Rocket Companies, the Detroit-based homeownership platform, has completed its $14.2 billion acquisition of Mr. Cooper Group. The deal combines the nation’s largest home loan originator with the country’s largest mortgage servicer, creating a portfolio that covers nearly 10 million homeowners.
Varun Krishna, CEO and Director of Rocket Companies, said, “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 and his team have built a technology-driven platform that is the backbone of Mr. Cooper, helping it scale to become the largest servicer in the country. By integrating Mr. Cooper’s servicing strength with Rocket’s origination capabilities and AI technology and establishing strong national brand, our goal is to lower costs and make the process easier.”
Following the acquisition, Jay Bray, CEO of Mr. Cooper, will become President and CEO of Rocket Mortgage, reporting to Krishna. He will also join the Rocket Companies board of directors.
Bray said, “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. Now, by joining forces with Rocket, we start a new journey, which I believe offers an even bigger opportunity. Through the power of our platform and our people, we will create a more personalized experience that makes owning a home more attainable and easier to navigate. Together, we will deliver the change the housing industry needs.”
As part of the deal, Mr. Cooper and its servicing operations will be rebranded under the Rocket umbrella. The merger brings Rocket’s origination capabilities together with Mr. Cooper’s scale in servicing, while also building on Rocket’s AI and technology investments.
Rocket, which acquired Redfin earlier in July, now spans the full cycle of homeownership: search, financing, title, closing, and servicing. These moves are supported by Rocket’s $500 million investment in data and AI, aimed at streamlining the homeownership journey.
Mr. Cooper’s servicing scale adds to Rocket’s track record of client satisfaction, recognized multiple times by J.D. Power. Together, the companies aim to expand offerings across a homeowner’s lifecycle—from first-time purchase to refinancing and equity loans.
J.P. Morgan Securities LLC acted as financial advisor, with Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel to Rocket. Mr. Cooper was advised by Citigroup Global Markets Inc., with Wachtell, Lipton, Rosen & Katz and Bradley Arant Boult Cummings LLP serving as legal counsel.
Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform with businesses across mortgage, real estate, and personal finance. Its brands include Rocket Mortgage, Redfin, Mr. Cooper, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans. Rocket processes more than 65 million client calls annually and manages 30 petabytes of data. J.D. Power has ranked Rocket Mortgage #1 in mortgage origination and servicing satisfaction 23 times.
Mr. Cooper Group provides servicing, origination, and transaction-based services for single-family residences across the United States. Its operations include Mr. Cooper®, Xome®, and Rushmore Servicing®. It is the nation’s largest home loan servicer.
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By Ravi Kumar