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Mr. Cooper Group To Buy Mortgage Servicing Division From IBM

Mr. Cooper Group Inc. (COOP) announced agreements to acquire servicing rights underlying $24 billion in GSE mortgages, enter into a subservicing contract for an additional $24 billion in mortgages, and purchase the Seterus mortgage servicing platform and assume certain assets related thereto from IBM (IBM).

"We are excited to welcome more than 300,000 customers and the Seterus team to the Mr. Cooper Group family. We are confident our new team will be energized by our people-first culture, and our new customers will benefit from our user-friendly mobile and online tools designed to help them manage their home finances," said Jay Bray, Chairman and CEO of Mr. Cooper Group Inc.

Mr. Cooper expects to fund the acquisition with financing on the mortgage servicing rights and cash. Subject to regulatory approvals, the transaction is targeted to close in the first quarter 2019.

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