Mr. Cooper has added about $25 billion to its servicing portfolio with the acquisition of Pacific Union Financial.
Mr. Cooper, formerly Nationstar, announced its intent to acquire Pacific Union in November. The acquisition has now been finalized, according to a statement provided to MPA by Mr. Cooper.
“We are pleased to finalize the acquisition of Pacific Union Financial and welcome our new team members, customers and clients to the Mr. Cooper family,” said Jay Bray, chairman and CEO of Mr. Cooper Group. “This acquisition expands our servicing portfolio with the addition of more than 120,000 customers and increases our mortgage lending volume and capabilities.”
Pacific Union is a leading mortgage originator with a servicing portfolio of about $25 billion. With the acquisition, Mr. Cooper has taken ownership of the entire company, which has been merged into Mr. Cooper.
The acquisition will also bring Mr. Cooper more than 700 active correspondent clients and more than 1,800 mortgage brokers. According to Mr. Cooper, there’s only about a 20% overlap between its existing correspondent clients and Pacific Union’s. Integration of the Pacific Union platform will enable the company to expand its originations presence with delegated and non-delegated product offerings.
Mr. Cooper estimated that the merger’s incremental annual originations volume potential was in excess of $10 billion, with more than 80% of that being purchase loans.