Mr. Cooper, the nonbank formerly known as Nationstar Mortgage, has now finalized its acquisition of Pacific Union Financial, a deal that was first reported by HousingWire in November.
Back in November, HousingWire reported that Mr. Cooper was set to announce its pending acquisition of Pacific Union, which the nonbank did the very next day when reporting its third quarter earnings.
At the time, Mr. Cooper, which merged last year with WMIH Corp., the former parent company of Washington Mutual, said that it planned on closing on the Pacific Union acquisition in “early 2019.”
HousingWire can now report that the acquisition has been finalized.
“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.”
As part of the deal, Mr. Cooper takes ownership of the entire Pacific Union company, along with the company’s more than 700 active correspondent clients, more than 1,800 mortgage brokers, and more than 120,000 mortgage servicing customers.
According to details provided by Mr. Cooper, Pacific Union’s servicing portfolio is approximately $25 billion.
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.
Pacific Union has correspondent, wholesale, and servicing divisions, all of which will become part of Mr. Cooper.
According to Mr. Cooper, the deal will allow the nonbank to expand its originations platform to include delegated and non-delegated product offerings.
The deal brings a tough chapter in Pacific Union’s recent history to a close.
Back in July, Pacific Union unexpectedly closed the doors to its mortgage fulfillment call center, leaving the city of El Paso, Texas short 699 jobs that were promised to the city.
And that wasn’t Pacific Union’s first branch to close. The company previously closed two offices in California, due to the challenging mortgage market conditions.
But now, the company is part of Mr. Cooper.
Financial terms of the deal were not disclosed.
