Mr. Cooper Group
| Company type | Public (formerly) |
|---|---|
| Industry | Residential mortgage lending and servicing |
| Predecessor | WMI Holdings Corporation, Nationstar Mortgage |
| Founded | 1889 (as Washington National Building Loan and Investment Association) |
| Headquarters | Dallas , United States |
Area served | United States |
| Products | Home loans, mortgage refinancing, mortgage servicing |
Mr. Cooper Group, previously known as WMI Holdings Corporation, stands as a prominent American home loan servicer based near Dallas, Texas. The firm focuses on residential mortgage lending, refinancing options, and home loan services. As of , it was ranked among the top mortgage servicers in the United States, managing a servicing portfolio valued at roughly $937 billion and serving more than 4.3 million clients.
WMI Holdings Corporation
The origins of WMI Holdings trace back to September 25, 1889, when it was established as the Washington National Building Loan and Investment Association in the aftermath of the Great Seattle Fire. The company issued its inaugural West Coast home mortgage loan in February 1890 and underwent a name change to Washington Savings and Loan Association in 1908. By 1917, it operated under the name Washington Mutual Savings Bank.
In mid-2008, Washington Mutual experienced a massive withdrawal of deposits totaling $16.7 billion over ten days. On September 25, 2008, the Office of Thrift Supervision took control of WaMu Bank, placing it into FDIC receivership, which proceeded to sell off most assets including branch locations. The following day, WaMu, Inc., filed for Chapter 11 bankruptcy protection and subsequently reorganized as WMI Holdings Corporation the next month. In 2018, WMI merged with Nationstar Mortgage to create what is now known as Mr. Cooper Group.
Nationstar
Nationstar was established in Denver, Colorado, in 1994 under the name Nova Credit Corporation. It moved to Dallas, Texas in 1997, where homebuilder Centex Homes designated it as their internal lender for new home construction and renamed it Centex Credit Corporation. In 2001, Centex Credit merged into Centex Home Equity Company, serving as the subprime mortgage originator and servicer for Centex until 2005.
When Centex Homes exited its non-home-building ventures in 2005, including mortgage lending operations, Fortress Investment Group acquired Centex Home Equity and rebranded it as Nationstar Mortgage in 2006.
Nationstar Mortgage Holdings, Inc. went public on the New York Stock Exchange in March 2012. Nationstar Mortgages, LLC—the division interacting directly with consumers—operates under the brand name "Mr. Cooper." Following a notable financial setback in August 2017, the company rebranded itself to enhance customer engagement within the mortgage process.
In 2018, Nationstar combined with WMI Holdings Corporation (WMIH), Washington Mutual’s successor entity. This merger resulted in Nationstar’s removal from the NYSE and WMIH adopting the Mr. Cooper Group identity.
Mr. Cooper Group
During 2020, Mr. Cooper originated upwards of 146,000 mortgages with a combined value exceeding $36 billion.
In March 2025, Rocket Companies Inc. announced plans to acquire Mr. Cooper through a $9.4 billion all-stock transaction.
Controversies
In 2018, Mr. Cooper agreed to pay multi-million-dollar settlements in New York and California due to breaches of state banking regulations.
By 2020, the company consented to a $91 million settlement involving the CFPB, all fifty states, and three U.S. territories related to improper foreclosure practices and mishandling borrower payments. More than $74 million was reimbursed to consumers impacted by wrongful foreclosures and unauthorized payment increases.
On October 31, 2023, Mr. Cooper experienced a cyberattack that caused an interruption of online services from November 1 through November 5. The company assured customers that no late fees, penalties, or credit score damage would result from this disruption. On November 9, Mr. Cooper confirmed that customer data had been compromised but did not disclose full details initially. By December 15, it revealed that information belonging to 14,690,284 customers—including names, addresses, phone numbers, Social Security numbers, birth dates, and bank account details—had been exposed during the breach.