Mergers and acquisitions in the mortgage industry are surging as higher interest rates crush home loan demand.
Mr. Cooper executives rang the opening bell at the New York Stock Exchange in 2017 when the company changed its name from Nationstar Mortgage LLC.Coppell-based mortgage servicer Mr. Cooper Group Inc. is striking its second major deal in less than a month as the industry giant looks to grow during a downswing in the mortgage business.
The $324 million cash deal for Ann Arbor, Michigan-based Home Point Capital Inc., announced after Wednesday’s market close, follows Mr. Cooper’s purchase last month of’s residential mortgage servicing platform. As part of the Home Point acquisition, Mr. Cooper will assume $500 million of the company’s outstanding notes due in February 2026.
Mr. Cooper said it intends to shut down Home Point after moving the company’s 301,000 customers to its portfolio. The deal is expected to close in the third quarter, subject to regulatory approvals.
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