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“This was another strong quarter, highlighting the power of our platform to deliver consistent, recurring, and predictable results,” said Jay Bray, chairman and CEO. “I’m proud of our team for their hard work, which has positioned Mr. Cooper to join forces with Rocket to create the industry’s leading integrated homeownership platform. We have formed an integration team and are already working closely with Rocket on post-close planning.”
Rocket Companies announced last month a definitive agreement to acquire Mr. Cooper Group Inc. in an all-stock transaction valued at $9.4 billion. The combined entity will service over $2.1 trillion in loan volume across nearly 10 million clients. The transaction is expected to generate annual run-rate revenue and cost synergies of approximately $500 million.
Bray will become president and CEO of Rocket Mortgage, reporting to Rocket Companies CEO Varun Krishna. The acquisition is anticipated to close in the fourth quarter of 2025.
Read next: Should brokers be worried about Rocket’s Mr. Cooper purchase?
The servicing segment recorded pre-tax income of $214 million, which included $82 million in mark-to-market adjustments. Excluding those, pre-tax operating income reached $332 million. Mr. Cooper currently services 6.5 million customers and reported the carrying value of its mortgage servicing rights (MSRs) at $11.35 billion, or 155 basis points of MSR UPB.
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