Mr. Cooper expands executive team, on a quest to be top lender

Moves accelerate its growth strategy

Mr. Cooper expands executive team, on a quest to be top lender

Mr. Cooper has announced the expansion of its C-suite team, welcoming back a former executive and moving a company veteran into a new leadership role.

Shawn Stone (pictured above) has returned to Mr. Cooper as executive vice president and chief revenue officer after being CEO of Renovate America and a member of its board. Shawn is tasked with leading Mr. Cooper’s origination business, accelerating its growth strategy and exploring new delivery channels.

In a statement, company chairman and CEO Jay Bray said that Stone’s addition to the team comes at a “pivotal moment” as the company looks to “position Mr. Cooper to become the largest home loan company in our industry.”

According to data from Inside Mortgage Finance, the nonbank lender currently ranks 11th in residential production with a market share of 1.9%.

Read more: Mr. Cooper sells off reverse mortgage servicing unit in major deal

“I am excited for his vision and strategic leadership to ensure we capitalize on our strengths and find more opportunities in the market,” Bray said. “I am pleased to welcome Shawn back to Mr. Cooper Group and believe he is a natural fit into our incredible culture.”

In his 23-year mortgage career, Stone founded Xome, a homebuying platform, and Global Mortgage Capital, where he also served as CEO and portfolio manager. Before that, he spent more than 18 years at Mr. Cooper, where he held various leadership positions in originations, servicing, capital markets, and more.

In addition to Stone’s appointment, Mr. Cooper has promoted Jay Jones (pictured below) to executive vice president to oversee its servicing business. Jones joined the company in 2019, most recently as senior vice president of servicing. He brings over 25 years of experience and has served in several roles, including chief strategy officer at Celink and executive vice president at CIT Bank.

“I am thrilled for Jay’s promotion and greatly value his perspective as part of our leadership team. Jay is a staunch advocate of keeping the dream of homeownership alive for our customers, and his leadership and expertise will be key as we continue to focus on growing the portfolio while delivering greater value and a better experience for customers,” Bray said.

Stone and Jones will report to Chris Marshall, vice chairman, president and chief financial officer of Mr. Cooper Group.

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“Mr. Cooper remains focused on transforming the mortgage experience, and Shawn and Jay have the operational strength and challenger mindset to rally our team behind this mission,” Marshall said. “We are grateful to have them on the team as we move forward with our plans to accelerate profitable growth while delighting our customers.”