Earlier this week, Cyprexx Services [1] announced that it had entered into a definitive agreement [2] to purchase Xome Field Services [3].
The sale is expected to close during Q4 2021, subject to customary conditions. The terms of the transaction have not been disclosed.
According to a statement from Cyprexx, the combination of Xome and Cyprexx will add "a tremendous amount of scale to Cyprexx’s proven operational capabilities and business model," adding that "Cyprexx has always been focused on exceptional performance, quality, and communication, and is looking forward to the opportunity of working with Mr. Cooper and Xome’s current clients."
Ed Mullen
Ed Mullen, CEO, Cyprexx, stated, “We envision the united companies will provide Cyprexx with the ability to expand our footprint, create greater efficiencies, and utilize our core competencies to better serve existing and new clients."
“We welcome the incoming Xome team members to the Cyprexx family and look forward to a bright future,” said Ronnie Ory, Founder and Chairman of the Board for Cyprexx.
At the time of the original announcement, Jay Bray, Chairman and CEO of Mr. Cooper, parent company of Xome, said, "This transaction is consistent with our strategic focus on mortgage originations and servicing, where we see exciting growth opportunities. We thank all of our team members in the Field Services unit for their hard work and strong results and look forward to a smooth transition to Cyprexx."
For an expanded, exclusive interview with Mullen about the deal and its implications, check out the upcoming November edition of DS News magazine.