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 the country's largest home loan originator with the largest mortgage servicer, creating a combined servicing portfolio of nearly 10 million homeowners.
Following the acquisition, Jay Bray, the current CEO of Mr. Cooper, will join Rocket as the new president and CEO of Rocket Mortgage, reporting to Varun Krishna, CEO of Rocket Companies. Mr. Cooper and all of its servicing functions will be rebranded under the Rocket umbrella.
Rocket's acquisition of Mr. Cooper comes on the heels of its recent acquisition of Redfin in July, further expanding its capabilities to span the entirety of homeownership, from home search to financing, title, closing, and servicing.
In terms of financial metrics, Rocket Companies aims to deepen lifetime relationships with homeowners by providing more opportunities to access lending products that fit their needs, from a first purchase to a quick refinance or home equity loan. This is supported by Rocket's long track record of client satisfaction, recognized by J.D. Power.
The acquisition also aligns with Rocket's mission to help everyone find their way home and builds on its $500 million investment in data and AI technology.
Financial advisors for the acquisition included J.P. Morgan Securities LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP for Rocket, and Citigroup Global Markets Inc., Wachtell, Lipton, Rosen & Katz, and Bradley Arant Boult Cummings LLP for Mr. Cooper.
Today the company's shares have moved 3.07% to a price of $19.975. If you want to know more, read the company's complete 8-K report here.
