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The Industry Pulse: Mr. Cooper Reports Strong Q4 Numbers

 

Mr. Cooper Group Inc., which principally operates under the Mr. Cooper and Xome brands, reported a net income in Q4 2019 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.

 

During Q4 2019, Servicing recorded pretax income of $189 million. The total servicing portfolio remained stable, ending the quarter at $643 billion UPB. Servicing earned pretax operating income excluding the full mark of $87 million, equivalent to a servicing margin of 5.5 bps. At quarter-end, the carrying value of theMSR was $3.502 million, of which $3.496 million was at fair value equivalent to 118 bps of MSR UPB and the original cost basis of 86 bps.

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

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Planet Home Lending, LLC, a national lender, servicer and private client sub-servicer, hired Patrick Couture as SVP of Servicing Platform Development.

“Patrick has managed every area of servicing and has worked on both the investor and servicer side of the business. His unique perspective into asset management will be invaluable as we enhance the servicing platform to support additional commercial and residential loan products to better serve our clients,” said Sandra Jarish, President of Planet Home Lending, LLC.

During his nearly three decades in the industry, Couture built servicing platforms, ran highly rated servicing operations, and accumulated a track record of successfully applying cutting-edge technology to monetize and manage sophisticated, complex portfolios and to transform non-performing assets into reperforming assets.

About Author: Mike Albanese

Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.
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