Latest news with #Mr.Cooper
Yahoo
5 days ago
- Business
- Yahoo
Rocket Companies Announces Pricing of Senior Notes due 2030 and Senior Notes due 2033
DETROIT, June 5, 2025 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) (the "Company" or "Rocket Companies"), the Detroit-based fintech platform including mortgage, real estate, title and personal finance businesses, today priced its private offering of $2.0 billion aggregate principal amount of 6.125% senior notes due 2030 and $2.0 billion aggregate principal amount of 6.375% senior notes due 2033 (collectively, the "Notes" and such offering, the "Offering"). The Notes will initially be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Rocket Mortgage, LLC ("Rocket Mortgage") and each of Rocket Mortgage's domestic subsidiaries that are issuers or guarantors under Rocket Mortgage's existing senior notes. Upon the consummation of the previously announced proposed acquisition of Redfin Corporation ("Redfin" and such acquisition, the "Redfin Acquisition"), the Notes will also be guaranteed, on a senior unsecured basis, by Redfin. Upon the consummation of the previously announced proposed acquisition of Mr. Cooper Group Inc. ("Mr. Cooper" and such acquisition, the "Mr. Cooper Acquisition"), the Notes will also be guaranteed, jointly and severally, on a senior unsecured basis, by Mr. Cooper and each of Mr. Cooper's subsidiaries that are issuers or guarantors of existing senior notes of Nationstar Mortgage Holdings Inc.'s, a subsidiary of Mr. Cooper ("NMH"). The Offering is expected to close on June 20, 2025, subject to certain customary conditions. The Company intends to use the proceeds from the Offering to (i) on the closing date for the Mr. Cooper Acquisition, redeem NMH's 5.000% senior notes due 2026, 6.000% senior notes due 2027 and 5.500% senior notes due 2028 at redemption prices equal to 100% of the principal amount of such notes, plus accrued and unpaid interest to, but excluding, the redemption date (the "Redemption"), (ii) pay fees and expenses related to the Offering and the Redemption, (iii) at the Company's discretion, redeem, purchase (including, if required, in a change of control offer) and/or amend NMH's 6.500% senior notes due 2029, 5.125% senior notes due 2030, 5.750% senior notes due 2031 and 7.125% senior notes due 2032 and pay fees and expenses in connection therewith and (iv) after the consummation of the Mr. Cooper Acquisition, repay secured debt of the Company and its subsidiaries (including Redfin, Mr. Cooper and their subsidiaries). The Offering is not contingent on the consummation of the Redfin Acquisition or the Mr. Cooper Acquisition. The Notes will be subject to a special mandatory redemption if the Mr. Cooper Acquisition is not consummated by September 30, 2026, and a partial special mandatory redemption 45 days after the Mr. Cooper Acquisition for any of the Notes proceeds that are not, within 45 days of the Mr. Cooper Acquisition, used in the Redemption or the repayment of other secured debt of the Company and its subsidiaries. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, to non-U.S. investors pursuant to Regulation S. The Notes and related guarantees will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or in a transaction not subject to the registration requirements of the Securities Act or any state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts, including statements regarding the Redfin Acquisition, the Mr. Cooper Acquisition, the collapse of our Up-C structure, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. As you read this press release, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading "Risk Factors" in our Annual Report on the Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 3, 2025, as amended by the Form 10-K/A, filed with the SEC on April 28, 2025, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 9, 2025. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this press release. View original content to download multimedia: SOURCE Rocket Companies, Inc. Sign in to access your portfolio
Yahoo
27-05-2025
- Business
- Yahoo
Jim Cramer Says 'Mr. Cooper (COOP) is Done'
We recently published a list of . In this article, we are going to take a look at where Mr. Cooper Group Inc. (NASDAQ:COOP) stands against other stocks that Jim Cramer discusses. When a caller asked if Cramer would sell Mr. Cooper Group Inc. (NASDAQ:COOP) stock, he commented, 'You take your profit right now. That thing's done. Mr. Cooper is done.' A direct-to-consumer channel customer checking their mortgage account online. Mr. Cooper Group (NASDAQ:COOP) is a non-bank mortgage company that services residential loans and originates new ones through direct and correspondent channels. The company also offers related services under brands like Mr. Cooper, Xome, and Rushmore Servicing. Diamond Hill Capital stated the following regarding Mr. Cooper Group Inc. (NASDAQ:COOP) in its Q1 2025 investor letter: 'On an individual holdings basis, among our top contributors in Q1 were Mr. Cooper Group Inc. (NASDAQ:COOP) and UGI Corporation. Mortgage servicing company Mr. Cooper Group executed well during a particularly challenging mortgage environment as interest rates have remained high relative to historical levels. Importantly, Mr. Cooper's business model is specifically designed to help protect it from just such periods: As rates go up, the value of its mortgage-servicing rights business goes up, giving it the ability to continue generating healthy cash flows even as the mortgage industry overall may slow. Shares were additionally boosted by the announcement on the final day of the quarter that the company will be acquired by Rocket Companies in an all-stock deal projected to close in the fourth quarter of this year.' Overall, COOP ranks 16th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of COOP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COOP and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
27-05-2025
- Business
- Yahoo
Jim Cramer Says 'Mr. Cooper (COOP) is Done'
We recently published a list of . In this article, we are going to take a look at where Mr. Cooper Group Inc. (NASDAQ:COOP) stands against other stocks that Jim Cramer discusses. When a caller asked if Cramer would sell Mr. Cooper Group Inc. (NASDAQ:COOP) stock, he commented, 'You take your profit right now. That thing's done. Mr. Cooper is done.' A direct-to-consumer channel customer checking their mortgage account online. Mr. Cooper Group (NASDAQ:COOP) is a non-bank mortgage company that services residential loans and originates new ones through direct and correspondent channels. The company also offers related services under brands like Mr. Cooper, Xome, and Rushmore Servicing. Diamond Hill Capital stated the following regarding Mr. Cooper Group Inc. (NASDAQ:COOP) in its Q1 2025 investor letter: 'On an individual holdings basis, among our top contributors in Q1 were Mr. Cooper Group Inc. (NASDAQ:COOP) and UGI Corporation. Mortgage servicing company Mr. Cooper Group executed well during a particularly challenging mortgage environment as interest rates have remained high relative to historical levels. Importantly, Mr. Cooper's business model is specifically designed to help protect it from just such periods: As rates go up, the value of its mortgage-servicing rights business goes up, giving it the ability to continue generating healthy cash flows even as the mortgage industry overall may slow. Shares were additionally boosted by the announcement on the final day of the quarter that the company will be acquired by Rocket Companies in an all-stock deal projected to close in the fourth quarter of this year.' Overall, COOP ranks 16th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of COOP as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COOP and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-04-2025
- Business
- Yahoo
Why Mr. Cooper Group Stock Sank While the Market Soared on Wednesday
Mr. Cooper Group (NASDAQ: COOP) released its first-quarter earnings report before market open Wednesday, and this set the tone for its stock throughout the session. Since the company missed dramatically on both the top and bottom lines the shares ended up closing down by more than 1% in value. That compared most unfavorably to the almost 2% increase of the benchmark S&P 500 index. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » In Mr. Cooper's inaugural quarter of the year, revenue totaled $560 million, quite some distance down from the $654 million of Q1 2024. The decline was steeper on the bottom line, as the company eked out a generally accepted accounting principles (GAAP) net income figure of $88 million ($1.35 per share) against the year-ago profit of $204 million. Neither headline figure came close to its average analyst estimate. Pundits tracking Mr. Cooper stock were modeling over $620 million for revenue, and a per-share GAAP earnings figure of $2.98. The company, which specializes in loan services for homeowners, did see growth in several operational metrics. It said its loan servicing portfolio grew by 33% year over year to over $1.5 trillion during the quarter. Its operating income improved to $332 million from Q1 2024's $318 million. In its earnings release, management put a positive spin on the figures. CEO Jay Bray said its first-quarter performance demonstrated "the power of our platform to deliver consistent, recurring, and predictable results, as well as higher returns." That doesn't jibe with the numbers produced during the period, hence the negative investor reaction. They'll be looking for improvements in the fundamentals, and soon. Before you buy stock in Mr. Cooper Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Mr. Cooper Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $561,046!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $606,106!* Now, it's worth noting Stock Advisor's total average return is 811% — a market-crushing outperformance compared to 153% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 21, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Mr. Cooper Group Stock Sank While the Market Soared on Wednesday was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
13-04-2025
- Business
- Yahoo
Rocket is buying Mr. Cooper for $9.4B, servicing nearly 10 million Americans — what consumers should know
In a deal set to shake up the mortgage industry, Rocket Companies is making a "bombshell" acquisition, buying Mr. Cooper, the largest mortgage servicer in America. The deal, worth $9.4 billion, will give Rocket a massive $2.1 trillion servicing portfolio, reaching nearly 10 million customers — that's roughly one in six mortgages in the United States, according to Housing Wire. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it The Detroit-based fintech company, which will also be acquiring real estate giant Redfin for $1.75 billion, is making waves as a powerful force in the homeownership space. Rocket's combination of servicing, home search and mortgage origination puts it in a prime spot to dominate. CEO Varun Krishna sees this merger as a way to harness data and AI to build lasting relationships with customers by meeting their needs before they even arise. But what could this mean for the future of the mortgage industry? Founded in 1985, Rocket Companies covers everything from mortgages to real estate, title services and personal finance through brands like Rocket Mortgage, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans. With more than 65 million calls a year, 10 petabytes of data and a mission to 'help everyone home,' Rocket aims to lead the way in AI-powered homeownership. Mr. Cooper Group is a provider of mortgage servicing, origination and transaction services for single-family homes across the U.S. Operating under its key brands, Mr. Cooper, Xome and Rushmore Servicing, the company is known for offering a wide range of products, services and cutting-edge technologies that simplify the homeownership journey. Under the acquisition, Mr. Cooper CEO Jay Bray will step into the role of president and CEO of Rocket Mortgage, reporting directly to Krishna. The deal is expected to boost Rocket's bottom line, adding $100 million in pre-tax revenue. Rocket also projects $400 million in pre-tax cost savings through streamlined operations and tech investments. In a press release, Krishna stated, 'Servicing is a critical pillar of homeownership – alongside home search and mortgage origination,' adding, '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.' The deal is set to close in the fourth quarter of 2025, and Rocket has secured a nearly $5 billion bridge loan with JPMorgan Chase, though it's not expected to draw on it unless needed. Read more: The US stock market's 'fear gauge' has exploded — but this 1 'shockproof' asset is up 14% and helping American retirees stay calm. Here's how to own it ASAP The deal is set to shake up the mortgage industry by building a tech-driven, vertically-integrated platform that aims to improve the homeownership experience. But massive consolidation without the involvement of banks can have different implications for consumers and the industry as a whole. For consumers, this could mean less market choice — but it may also mean assuming more risk. The Financial Stability Oversight Council (FSOC) published a report last year that outlined concerns about the growing dominance of nonbank mortgage servicers, including potential risks to financial stability. The report noted that because these servicers rely solely on mortgage-related revenue, any stress in the market will have a substantial effect on their income streams. For the nonbank sector as a whole, this would create liquidity vulnerabilities across the board. If a servicer fails in this scenario, a borrower would potentially face a lapse in their mortgage servicing, which may put them at risk of financial loss if no loss-mitigation activities are put in place. This could ultimately 'lead to a wave of avoidable foreclosures,' says the Consumer Financial Protection Bureau. On the bright side, the deal brings millions of new customers into Rocket's fold, giving existing clients access to a wider range of services, and Mr. Cooper's client base could benefit from more personalized offerings. But while the merger aims to trim client acquisition costs, there's no guarantee these savings will mean lower fees or better rates for consumers. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
