Rocket Companies has completed all steps necessary to acquire Mr. Cooper Group for $14.2 billion, paying 51% more than the valuation announced in March, the company said Wednesday. As part of the deal, Mr. Cooper will be rebranded under the Rocket umbrella, and its CEO, Jay Bray, will become president and CEO of subsidiary Rocket Mortgage.

Combined, the companies will have a servicing portfolio of nearly 10 million homeowners. At the end of the second quarter, they jointly held $1.27 trillion in owned mortgage servicing rights (MSRs), according to Inside Mortgage Finance. Rocket’s mortgage production rose to $29 billion from April details ⇒

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