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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or
Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02
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Results of Operations and Financial Condition.
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●
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Pretax income was $69 million and pretax operating income was $151 million, which excludes $27 million in one-time charges related to our
previously disclosed cyber incident and other adjustments
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Book value per share and tangible book value per share increased to $66.29 and $63.67
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The Company incurred a mark-to-market loss of $41 million on the MSR portfolio, net of hedge gains, equivalent to a realized hedge ratio of 81%
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Servicing portfolio grew to $992 billion and including pending transactions is expected to reach $1.1 trillion in first quarter
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Servicing generated pretax income of $184 million and pretax operating income of $229 million
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Originations generated pretax income of $9 million and pretax operating income of $10 million on $2.7 billion in fundings
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The Company ended the quarter with TNW/assets of 29% and available liquidity of $2.4 billion, consisting of $572 million in unrestricted cash and
$1.85 billion in unused lines
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MSR 60+ day delinquencies continued to decline, reaching the lowest level in our history as a public company, 1.3% as of December 31, 2023
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Three months ended December 31, 2023
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Three months ended December 31, 2022
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Servicing
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Originations
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Corporate/
Other
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Consolidated
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Servicing
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Originations
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Corporate/
Other
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Consolidated
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(in millions)
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Pretax income (loss)
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$
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184
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$
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9
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$
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(124
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)
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$
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69
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$
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98
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$
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(14
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)
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$
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(94
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)
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$
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(10
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)
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Other mark-to-market
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41
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—
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—
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41
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58
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—
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—
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58
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Accounting items / other
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2
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1
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36
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39
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(a)
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3
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12
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18
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33
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(b)
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Intangible amortization
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2
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—
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—
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2
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—
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—
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1
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1
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Pretax operating income (loss)
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$
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229
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$
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10
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$
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(88
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)
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$
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151
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$
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159
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$
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(2
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)
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$
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(75
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)
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$
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82
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| (a) |
Adjustments included $27 million costs related to our previously disclosed cyber incident, $8 million deal costs associated with the Roosevelt and Home Point acquisitions, $2 million severance charge and $2 million equity loss related to Sagent. |
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Adjustments included $23 million charge due to severance and property consolidation and $10 million loss associated with equity investments. |
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As of
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December 31, 2023
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December 31, 2022
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(in millions except value per share data)
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Total stockholders’ equity
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$
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4,282
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$
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4,057
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Goodwill
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(141
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)
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(120
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)
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Intangible assets
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(28
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)
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(8
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)
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Tangible book value
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$
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4,113
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$
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3,929
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Ending shares of common stock outstanding
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64.6
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69.3
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Book value per share
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$
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66.29
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$
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58.57
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Tangible book value per share
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$
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63.67
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$
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56.72
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Mr. Cooper Group Inc.
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| Date: January 29, 2024 |
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By:
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/s/ Kurt Johnson
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Kurt Johnson
Executive Vice President & Chief Financial Officer
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Document and Entity Information |
Jan. 29, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jan. 29, 2024 |
| Entity Registrant Name | Mr. Cooper Group Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity File Number | 001-14667 |
| Entity Tax Identification Number | 91-1653725 |
| Entity Address, Address Line One | 8950 Cypress Waters Blvd. |
| Entity Address, City or Town | Coppell |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 75019 |
| City Area Code | 469 |
| Local Phone Number | 549-2000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000933136 |
| Title of 12(b) Security | Common Stock, $0.01 par value per share |
| Trading Symbol | COOP |
| Security Exchange Name | NASDAQ |
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