The nation’s largest non-bank servicer will increase its portfolio by about $25 billion with the acquisition of Pacific Union Financial.
Mr. Cooper Group, formerly Nationstar, announced its intent to acquire Pacific Union Thursday. A full-service mortgage company headquartered in Texas, Pacific Union originates and purchases residential mortgages through correspondent and wholesale channels in addition to servicing a $25 billion portfolio. After the acquisition closes in early 2019, Pacific Union customers and employees will fall under Mr. Cooper.
“We’re excited to announce our plans to acquire Pacific Union Financial in early 2019,” said Jay Bray, chairman and CEO of Mr. Cooper Group. “This acquisition allows us to expand our servicing portfolio by welcoming more than 120,000 customers, and increases our mortgage-lending volume and capability. The Pacific Union team, customers and clients are great additions to the Mr. Cooper family, and by joining forces we’re excited to capitalize on our strengths to provide industry-leading service and products.”
“Since our inception in 2004, Pacific Union has been highly focused on our clients and team members,” said Evan Stone, founder and CEO of Pacific Union. “We have taken great pride in providing superior service to our customers and business partners and providing a home for exceptionally talented mortgage professionals. We are thrilled to join Mr. Cooper Group as we embark on this next chapter of our story. Joining Mr. Cooper offers strength, stability and a tremendous opportunity for continued growth in our core businesses and for our team.”
In the acquisition, Mr. Cooper will take ownership of the entire Pacific Union company, including its correspondent, wholesale and servicing divisions. The deal is expected to close in the first quarter of 2019.