On Monday, Mr. Cooper closed on its acquisition of Pacific Union Financial LLC. As part of this deal, Mr. Cooper has taken ownership of the entire, existing Pacific Union Financial company, which has been merged into Nationstar Mortgage LLC dba Mr. Cooper.
Commenting on the acquisition, Jay Bray, Chairman and CEO of Mr. Cooper Group Inc. said, “We are pleased to finalize the acquisition of Pacific Union Financial and welcome our new team members, customers, and clients to the Mr. Cooper family. “This acquisition expands their servicing portfolio with the addition of more than 120,000 customers and increases our mortgage lending volume and capabilities."
Pacific Union LLC is an originator with a servicing portfolio of approximately $25 billion. Mr. Cooper’s integration with the Pacific Union platform will enable Mr. Cooper to expand its originations presence with delegated and non-delegated product offerings. The company brings in more than 700 active correspondent clients—with only about 20 percent overlap with Mr. Cooper’s existing customerts—and more than 1800 mortgage brokers.
The incremental annual originations volume potential through the merger, according to Mr. Cooper, is estimated in excess of $10 billion with over 80 percent being purchase loans. In its statement, Mr. Cooper welcomed Pacific Union team members and more than 120,000 customers to their Servicing platform.
In November, the mortgage lender had announced that its acquisition of Pacific Union Financial LLC, aimed at boosting its servicing portfolio, should close in early 2019. Mr. Cooper, known previously as Nationstar Mortgage, is one of the nation’s largest non-bank mortgage servicer and mortgage lender. It has about 7,000 employees, including 4,000 in Dallas-Fort Worth.