49
Industry Updates
MR. COOPER
ACQUIRES
RESIDENTIAL
PORTFOLIO OF
COMMUNITY LOAN
SERVICING
Mr. Cooper Group has signed an
agreement with Community Loan Servicing
(CLS)—a subsidiary of Bayview Asset
Management—where Mr. Cooper will assume
the servicing of approximately 140,000
residential mortgage loans. Terms of the
transaction were not disclosed.
In addition, more than 500 CLS
employees will join the Mr. Cooper Group
team, with the transaction expected to close
in Q2 of 2022. At that time, Mr. Cooper will
welcome CLS's customers and team to the
Mr. Cooper Group family.
e Community Loan Servicing
commercial servicing operations will remain
under Bayview Asset Management. and will
retain the Community Loan Servicing name.
"is transaction furthers our strategic
goals with additional portfolio growth and
expanded default servicing capabilities,"
said Mr. Cooper in a statement. "With the
addition of the CLS team and their platform,
we will be in an even better position to help
homeowners who need extra support to keep
their dream of homeownership alive. We look
forward to welcoming these customers and
team members to the Mr. Cooper Group
family."
In addition to the recent appointment
of Paypal VP and CDO Daniela Jorge to
its Board of Directors, Mr. Cooper also
announced a partnership with Sagent, where
Sagent will buy certain intellectual property
rights related to Mr. Cooper's proprietary,
cloud-based technology platform for
mortgage servicing, and Mr. Cooper received
an equity stake in Sagent.
