Rocket Cos. in Detroit today announced it has completed the acquisition of Mr. Cooper Group in Dallas, joining the country’s largest home loan originator and the largest mortgage servicer. Together, the companies will have a combined servicing portfolio of nearly 10 million homeowners.
“Homeownership is the bedrock of the American dream,” says Varun Krishna, CEO and director of Rocket Cos. “By combining mortgage servicing and loan origination, along with home search through Redfin, we are paving the path for Americans to own the dream.”
“Jay Bray and his team have built a technology-driven platform that is the backbone of Mr. Cooper, helping it scale to become the largest servicer in the country,” Krishna says. “By integrating Mr. Cooper’s servicing strength with Rocket’s origination capabilities and AI technology and established strong national brand, our goal is to lower costs and make the process easier.”
After 25 years driving the expansion and culture of Mr. Cooper, Bray, Mr. Cooper’s current CEO, will join Rocket as the new president and CEO of Rocket Mortgage, reporting to Varun Krishna, the parent company of Rocket Mortgage. Bray also will join Rocket’s board of directors.
“This transaction brings to a close a multi-year journey during which Mr. Cooper grew to become the nation’s largest servicer and produced enormous value for our clients, partners, stakeholders and investors,” Bray says.
“Now, by joining forces with Rocket, we start a new journey, which I believe offers an even bigger opportunity. Through the power of our platform and our people, we will create a more personalized experience that makes owning a home more attainable and easier to navigate. Together, we will deliver the change the housing industry needs.”
As part of the acquisition, Mr. Cooper and all of its servicing functions will be rebranded under the Rocket umbrella.
According to the companies, Mr. Cooper’s servicing scale and expertise is complemented by Rocket’s long track record of client satisfaction, recognized by J.D. Power. As one, the companies are expected to deepen lifetime relationships by giving homeowners more opportunities to access lending products that fit their needs — from a first purchase to a quick refinance or home equity loan.
Together with Mr. Cooper, Rocket’s capabilities span the entirety of homeownership – home search, financing, title, closing and servicing. These acquisitions allow Rocket to build on its $500 million investment in data and AI technology and furthers its mission to Help Everyone Home.
To read about Rocket’s acquisition of Redfin, visit here.
