Mr. Cooper Group completed the acquisition of the residential mortgage servicing business of New York Community Bancorp-backed Flagstar Bank for $1.4bn.

Mr. Cooper Group, the largest non-bank mortgage servicer in the US, completed the acquisition of the residential mortgage servicing business of New York Community Bancorp-backed Flagstar Bank, an American commercial bank, for $1.4bn. “This acquisition demonstrates our ability to deliver full-service solutions to financial institutions and other clients, helping them manage their balance sheet and legacy and ongoing operations to achieve their strategic goals. We welcome Flagstar’s customers, clients, and team members to Mr. Cooper and expect to fully integrate operations onto our platform during early 2025,” Jay Bray, Mr. Cooper Chairman and CEO.