Mr. Cooper Group Inc. reported significant financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $2.225 billion, a 24% increase from $1.794 billion in 2023. The company's net income also rose to $669 million, compared to $500 million in the previous year, reflecting a 34% increase. The operational revenues, excluding mark-to-market adjustments, were $2.144 billion, up from $1.769 billion in 2023. This growth was primarily driven by an expanded servicing portfolio and increased origination volumes, which were bolstered by strategic acquisitions, including the purchase of certain mortgage operation assets from Flagstar Bank and the integration of Rushmore Servicing.
The company’s servicing segment, which is the largest in the U.S., managed an aggregate unpaid principal balance (UPB) of $1.556 trillion, serving approximately 6.7 million customers. The servicing portfolio grew significantly, with $753 billion in UPB acquired during 2024, including $516 billion related to subservicing. The subservicing portfolio accounted for 53% of the total servicing portfolio, positioning Mr. Cooper as the second-largest mortgage loan subservicer in the country. The company also reported a 6.3% total prepayment speed for the year, up from 4.7% in 2023, indicating increased customer engagement and activity.
In terms of operational metrics, Mr. Cooper's direct-to-consumer channel represented 35% of mortgage originations in 2024, down from 47% in 2023, while the correspondent channel increased its share to 65% from 53%. The total funded volume for mortgage loans reached $22.8 billion, a substantial increase from $12.6 billion in 2023. The company’s employee headcount was approximately 7,900 as of December 31, 2024, reflecting its commitment to maintaining a robust workforce to support its operations.
Looking ahead, Mr. Cooper Group anticipates continued growth in its servicing portfolio, driven by acquisitions and a focus on customer experience. The company plans to leverage new technologies, such as its mortgage-centric AI capabilities, to enhance operational efficiency and customer service. However, management acknowledged potential challenges, including the impact of inflation on consumer disposable income and the ongoing volatility in interest rates, which could affect loan origination volumes and profitability. The company remains committed to strengthening its balance sheet and managing risks associated with market fluctuations as it positions itself for sustained growth in the mortgage industry.
About Mr. Cooper Group Inc.
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