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Nonbank mortgage lender and servicer Mr. Cooper<\/a><\/strong> has signed a definitive agreement to acquire the investment management firm Roosevelt Management Company, LLC<\/strong>., the company confirmed on Friday. The deal also includes the operations for affiliated company Rushmore Loan Management Services, LLC<\/strong>. <\/p>\n \u201cThis acquisition will provide us with an asset management platform to raise third-party capital on an ongoing basis from institutional investors who seek exposure to MSRs and other mortgage assets,\u201d Chris Marshall, vice chairman and president of Mr. Cooper, told analysts during a call on Friday. <\/p>\n Mr. Cooper expects the deal to close mid-year following regulatory approval, but the plan is to go to market in the second half of 2023. Financial terms were not disclosed due to a non-disclosure agreement with the seller. According to Marshall, the deal\u2019s \u201ccash outlay is not material.\u201d<\/p>\n Negotiations between the companies \u2014 and rumors about the transaction \u2014 gained traction in the second half of 2022, a source with knowledge of the deal told HousingWire<\/strong> under the condition of anonymity due to a confidentiality agreement. <\/p>\n According to the source, Mr. Cooper first showed interest in acquiring the Rushmore assets that were not included in the company\u2019s deal with Select Portfolio Servicing Inc.<\/strong> (SPS). SPS<\/a>, owned by Credit Suisse<\/strong>, acquired certain assets and servicing personnel from Rushmore in September. <\/p>\n The negotiations evolved and Mr. Cooper then decided to acquire Roosevelt. The private New York-based company, founded in 2008, manages third-party capital on behalf of insurance companies, pension funds, hedge funds and other investors.\u00a0<\/p>\n Its investments started with the most credit-sensitive residential market segments and have evolved to all U.S. residential markets over the last decade. <\/p>\n \u201cThis company is absolutely a new avenue for Mr. Cooper,\u201d the source told HousingWire.<\/p>\n Roosevelt has worked with Canadian Pension Plan Investment Board<\/strong> (CPP), owned by<\/a> the Canadian government, as well as global investment firm Sixth Street Partners<\/strong>. <\/p>\n According to Marshall, when the deal is closed, Mr. Cooper\u2019s asset management platform \u201cwill generate sub-servicing plus investment management revenues from investors who seek exposure to MSR economics but don\u2019t have the infrastructure or licenses necessary for direct ownership.\u201d <\/p>\n