Rocket Companies Acquires Mr. Cooper Group, Largest Mortgage Servicer in US History.

Rocket Companies, the largest independent mortgage deal in history, has acquired Mr. Cooper Group, the country's largest mortgage servicer. The combined entity will have a servicing portfolio of nearly 10 million homeowners and aims to transform homeownership in America. The acquisition brings together the nation's top originator and servicer, solidifying Rocket Companies' position in the industry.

Rocket Companies (NYSE: RKT), a Detroit-based fintech platform, has completed its acquisition of Mr. Cooper Group, the largest mortgage servicer in the country. The deal, valued at $14.2 billion, brings together the nation's leading home loan originator and servicer, solidifying Rocket Companies' position in the industry. The combined entity will have a servicing portfolio of nearly 10 million homeowners.

The acquisition aims to transform homeownership in America by combining mortgage servicing and loan origination, along with home search capabilities through Redfin. Varun Krishna, CEO and Director of Rocket Companies, stated, "Homeownership is the bedrock of the American Dream. By combining mortgage servicing and loan origination, along with home search through Redfin, we are paving the path for Americans to own the dream."

Jay Bray, Mr. Cooper's current CEO, will join Rocket as the new President and CEO of Rocket Mortgage, reporting to Varun Krishna. Bray will also join Rocket's board of directors. Bray noted, "This transaction brings to a close a multi-year journey during which Mr. Cooper grew to become the nation's largest servicer and produced enormous value for our clients, partners, stakeholders, and investors."

The acquisition will rebrand Mr. Cooper and its servicing functions under the Rocket umbrella. The combined company will leverage Mr. Cooper's servicing scale and expertise, along with Rocket's long track record of client satisfaction, recognized by J.D. Power. Together, they aim to deepen lifetime relationships with homeowners, offering more opportunities to access lending products that fit their needs.

Rocket Companies has recently closed its acquisition of Redfin, further expanding its capabilities to span the entirety of homeownership – from home search to financing, title, closing, and servicing. These acquisitions allow Rocket to build on its $500 million investment in data and AI technology and further its mission to Help Everyone Home.

Advisors to the transaction included J.P. Morgan Securities LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP for Rocket, and Citigroup Global Markets Inc. and Wachtell, Lipton, Rosen & Katz for Mr. Cooper.