The combined company expects to change its name to Mr. Cooper Group Inc.
WMIH, the former parent company of Washington Mutual, has announced that it has closed its purchase of Nationstar Mortgage Holdings.
The combined company, which expects to change its name to "Mr. Cooper Group Inc.," will offer both mortgage servicing and a fully integrated loan originations platform.
In connection with the closing, WMIH director William Gallagher, Diane Glossman, Michael Renoff and Michael Willingham have resigned from the board. Christopher Harrington, Tagar Olson, and Steven Scheiwe, the remaining directors, have appointed Jay Bray as chairman and Roy Guthrie as lead director. Robert Gidel Sr. and Michael Malone were also named to the board.
Following the director changes, the board appointed Bray as president and CEO of the combined company. Anthony Ebers will serve as executive vice president and COO, Amar Patel as executive vice president and CFO, Mike Rawls as executive vice president of servicing, and Anthony Villani as executive vice president and general counsel.
The combined company will continue to trade on NASDAQ under the ticker symbol "WMIH" in the near term. Nationstar common shares will no longer be listed for trading on the New York Stock Exchange.
In connection with its planned name change, the combined company also plans to change its ticker symbol to “COOP.” The combined company is also evaluating other administrative and corporate actions, including a reverse stock split.
"We are pleased to complete this merger and begin our next phase of growth as an even stronger company, well-positioned to capitalize on the trends in the housing market and build on our leadership in the industry," Bray said. "Our company is moving forward with a strong financial foundation and a best-in-class integrated servicing and originations platform. We are excited about the opportunities ahead to expand our platform and create shareholder value by making homeownership simpler for millions of Americans."
