights (MSRs), advances, and subservicing contracts. Mr. Cooper will pay $1.4 billion in cash in exchange, arranged from available cash and drawdowns of existing MSR lines. “We have the operational capacity to onboard…
Earnings for the fourth quarter of 2023 are out, offering a view into how lenders did in the colder months and the year overall. Here’s a snapshot of how some of the nation’s top lenders handled last winter. Rocket Mortgage Rocket reported depressed earnings, with losses of $233 million quarter-over-quarter and a full-year net loss…
By KIMBERLEY HAAS A multistate settlement has been reached after a testing error led to the unauthorized withdrawal of $2.3 billion from the accounts of nearly 480,000 mortgage holders serviced by Mr. Cooper. ACI Payments, a processor for a variety of third-party clients, erroneously initiated the electronic withdrawals in April of 2021, causing consumers stress…
Kurt Johnson and Christine Paxton have been appointed to c-suite positions at Mr. Cooper, the company announced in a press release. Johnson has been named Chief Financial Officer, and Paxton named EVP and Chief Risk and Compliance Officer. Paxton was promoted to take Johnson’s place after his move to CFO. Johnson has been with the…
Mortgage servicer Nationstar, which does business as Mr. Cooper, agreed to pay a $74.5 million settlement with the Consumer Financial Protection Bureau, state attorneys general and bank regulators for violating a variety of federal laws designed to protect borrowers. Regulators had accused Mr. Cooper of violating the law from 2012 to 2015 by: Failing to…
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