Rocket Companies (NYSE: RKT) has announced the completion of its acquisition of Mr. Cooper Group, marking the largest independent mortgage deal in history. The acquisition unites America's leading originator with the nation's top servicer to transform homeownership for Americans. Following this acquisition, Rocket Companies and Mr. Cooper will have a combined servicing portfolio of nearly 10 million homeowners.
As part of the acquisition, Mr. Cooper and all of its servicing functions will be rebranded under the Rocket umbrella. Jay Bray, Mr. Cooper's current CEO, will join Rocket as the new president and CEO of Rocket Mortgage, reporting to Varun Krishna, CEO of Rocket Companies. Bray will also join Rocket's board of directors.
Rocket Companies recently closed its acquisition of Redfin in July, expanding its capabilities across the entirety of homeownership, including home search, financing, title, closing, and servicing. These acquisitions allow Rocket to build on its $500 million investment in data and AI technology, furthering its mission to help more people achieve homeownership.
The press release did not include specific metrics or financial figures from the latest period. Following these announcements, the company's shares moved -5.9%, and are now trading at a price of $18.435. Check out the company's full 8-K submission here.
