The acquisition of Pacific Union Financial has been finalized by Mr. Cooper. Initial reports of the acquisition came in November 2018 from HousingWire. This acquisition comes after the company merged with WMIH Corp. last year.
"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," Jay Bray, chairman and CEO of Mr. Cooper Group said in a statement provided to HousingWire.
"This acquisition expands our servicing portfolio with the addition of more than 120,000 customers and increases our mortgage lending volume and capabilities."
Mr. Cooper will take over all client portfolios from Pacific Union and will also take on over 1,800 mortgage brokers and 120,000 mortgage servicing customers, according to the report.
"Mr. Cooper said that the acquisition is also expected to add $10 billion in mortgage originations on an annual basis, approximately 80% of which are purchase mortgages," according to HousingWire.
"Pacific Union has correspondent, wholesale, and servicing divisions, all of which will become part of Mr. Cooper."
To learn more about the Mr. Cooper acquisition of Pacific Union Financial, click on the image above.