Mr. Cooper Group has signed an agreement with Community Loan Servicing (CLS)—a subsidiary of Bayview Asset Management—where Mr. Cooper will assume the servicing of approximately 140,000 residential mortgage loans. Terms of the transaction were not disclosed
In addition, more than 500 CLS employees will join the Mr. Cooper Group team, with the transaction expected to close in Q2 of 2022. At that time, Mr. Cooper will welcome CLS’s customers and team to the Mr. Cooper Group family.
The Community Loan Servicing commercial servicing operations will remain under Bayview Asset Management. and will retain the Community Loan Servicing name.
“This transaction furthers our strategic goals with additional portfolio growth and expanded default servicing capabilities,” said Mr. Cooper in a statement. “With the addition of the CLS team and their platform, we will be in an even better position to help homeowners who need extra support to keep their dream of homeownership alive. We look forward to welcoming these customers and team members to the Mr. Cooper Group family.”
In addition to the recent appointment of Paypal VP and CDO Daniela Jorge to its Board of Directors, Mr. Cooper also announced a partnership with Sagent, where Sagent will buy certain intellectual property rights related to Mr. Cooper’s proprietary, cloud-based technology platform for mortgage servicing, and Mr. Cooper received an equity stake in Sagent.