The deal was originally announced in January
Home loan servicer Mr. Cooper Group has completed its acquisition of IBM’s Seterus mortgage servicing platform. The acquisition was announced in January. In addition to the platform, Mr. Cooper acquired a subservicing contract for $24 billion and another $24 billion in government-sponsored enterprise mortgages in the deal.
“IBM acquired Seterus in the wake of the 2008 financial crisis to help a client manage a portfolio of distressed loans. We were successful in this mortgage servicing work and the portfolio is now much more stable. The time is now right to divest this business, which is no longer core to IBM’s portfolio, to a mortgage servicing specialist whose domain expertise and scale can further advance this business,” said Jay Bellissimo of IBM’s Global Business Services.
“We are excited to welcome more than 300,000 customers and the Seterus team to the Mr. Cooper Group family,” said Mr. Cooper Chairman and CEO Jay Bray. “We are confident our new team will be energized by our people-first culture, and our new customers will benefit from our user-friendly mobile and online tools designed to help them manage their home finances. This transaction is consistent with our outlook for profitability targets and portfolio growth.”
