Commenting on the transaction, Mr. Cooper CEO Jay Bray said the sale will allow the company to continue “rationalizing and simplifying” its business model, “in order to focus on the attractive growth opportunities in our core mortgage servicing and originations segments.”

“This transaction improves profitability and liquidity, simplifies our financial statements, and strengthens our capital ratios, which are now above our previously disclosed target of 15%,” said Chris Marshall, vice chairman and president at Mr. Cooper.

“We believe this transaction is a positive outcome for our reverse customers and the team members who have supported this business,” Bray said.