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More layoffs are expected following Mr. Cooper mortgage servicing sale expected to close during the fourth quarter
The company announced concurrently its decision to purchase Flagstar Bank's servicing and TPO operations for $1.4B.
The MSRs and subservicing contracts to be purchased from Flagstar total roughly $356 billion in unpaid principal balance, and include "attractive refinance opportunities."
The New York Community Bancorp plans to reinvest proceeds from sale into securities holdings
After merger with Flagstar Bank, says it will eliminate 69% of retail mortgage lending offices.
Banks will continue to operate separate retail banking outlets; Flagstar Mortgage included in the deal.
