Rocket Companies (NYSE: RKT) shares began the Wednesday session on the right foot. The Detroit-based homeownership platform today announced the completed acquisition of Mr. Cooper Group – bringing together the country's largest home loan originator and the largest mortgage servicer. Together, the companies will have a combined servicing portfolio of nearly 10 million homeowners.
Said Rocket CEO Varun Krisha, "Homeownership is the bedrock of the American Dream. By combining mortgage servicing and loan origination, along with home search through Redfin, we are paving the path for Americans to own the dream.
"Jay Bray and his team have built a technology-driven platform that is the backbone of Mr. Cooper, helping it scale to become the largest servicer in the country. By integrating Mr. Cooper's servicing strength with Rocket's origination capabilities and AI technology and established strong national brand, our goal is to lower costs and make the process easier."
After 25 years driving the expansion and culture of Mr. Cooper, Jay Bray, Mr. Cooper's current CEO, will join Rocket as the new President and CEO of Rocket Mortgage, reporting to Varun Krishna, CEO of Rocket Companies - the parent company of Rocket Mortgage. Bray will also join Rocket's board of directors.
RKT gained 56 cents, or 2.9%, to $19.95 Wednesday.
