Move is part of ongoing effort to focus investments on growing its asset exchange platform
Mr. Cooper Group has agreed to sell its field services business, Xome Field Services, to Cyprexx Services.
Following the sale of its reverse mortgage servicing portfolio in July, the company announced that it is selling Xome as part of its strategy to focus on its core origination and servicing segments.
Although terms of the transaction weren’t disclosed, Mr. Cooper said that it does not “view the financial impact as significant.”
“This transaction is consistent with our strategic focus on mortgage originations and servicing, where we see exciting growth opportunities,” said Jay Bray, chairman and CEO of Mr. Cooper. “We thank all of our team members in the Field Services unit for their hard work and strong results and look forward to a smooth transition to Cyprexx.”
The deal is expected to close in the fourth quarter, subject to customary conditions.
