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The Industry Pulse: Servicer Reports Strong Q4

 

Mr. Cooper Group Inc., which principally operates under the Mr. Cooper and Xome brands, reported a fourth quarter net income of $461 million or $4.95 per diluted share. Net income included $285 million recovery of deferred tax asset (DTA) reserve and positive $102 million in mark-to-market. Excluding the mark-to-market and other items, the Company reported pretax operating income of $125 million. Items excluded from operating income were $102 million in mark-to-market, net of the add back of $31 million in fair value amortization that is included in the full mark-to-market, $6 million in severance charges related to corporate actions, and $12 million of intangible amortization.

Chairman and CEO Jay Bray commented, “This was a strong operating quarter with solid results in Originationsand Xome and a stable quarter in servicing, capping a year of tremendous progress for the organization. We successfully delivered on our commitments to integrate recent acquisitions and improve profitability. ”

Chris Marshall, Vice Chairman and CFO added, “In addition to delivering strong operating performance, we made progress in our balance sheet strategy by deleveraging and building liquidity, which is key to sustaining return on equity and growth over the long term.

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Effective January 20, 2020, CaseMax merged the Implementation and Support teams to provide a seamless transition for new users and improve the overall experience. As part of this reorganization, CaseMax proudly announced the promotion of Michelle Duncan to Manager of the Support and Implementation Team

As an industry-leading technology company, CaseMax is always improving behind the scenes with software updates and now we’ve upgraded CaseMax.com with the same focus on efficiency. The brand new CaseMax.com exemplifies ‘Change Made Simple’ by streamlining key information and serving as a home for industry resources including events, feature releases, expert guidance, and relevant news.

Late last year during a user group meeting, advisors challenged CaseMax to look at support in a new way, linking the goals of implementation and support. By combining these two areas into one team, CaseMax streamlined the transition from the high-level interaction of implementation to the steady pace of everyday support, giving rise to the next-generation client support model.

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Hyland announced its acquisition of Learning Machine, an innovator in blockchain-anchored digital credentialing solutions. The acquisition was effective February 1, 2020.

Learning Machine is a pioneer in leveraging blockchain technology to authenticate documents and content. Its credentialing solution facilitates the creation and sharing of blockchain-secured digital records that are recipient owned, vendor independent and verifiable anywhere. The Learning Machine Issuing System allows any organization to easily design their records, import recipient data, issue records and manage the entire credentialing lifecycle. The system allows governments, companies and educational institutions to issue blockchain records at scale, rooted in any blockchain they choose.

“This acquisition is a major step toward our goal of revolutionizing the way organizations electronically exchange trusted records,” said Bill Priemer, president and CEO of Hyland. “The addition of Learning Machine’s digital credentialing solutions to Hyland’s content services platform will enable our customers to generate and manage digital documents that are both easily shareable and instantly verifiable.”

“The use of blockchain technology for digital credentialing has become an increasingly urgent need as governments, educational institutions and organizations seek to combat fraud, mitigate risk and relieve administrative burdens associated with the exchange of content,” said Chris Jagers, CEO of Learning Machine. “This acquisition creates significant value for Learning Machine customers who will gain the full benefit of Hyland’s notable support, partnership and accountability.”

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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