Skip to main content

Mr. Cooper Group Buys Setereus Servicing Platform

Phil Hall
Jan 04, 2019
Mr. Cooper Group Inc. announced that it acquired the mortgage servicing platform from IBM’s Seterus along with a $48 billion servicing portfolio

Mr. Cooper Group Inc. announced that it acquired the mortgage servicing platform from IBM’s Seterus along with a $48 billion servicing portfolio.
 
Mr. Cooper, formerly Nationstar, stated that it would fund the acquisition with financing on the mortgage servicing rights and cash. The Seterus portfolio consists of $24 billion in government-sponsored enterprise mortgages and $24 billion in conventional mortgages.
 
Jay Bellissimo, General Manager, Cognitive Process Transformation, IBM Global Business Services, noted that IBM acquired Seterus “in the wake of the 2008 financial crisis to help a client manage a portfolio of distressed loans,” adding that the sale comes at a time when the portfolio is enjoying a strong degree of stability.
 
“The time is now right to divest this business, which is no longer core to IBM’s portfolio, to a mortgage servicing specialist whose domain expertise and scale can further advance this business,” said Bellisimo.
 
“We are excited to welcome more than 300,000 customers and the Seterus team to the Mr. Cooper Group family,” said Jay Bray, Chairman and CEO of Mr. Cooper Group Inc. “We are confident our new team will be energized by our people-first culture, and our new customers will benefit from our user-friendly mobile and online tools designed to help them manage their home finances.”

 
Published
Jan 04, 2019
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021