\n<\/p>\n
Dallas, Texas-based\u00a0Mr. Cooper Group<\/strong><\/a>\u00a0on Tuesday announced it has completed the acquisitions of\u00a0Home Point Capital<\/strong>\u00a0<\/a>and\u00a0Roosevelt Management Company<\/strong>. With the deals, Mr. Cooper has moved closer to its $1 trillion mortgage servicing rights (MSR) portfolio target.\u00a0<\/p>\n Mr. Cooper concluded on Monday a tender offer for Home Point\u2019s outstanding shares after extending the deadline<\/a> twice. According to Equiniti Trust Company<\/strong>, the depository and paying agent for the tender offer, 136,532,192 shares of Home Point were tendered and not validly withdrawn (98.5% of the total). Mr. Cooper paid $2.333 per share. <\/p>\n \u201cThis acquisition adds scale to our platform, bringing us closer to our $1 trillion strategic target while enhancing returns due to attractive yields and positive operating leverage,\u201d Jay Bray, Mr. Cooper\u2019s chairman and CEO, said in a statement.<\/p>\n The deal \u2013 which will result in Homepoint becoming<\/a> a wholly subsidiary of Mr. Cooper \u2013 was first announced in\u00a0May<\/a>\u00a0and was expected to close in the third quarter of 2023. Mr. Cooper is paying $324 million in cash and assuming $500 million in outstanding Home Point 5% senior notes due in February 2026.\u00a0<\/p>\n \u201cThe transaction includes the assumption of $500 million in bonds with an attractive rate, and as a result, we do not expect the acquisition to have a material impact on the company\u2019s liquidity, which remains at robust and near-record levels,\u201d Chris Marshall, Mr. Cooper\u2019s vice chairman and president, said in a statement. <\/p>\n Also on Tuesday Mr. Cooper announced it completed the acquisition of Roosevelt and its affiliated subsidiaries, which include a registered investment advisor and licensed mortgage servicing rights (MSR) owner. The expectation was that the deal would close in the second half of 2023.\u00a0The deal was announced in February<\/a>. <\/p>\n 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. <\/p>\n \u201cWe continue to see significant volumes of MSRs trading in the marketplace with attractive yields. Our asset management strategy is designed to make these yields available to institutional investors while continuing to grow our customer base and operational scale,\u201d Marshall said. <\/p>\n