According to data from Inside Mortgage Finance, the nonbank lender currently ranks 11th in residential production with a market share of 1.9%.
Read more: Mr. Cooper sells off reverse mortgage servicing unit in major deal
“I am excited for his vision and strategic leadership to ensure we capitalize on our strengths and find more opportunities in the market,” Bray said. “I am pleased to welcome Shawn back to Mr. Cooper Group and believe he is a natural fit into our incredible culture.”
In his 23-year mortgage career, Stone founded Xome, a homebuying platform, and Global Mortgage Capital, where he also served as CEO and portfolio manager. Before that, he spent more than 18 years at Mr. Cooper, where he held various leadership positions in originations, servicing, capital markets, and more.
In addition to Stone’s appointment, Mr. Cooper has promoted Jay Jones (pictured below) to executive vice president to oversee its servicing business. Jones joined the company in 2019, most recently as senior vice president of servicing. He brings over 25 years of experience and has served in several roles, including chief strategy officer at Celink and executive vice president at CIT Bank.