HousingWireHousingWire
Rocket Companies is buying Mr. Cooper, America’s largest mortgage servicer, in arguably the biggest transaction in the modern history of the mortgage industry.
The Detroit-based fintech, which is also in the midst of acquiring Redfin for $1.75 billion, is paying an equity value of $9.4 billion, the companies said in a statement early Monday morning.
With this acquisition, Rocket will have a combined servicing book of $2.1 trillion, spread across nearly 10 million clients. That’s one out of every six mortgages in America.
“Servicing is a critical pillar of homeownership – alongside home search and mortgage origination,” said Varun Krishna, Rocket CEO. “With the right data and AI infrastructure we will deliver the right products at the right time. That’s how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper’s nearly 7 million clients.”
Jay Bray, the current CEO of Mr. Cooper, would be be president and CEO of Rocket Mortgage, reporting to Krishna.
The deal is expected to close in the fourth quarter of 2025.
